Docupace announces Tracker BI product for delivery and comprehensive digital management of Form CRS and disclosures for Wealth Management Firms

Docupace, the leader in cloud-based fintech digital operations software for the wealth management industry, today announced the launch of its new Reg BI and Form CRS digital solution enabling broker-dealers and advisors to quickly adopt and implement Docupace into their practices for greater and more efficient service offerings.

With the Security and Exchange Commission (SEC) Regulation Best Interest (Reg BI) going into effect on June 30th, 2020, broker-dealers and associated financial advisors will be required to provide a relationship summary (Form CRS) to retail investors following certain trigger events, such as recommending a new investment product. Broker-dealers are also required to store records of Form CRS paperwork and delivery information.

The SEC has given broker-dealers a choice for how they would like to deliver and store Form CRS — on paper or electronically.

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Docupace’s electronic approach to Form CRS will eliminate a large portion of the tedious, expensive administrative work associated with a paper-based approach. In addition to saving firms from added printing, mailing, faxing, and filing costs, an electronic Form CRS workflow can minimize opportunities for non-compliance. Firms will be able to use a multi-step paperless workflow to automatically generate different versions of Form CRS and other disclosures based on different parameters, like the advisor license information, and ensure the content in each disclosure is always up to date. The summary can then be delivered electronically to the investor.

“One of the highest priority issues facing many broker-dealers and investment advisors today is simplifying Reg BI compliance,” said Michael Pinsker, Founder of Docupace. “Digital delivery, storage, and automation of Form CRS and disclosures are paramount to streamline requirements of Reg BI. We’re excited to provide our current and new customers with our new product, Docupace Tracker BI, that’s geared for productivity while allowing them to maximize the benefits and capabilities of the Docupace platform.”

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Though not explicitly required by the SEC, firms can even add an acknowledgment integration to confirm receipt of the disclosure. This can all happen instantly, allowing business to continue unimpeded. The relationship summary can then be stored electronically in a 17a-3 and 17a-4-compliant manner. These records can then be made available upon request to demonstrate compliance. Automatic triggers can also be created to ease compliance with Reg BI, for example by automatically sending updated forms to existing clients following an update.

“Enabling technology for Reg BI compliance is critical to the advisor.  Their primary objective is focusing on their clients and servicing them to the best of their ability,” said Mark Tapling, CEO of Docupace. “Our customers consistently share how urgent it is to be Reg BI compliant as soon as possible and having the right service technology to meet the needs of the latest compliance standards.”

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