Riskalyze and compliance software firm InvestorCOM on Tuesday announced a strategic partnership the companies said will give advisors access to rollover compliance workflows, "freeing up time for valuable face-to-face meetings with clients."
Those workflows include analysis of proposed rollover transactions, plan fee lookups and documenting recommendations.
"We believe that a streamlined compliance workflow can actually be a differentiator and growth driver for firms," according to Clifton Schaller, managing director of strategic partnerships at Riskalyze.
As part of the new integration, advisory firms can start a proposal workflow within the Riskalyze growth platform and, upon selecting "rollover analysis," access InvestorCOM Rollover Analyzer to "seamlessly analyze and document best-interest rollover recommendations for clients," the companies said.
After completion of that component, which the firms said "ensures full compliance with recently introduced" Department of Labor requirements governing retirement plan rollovers, advisors are" automatically redirected to Riskalyze to complete the proposal and close new business," the companies said.
Advisory firms can use both products now and the new workflow integration will "enter general availability" in the first quarter of 2023, the companies said.
Bento Engine Surpasses 7,000 Advice Alerts
Bento Engine has "generated more than 7,000 advice alerts that enable advisors to proactively educate their clients and prospects with timely, actionable financial life advice" since the fintech firm started last year, it said Monday.
Bento has used six client relationship management systems to analyze clients' and prospects' age and life milestone-related information, it noted.
Advisors can leverage those opportunities to offer "targeted, invaluable insights and impactful guidance at pivotal moments in clients' financial trajectories," the company said.
The company this year has built on the success of Life in Numbers, the firm's first solution, that it said draws upon 15 age-related milestones to instill financial knowledge.
In 2022, Bento launched two new programs it said were designed to "enhance client experiences, satisfaction and loyalty, ultimately leading to higher referral rates and a greater share of wallet for advisors."
