“You can’t even determine whether a rollover makes sense without the kind of data that BrightScope makes available,” says Satchkov. “Our sense is that the fiduciary rule is going to go into effect. We’re definitely going ahead with fiduciary best practices."
RiXtrema’s FiduciaryOprimizer tools can not only access plan data to help inform investor decisions regarding investments, but they can also use BrightScope’s network to find 401(a)(5) disclosures for the fees and expenses contained in both active and inactive retirement plans, allowing for a more accurate comparison of best interest, according to the company.
As more RiXtrema clients load their own disclosures onto BrightScope's network, the more comprehensive the retirement plan data set becomes, according to the company.
“We think linking up with the BrightScope Plan Data Network is a logical step to make fiduciary workflows easier,” says Satchkov. “There’s this misunderstanding out there that complying with best practices has to be onerous, but that’s false."
Users of RiXtrema’s FiduciaryOptimizer and BizEquity’s Advisor Office services will be able to access the plan databases at no additional cost for the time being. BizEquity says that its dataset will be available for free until June 1.