Fiduciary Benchmarks Introduces IRA Rollover Tool

Lake Oswego, Ore.-based Fiduciary Benchmarks has announced the launch of a Department of Labor rule-compliant IRA rollover tool.

The IRA Rollover Best Interest Determination service launched at the beginning of June, in time for the initial implementation of the DOL’s fiduciary standard, which applies stringent best-interest standards to the tollover of any defined contribution plan into an IRA.

“We are very excited to bring this service to marketplace,” said Tom Kmak, Fiduciary Benchmarks CEO, in a released statement. “We have demonstrated the system to over 200 different companies and we have listened carefully to their thoughts and comments while staying true to our vision to always look at more than just fees.”

With the new tool, advisors, recordkeepers, fund companies and trust companies will be able to gather and evaluate client information to determine whether remaining in their plan or rolling over to another solution like an IRA will be in their best interest.

The tool considers rollovers along 16 different issues that the decision my hinge upon, delivering its analysis in a one-page format consistent with existing regulations.

In addition to DOL rule compliance, the tool can also be used to follow FINRA Regulatory Notice 13-45 when recommending IRA rollovers.
Source: FA Magazine

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