Riskalyze has added four new features to its tech platform to help advisors comply with the Securities and Exchange Commission’s Regulation Best Interest, set to go into effect on June 30.
Earlier this year, Riskalyze announced updates to its Select and Elite products to help advisors and firms comply with the rule.
This time around, the tech company has enhanced the Select, Elite and Autopilot Trading products, and introduced a new cloud-based portal for enterprise clients.
Within Select, users now have the ability to attach their Customer Relationship Summary (Form CRS), a document required under Reg BI, to client-facing reports. Advisors can also use the new report attachments function to customize reports.
Riskalyze has also updated its detailed portfolio stats function in Elite, which now has new analytics, new widgets to analyze portfolio composition, and new layers of configuration for drilling into a recommendation.
Third, the company has added tax intelligent trading to Autopilot Trading, providing advisors with a detailed analysis of tax liabilities in a trade list. The tool also allows advisors to optimize trades for target accuracy and to minimize tax impact.
Riskalyze has also introduced a new cloud-based portal for enterprise clients, which centralizes compliance data and business intelligence for home offices, such as Form CRS delivery status and proposal alignment audits.
In a previous interview with WealthManagement.com, Riskalyze CEO Aaron Klein said Reg BI will transform advisors’ approach to risk metrics. Klein also said providing risk metrics via Riskalyze hasn’t created liabilities for advisors, but instead made it easier to defend their investing decisions before clients and regulators.
