News Release: InvestorCOM launches Stage 3 Point of Sale solution for large mutual fund dealers ahead of May 30 deadline
InvestorCOM Inc. announced today that it has in the last four weeks rolled out its InvestorPOS™ Point of Sale Stage 3 (POS 3) offering for ten mutual fund dealer clients including banks, large and small members of the Investment Industry Regulatory Organization of Canada (IIROC), and Mutual Fund Dealers Association (MFDA). These launches come ahead of Canadian regulators’ May 30, 2016 deadline that requires all dealers and financial advisors to deliver the new Fund Facts disclosure document to investors before they purchase a mutual fund.
The four-page, Fund Facts is in plain English and replaces the lengthy prospectus that was delivered to investors after they had purchased a mutual fund. Regulators hope this new document and pre-sale delivery requirement will lead to greater financial literacy and more informed investment decisions.
“We developed our Point of Sale platform for a wide variety of bank-owned and independent dealers, both large and small,” says Anthony Boright, President and Co-Founder of InvestorCOM. “They all have to contend with the same regulatory requirements, but typically have different needs. This has allowed us to get our dealer clients live and in production quickly and cost-effectively.”
Boright says InvestorCOM’s top five dealer clients alone represent almost 20,000 financial advisors, which is about 20 percent of all the financial advisors in Canada.
InvestorCOM first introduced the Software-as-a-Service (SaaS) product in 2011 to satisfy the compliance requirements of dealers. Over the past five years financial advisors have used it to deliver Fund Facts to their clients electronically, in person, or through print and mail via the InvestorPOS™ multi-channel delivery platform. On May 30, these dealers and their advisors will be prepared for the final stage of the Point of Sale regulation.
Advisors wishing to use the InvestorPOS™ Fund Facts delivery platform can subscribe for the service directly at www.InvestorPOS.com. Registration takes only a few minutes.
“We started using the InvestorPOS solution in 2014 to meet our Stage 2 post-sale delivery requirement,” says Jack Mastromattei, Chief Operating Officer at Aligned Capital Partners Inc., an independent securities dealer based in Burlington, Ontario. “We now use the platform to deliver a variety of other disclosure documents electronically to our clients at a fraction of the cost it used to take. The latest release of new functionality introduced to the platform in April makes us Stage 3-ready and required only minimal involvement from our team.”
Prior to launching its Fund Facts delivery product in 2011, InvestorCOM introduced another SaaS product called Publisher™ for asset managers to create the new Fund Facts document online through an automated process designed to cut costs and save time, eliminating the inefficiencies associated with traditional manual typesetting. Now this document-publishing platform also supports the Management Report of Financial Performance (MRFP), Financial Statements, and other data-heavy, structured documents. Publisher™ is used by Canadian banks, and by large and small mutual fund and insurance companies.