CapitalROCK Announces Launch of Rollover Wizard for Reg BI


SALT LAKE CITY, May 21, 2020 (GLOBE NEWSWIRE) -- CapitalROCK, the developers of RightBRIDGE, and a leader in best interest validation software, is pleased to announce the launch of the Rollover Wizard. The functionality contained in the Rollover Wizard was designed to assist financial professionals in evaluating rollovers given the requirements of Reg BI.

SEC Reg BI requires broker-dealers to consider a range of factors when recommending that a plan participant roll over assets into an IRA. Factors include, but are not limited to:

  • fees and expenses;
  • level of services available;
  • available investment options;
  • ability to take penalty-free withdrawals;
  • application of required minimum distributions;
  • protections from creditors and legal judgments;
  • holdings of employer stock; and
  • any special features of the existing account.

Each of these data elements, and other configurable data elements, are considered in the Rollover Wizard. Historically, the hardest data points to identify have been fees and expenses. To help financial professionals with this issue, CapitalROCK has added the ability for users to lookup retirement plan expenses from a Form 5500 database. Users also have the ability to plug in plan fees from the client’s 404(a)(5) or use a CapitalROCK provided fee benchmarking functionality that provides fee estimates based on characteristics of the plan.

Once fees and other characteristics of the employer sponsored plan have been collected, the Rollover Wizard uses the configurable RightBRIDGE AI engine to compare the employer sponsored plan to the IRA options available to the financial professional. The result is a report that either confirms that the rollover has met the broker-dealer’s best interest requirements or shows that the proposed rollover is deficient in some manner. For all results the Rollover Wizard will provide detailed, client-specific, ReasonText™ which explains and documents the analysis.

The Reg BI Care Component:
Being able to show how an outcome was determined is a critical part of how broker-dealers can demonstrate fulfillment of Reg BI’s Care Component. The Rollover Wizard helps accomplish this by presenting the data that was collected, the result of the best interest analysis, and the detailed “reasons why” the rollover scored the way that it did. In addition to PDF reports, CapitalROCK can deliver an audit file via an API integration to broker-dealer books and records systems or CRM platforms. 

There is still Time:
The compliance date for Reg BI is June 30, 2020. The RightBRIDGE Rollover Wizard has been optimized for quick deployments and can be configured and deployed for broker-dealers in as little as 30 days. CapitalROCK has a limited number of delivery slots available for June 30th deployments.

For more information:
For more information or to see a demo of the RightBRIDGE Rollover Wizard please contact CapitalROCK at sales@capitalrock.com or (804) 495-3644

About CapitalROCK: CapitalROCK, LLC provides rule-based product validation / selection tools and needs-based customer analytics to the financial services industry. CapitalROCK was founded in 2007 by a group of industry experts that have been building customer relationship and wealth management solutions for the financial services market for more than 30 years.

Media Contact: Connor Thomas | cthomas@capitalrock.com | 804-495-3644