PCS Launches IRA Rollover Tool to Help Advisors Transition $4 Trillion From "C" to Fee
DOL-Compliant Rollover Tool Smoothes the Way for Advisors in the Fiduciary Era
PHILADELPHIA, Oct. 25, 2016 /PRNewswire/ -- PCS, the nation's premier fiduciary retirement platform, has introduced an advisor-initiated rollover system that is fully compliant with the Department of Labor (DOL) Fiduciary Rule. The looming April, 2017 implementation date of the DOL Rule has advisors and home offices scrambling for solutions—with about $4 Trillion in commission-based IRA accounts that will have to be rolled into new, compliant structures. Using PCS' new tool, advisors can quickly and easily create a seamless journey for capturing rollovers out of qualified plans and transitioning existing IRAs from "C" (commissions) to Fee; ensuring DOL compliance.
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"Come April, 2017, every retirement-plan enterprise will have to reassess its procedures," said PCS CEO Mark Klein, a self-described recovering ERISA attorney. "Advisors, home offices, plan sponsors—they are all feeling the pressure. Of the $7.3 trillion currently in IRAs, $4 trillion is in commission-based accounts we anticipate that most (if not all) of these accounts will transition to level fee arrangements. Whether handled by independent RIAs, advisors registered with broker/dealers, or hybrid advisors, every account will have to be reviewed and converted in accordance with the DOL mandates, as necessary."
PCS provides advisors and broker/dealers with a revolutionary fiduciary platform that is easy to set up, mobile-ready, customizable to fit the brand, and appropriate for any account size. The software maintains all necessary documentation to support "best interests," and ensures investor acknowledgement of required disclosures. In addition to fostering account aggregation and a built-in Monte Carlo analysis capability, the rollover tool offers:
- An advisor initiated process
- Customizable risk tolerance questionnaire
- Built-In Home Office Compliance Monitoring
- Fee Approval (or set auto-approval based on approved criteria)
- Where applicable, the tool screen scrapes existing investments (current positions, fees, etc.) avoiding input of required comparison data
COMPREHENSIVE ROLLOVER TOOL
In addition to serving ongoing clients, advisors can initiate the rollover tool via text or email with "off the street" IRA holders, providing a low-cost investment solution, easy set-up and paperless account forms and disclosures.
"Since PCS was founded in 2001, our express purpose has been to offer advisors a conflict-free, full-fee-disclosure, no-hidden-agenda retirement platform," said Klein. "With the anticipated cost and liability ramifications of the DOL regulations, we are providing advisors with a comprehensive rollover tool enabling them to remain compliant by quickly addressing the DOL level fee fiduciary requirements."
FREE WEBINAR NOVEMBER 2ND
For more information about the rollover tool, join PCS for their upcoming webinar, "The Compliant Journey from 'C' to Fee," on Wednesday, Nov. 2, at 1pm ET. To register for the webinar, please visit The Advisor Lab.
ABOUT PCS and The Advisor Lab
PCS was founded in 2001 by tax and ERISA attorneys who saw the need for a conflict-free, full-fee-disclosure, no-hidden-agenda, retirement solution. From day one, PCS had a vision of complete transparency, which has enabled the company to become an industry leader in the retirement plan industry. PCS owns The Advisor Lab, a technology and marketing firm offering solutions for financial professionals to operate more efficiently and effectively in the 21st century. Its 401(k) tools, including the Plan Finder, Retirement Plan Diagnostic benchmarking report, Retirement Plan Efficiency Analysis and Annual Review and Benchmarking Report, are designed to help advisors identify prospective clients, generate insightful reports and prepare effective sales presentations quickly and affordably.
For more information: (267) 675-6727 or [email protected]. Visit www.PCS401k.com to learn more.
Leesy Palmer
Director Media Relations
Impact Communications
913-649-5009
[email protected]
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SOURCE PCS
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