Application tied to client’s IPS helps advisors more easily comply with SEC & FINRA regs
Sanctuary Wealth, home to the next generation of elite financial advisors, has added the InvestEdge Compliance and Surveillance application to its open architecture platform. Thirty-eight partner firms in 16 states with over $10 billion in assets under advisement comprise the Sanctuary network.
“The regulatory environment for advisors has changed considerably in the last several years and compliance has become both more cumbersome and more important than ever before,” said Kelly Tramontano, Chief Operating Officer of Sanctuary Wealth. “We look for best of breed in our partners and InvestEdge checked all our boxes. They are investing heavily in their platform to keep up with changing regulations, evolution of consumer expectations in the industry landscape, and advisor automation tools. The company is nimble and flexible enough to incorporate feedback from partners like Sanctuary to help them build something first class.”
InvestEdge operates from a software as a service (SaaS) model and currently supports over 100 bank trust firms for traditional fiduciary trust accounts regulated by the Office of the Comptroller of Currency (i.e. Regulation 9 policy). Based in Bala Cynwyd, Pennsylvania, since its founding in 2000, InvestEdge has been a leading technology partner helping investment management firms and institutions more effectively aggregate, transform, present and automate complex investment data to help advisors better serve high-net-worth clients.
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The InvestEdge enhanced surveillance and compliance application provides workflows around monitoring all broker dealer, RIA and bank/trust regulatory requirements. These new features allow users to address FINRA, SEC, and OCC regulatory principles and regulations across all business lines in a single application.
Many advisors on Sanctuary Wealth’s hybrid platform are subject to both SEC and FINRA regulations, and InvestEdge’s compliance solution has developed workflows specifically to meet the needs of these Sanctuary advisors. The compliance tool is tied to the client’s investment policy statement (IPS) and issues an alert if the portfolio strays from the intended parameters.
“Wealth managers need a SaaS-based platform that will help them more effectively manage risk and increase the productivity of their advisors,” says Chris Ollendike, Executive Vice President, Director of Sales at InvestEdge. “We’re excited to be working with Sanctuary to ensure that their partners have the tools they need to deliver effective solutions to their clients and take their practices to the next level.”
“The industry has been consolidating and the number of advisors moving into the independent RIA space is fueling growth for Sanctuary and for our partners,” added Tramontano. “This independence movement presents tremendous opportunity for InvestEdge to be a player in this space for a long time to come, and obviously we’re looking for long-term partners.”
