San Jose, Calif.-based regtech firm La Meer has launched a suite of tools for compliance with Regulation Best Interest, which takes effect June 30, 2020. The new technology is aimed at helping firms comply with the disclosure, duty of care, conflict of interest and compliance obligations in the rule.
The technology suite, called GRACE Reg BI, includes a secure portal for clients to receive disclosures and electronically share information with their advisors.
Client-facing advisors can use the technology to record a client’s risk profile and client interactions. It also helps them create model portfolios and choose products that are in the client’s best interest. The system includes a feed on industry pricing, risk and fees, so advisors can see how their choices stack up to others.
The suite also includes a section designed for compliance officers, including tools they need to set up policies and procedures; manage the attestation process; provide online forms to request approvals and report gifts, political donations, and outside activities; and Forms U4 and U5, to name a few functionalities.
“With the detail needed to demonstrate compliance, the only way to manage Reg BI is through the use of technology,” said Laxmi Ramanath, La Meer's founder and CEO.