FeeX Launches Product to Help Comply With Fiduciary Rule
NEW YORK, NY, July 11, 2017 -- FeeX, the leader in automated financial account analysis, today announced it is bringing its core analysis capabilities to the financial advisor market. The new product, FeeX for Advisors, is now being used by Fortune 100 financial services companies to assist with compliance of the new Department of Labor (DOL) Fiduciary rule.
With the initial implementation date of the DOL Fiduciary Rule on June 9th, financial advisors providing advice on retirement accounts are faced with a new set of challenges. Advisors are now required to provide a detailed analysis and comparison of fees and features from a variety of lengthy and complex documents and disclosure forms prior to recommending any distribution advice such as a 401k rollover or Individual Retirement Account (IRA) transfer.
"The FeeX for Advisors platform automates and streamlines compliance processes thereby saving financial advisors valuable time which allows them to focus their efforts where they are truly needed, helping customers," said Yoav Zurel, CEO of FeeX. "The DOL rule specifically outlines a prudent process to be followed by financial advisors, but the definition of prudent has changed. The process begins with a detailed and accurate analysis of an investor's current account, which calls for documents that are often times hard to find and even harder to digest and analyze. These documents can be up to 150 pages long and in various formats which can take hours upon hours of reading, analyzing and cross-referencing."
How FeeX Saves Time, and Time is Money
The 404a5 participant fee disclosure document is referenced by the DOL in the Fiduciary rule as the document required for a diligent and prudent analysis. The rule specifically highlights retirement plan distributions such as a 401k rollover or IRA transfer. FeeX automatically collects and analyzes the 404a5 participant fee disclosure document as one of its main data sources and runs a detailed analysis on an investor's existing account, taking into consideration the investor's specific plan and holdings. This type of detailed analysis could take a veteran advisor days to complete. The platform allows for a side-by-side comparison of fees, features, past returns and asset allocation against a model portfolio or personalized portfolio. It can be white labeled and deployed in a matter of minutes.
Thousands of financial advisors have implemented the platform. It's currently being used by financial consultants at online brokerage TD Ameritrade, Fortune 100 financial services organizations, as well as mutual insurance companies, independent RIA's, broker dealers, and TAMPS.
FeeX customer and financial advisor Sean Curley, CFP with The Retirement Planning Specialists, LLC, commented, "FeeX for Advisors is the only solution I've seen that provides the data I need to make a thorough analysis of qualified plan rollovers. It's already been a huge timesaver in light of the DOL rule and belongs in the toolbox of every advisor."
FeeX is a FinTech company that works with financial institutions and advisors to provide in depth and personalized financial account analysis. The firm specializes in fee analysis technology for retirement and investment accounts like 401k's, IRA's, Brokerage accounts and more, to assist financial advisors in solving for the DOL Fiduciary Rule. FeeX currently counts Fortune 100 and Fortune 250 financial services companies as clients. The company was founded in September 2012 by Yoav Zurel, David Weisz, Eyal Halahmi and Uri Levine, co-founder of Waze, and is headquartered in New York City. For more information visit: www.feex.com/institutional
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