MoneyGuidePro creator releases DOL fiduciary-focused software
Firms that use the tool will have a way to gauge if clients are invested to their best interests
Jul 21, 2016 @ 12:59 pm | By Alessandra Malito | Investment News
PIEtech, the creator of financial planning software MoneyGuidePro, has built a tool to see how well clients’ portfolios are aligned with their best interests, including retirement goals and concerns, insurance needs, and health-care costs.
With the new software, called Best Interest Scout, firms invite clients to review and input information so professionals can ensure they are meeting the Department of Labor’s fiduciary rule, which requires all advisers to act in their clients’ best interests on retirement accounts. It is a tool for advisers to see whether or not their clients are invested properly before sending along the best-interest contract, which allows advisers to work on commission. The tool does not require financial planning software.
Best Interest Scout is available now for all companies, including registered investment advisers, broker-dealers, banks and insurance companies, whether they use MoneyGuidePro or not. It is available at a firm-wide level, not for an individual adviser to license, and must integrate with a website or client portal so the financial institutions’ client data is pre-populated when the client signs on.
Blue Vault helps me to stay well informed on the financial status of both open and closed nontraded REITs and BDCs, so that I can help my clients better understand the product, before they make the decision to invest and after.