Docupace announces Tracker BI product for delivery and comprehensive digital management of Form CRS and disclosures for Wealth Management Firms
Docupace, the leader in cloud-based fintech digital operations software for the wealth management industry, announced the launch of its new Reg BI and Form CRS digital solution enabling broker-dealers and advisors to quickly adopt and implement Docupace into their practices for greater and more efficient service offerings.
With the Security and Exchange Commission (SEC) Regulation Best Interest (Reg BI) going into effect on June 30th, 2020, broker-dealers and associated financial advisors will be required to provide a relationship summary (Form CRS) to retail investors following certain trigger events, such as recommending a new investment product. Broker-dealers are also required to store records of Form CRS paperwork and delivery information.
The SEC has given broker-dealers a choice for how they would like to deliver and store Form CRS — on paper or electronically.
Docupace’s electronic approach to Form CRS will eliminate a large portion of the tedious, expensive administrative work associated with a paper-based approach. In addition to saving firms from added printing, mailing, faxing, and filing costs, an electronic Form CRS workflow can minimize opportunities for non-compliance. Firms will be able to use a multi-step paperless workflow to automatically generate different versions of Form CRS and other disclosures based on different parameters, like the advisor license information, and ensure the content in each disclosure is always up to date. The summary can then be delivered electronically to the investor.
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“One of the highest priority issues facing many broker-dealers and investment advisors today is simplifying Reg BI compliance,” said Michael Pinsker, Founder of Docupace. “Digital delivery, storage, and automation of Form CRS and disclosures are paramount to streamline requirements of Reg BI. We’re excited to provide our current and new customers with our new product, Docupace Tracker BI, that’s geared for productivity while allowing them to maximize the benefits and capabilities of the Docupace platform.”
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