BrightScope’s Plan Data Network allows RiXtrema’s FiduciaryOptimizer seamless access and sharing of 404(a)(5) disclosure documents
NEW YORK, March 21, 2017 — RiXtrema, the leading provider of risk management tools and analysis to the financial advisory and broker/dealer community that helps ensure that clients get the analysis and advice they need, announced today a partnership with BrightScope, the leading provider of retirement plan data to the investment industry, in its Plan Data Network Initiative.
“BrightScope’s Plan Data Network is a unique platform,” said RiXtrema President Daniel Satchkov, CFA. “It uses technology to provide firms performing rollover best interest determinations with the necessary retirement plan disclosures required by the DOL. Retirees frequently have a hard time obtaining the 401(a)(5) disclosure for the advisor. Plan Data Network solves the advisor’s problem, enabling the analysis. RiXtrema chose to integrate Plan Data Network into our FiduciaryOptimizer suite of products to allow our users to seamlessly obtain the plan details from any 404(a)(5) document.”
RiXtrema’s IRAFiduciaryOptimizer is an end-to-end solution to document a client’s best interests and fee reasonableness in rollovers as required by the DOL. Fees contained in the 404(a)(5) disclosure are needed to run the most accurate best interest report. BrightScope’s Plan Data Network provides RiXtrema FiduciaryOptimizer users access to plan details from disclosure documents uploaded by other members of the network, while also loading their own disclosures for others to use.
“Since RiXtrema is one of the premier providers of a solution for performing best interest determinations, it made sense for BrightScope’s Plan Data Network to build an integration package for their platform,” said BrightScope’s head of Product Development, Rick Niedt. “We knew that gathering and processing the plan-level details about services, investment products, and fees from disclosure documentation was going to be a challenge for the advisory firms and broker-dealers. Working with partners like RiXtrema gives BrightScope the opportunity to make that data accessible to many firms at once.”
Combining powerful FiduciaryOptimizer analytics from RiXtrema with the reach of BrightScope’s Plan Data Network will enable advisors to run portfolio reports with no manual work and no headaches. It will also help firms ensure that they are following fiduciary best practices when recommending rollovers or other transactions with qualified accounts.
Founded in 2010, RiXtrema is a portfolio crash-testing company that helps advisors discuss risk with clients. Long used by fund managers, pensions plans and funds of funds, RiXtrema has introduced its risk management tools to the financial advisory and broker/dealer community to help ensure that clients get the analysis and advice they need. The RiXtrema research team received the 2015 Peter L. Bernstein award, one of the most prestigious awards in finance, for its article Risk Estimation and Hedging: A Reverse Stress Testing Approach, published in The Journal of Derivatives in April 2015. RiXtrema solutions include Portfolio Crash Testing; BioniX, the first robo platform for advisors that includes sophisticated risk modeling; IRAFiduciaryOptimizer, the first quantitative DOL Fiduciary Rule Rollover solution, and the related 401(k) Fiduciary Optimizer geared for plan advisors. For more information, visit www.rixtrema.com.
ABOUT BRIGHTSCOPE & STRATEGIC INSIGHT
BrightScope is a Strategic Insight business, providing data and analytics through the SI Data division. BrightScope drives the growth of data-driven decision-making at leading financial services firms. BrightScope builds best-in-class software solutions facilitating more effective sales and retention strategies for top financial institutions. BrightScope works with eight of the top 10 asset managers by U.S. open-end assets, and eight of the top 10 defined contribution plan recordkeepers. BrightScope maintains a database with information on more than 60,000 defined contribution plans, largely gathered from Department of Labor Form 5500 audited filings.
Strategic Insight (SI) provides critical and proprietary data, business intelligence, research and marketing services to the global asset management community.
SI delivers full service solutions to the asset management sector worldwide, including investment flow data, advisor sales analysis, in-depth research, analytics, editorial content and events for investment managers, asset owners and custodians, plus Transaction Cost Measurement of over 500 million trades per month. Strategic Insight clients include over 1000 of the most prominent names in the asset management industry, including 83 of the world’s 100 largest fund managers.
Strategic Insight delivers its products and services through four distinct divisions: SI Data, SI Research, SI Intelligence and SI Interactive. Its portfolio of leading editorial titles includes the well-recognized brands PLANSPONSOR, PLANADVISER, Chief Investment Officer, Global Custodian, and The Trade. The company’s headquarters are in New York with offices in Boston, Denver, San Diego, San Francisco, Stamford CT; London; Munich; Melbourne; Toronto and Vancouver. Strategic Insight is backed by Genstar Capital. For more information visit www.brightscope.com and www.sionline.com.