Farm Bureau Will Roll Out Riskalyze Reg BI Solution To 1,000 Finance Pros

Farm Bureau Financial Services is latest company to sign up for Riskalyze's Reg BI solution, which it will roll out to 1,000 of its financial professionals starting in May 2020.

To assist financial professionals in complying with the SEC's new standards, Riskalyze added new functionality and workflow to its Riskalyze Select and Elite products that allow firms to comply with four components of Reg BI: documentation, care, conflicts of interest, and compliance and monitoring.

Regulation Best Interest (Reg BI) establishes a “best interest” standard of conduct for broker-dealers and associated persons when they make a recommendation to a retail customer of any securities transaction or investment strategy involving securities, including recommendations of types of accounts.

Through the Riskalyze Reg BI solution, advisors now can assess client risk tolerance, build a proposal through a Reg BI-compliant workflow, attach and document the delivery for Form CRS with those proposals, implement them via trading automation, and give home offices visibility into the process with a configurable enterprise dashboard.

These expanded compliance solutions will enable advisors to meet the SEC’s June 30^th Reg BI enforcement deadline.

Even without the regulation in effect, Riskalyze says that the new workflows should allow to achieve what is a best practice anyway – demonstrating care for clients while educating and informing them about their decisions.

"The toughest part of the rule (is) the standard of care," Aaron Klein, CEO at Riskalyze, said in a news release. "When it comes to Reg BI, Farm Bureau's incredible solutions are now well ahead of the curve."

The Farm Bureau deal follows other recent Riskalyze Reg BI partnerships, including an enterprise deal with Founders Financial Securities, as firms scramble to comply with the new rule adopted last year by the U.S. Securities and Exchange Commission (SEC). 

Farm Bureau Financial Services, founded in 1939 to meet the unique liability insurance needs of farmers, is headquartered in West Des Moines, Iowa.