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Envestnet Partnership Produces Form CRS Solution

The wealthtech provider is working with Compliance Solutions Strategies to roll out a web-based Form CRS builder.

Envestnet is working with compliance automation provider Compliance Solutions Strategies to offer a “comprehensive, fully customizable” Form CRS solution, according to an announcement. The web-based tool gives RIAs and broker-dealers another option for completing their Form CRS filing requirements ahead of the SEC’s June 30 deadline.

“Many regulated firms are understandably concerned about how they are going to digest the SEC’s 524-page Form CRS Adopting Release and 18 pages of instructions,” said Keith Marks, executive director of CSS’s Compliance Services, in a statement. The software solution provided by the firm and made available through Envestnet fully meets the SEC’s requirements, he said. 

CSS’s regtech tool extracts dozens of data points from existing Form ADV, Part 1A and FINRA filings. It also gives users the option of exporting their Form CRS documents to Microsoft Word, to allow further edits and changes. The web-based application does not require outside software implementation. 

Envestnet’s own Chief Compliance Officer gave the tool her seal of approval. “We were very impressed with the innovative, thorough compliance solution that CSS developed,” said Debra DeVoe, CCO and managing director at Envestnet, in a statement. 

At its most basic, new Form CRS regulations require RIAs and broker-dealers to create and provide two-page documents to retail investors. Distilling the required language into something both brief and clear, however, has confounded some firms as they prepare ahead of the summer deadline.

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