Future Capital, a registered investment advisor (RIA) specializing in retirement planning and asset management, has announced a partnership with FIS, a renowned provider of technology solutions for financial institutions and businesses. This collaboration aims to offer integrated compliance solutions for broker-dealers servicing held-away 401(k) assets. By leveraging FIS's tools and expertise, financial firms can seamlessly access workplace retirement accounts with Future Capital’s solution while maintaining strict compliance monitoring and regulatory oversight.
Future Capital recognizes the increasing demand from advisors to expand their wealth management business to include held-away 401(k) assets. According to a recent 2023 WMIQ Survey, 94% of hybrid advisors plan to incorporate held-away assets into their wealth management services over the next two years. In response to this shift, broker-dealers require scalable compliance solutions to effectively monitor the management of these assets.
Streamlined Compliance with Future Capital and FIS Integration
The partnership between Future Capital and FIS brings FIS's robust compliance solutions, including automated testing, risk assessment, and reporting tools, directly to transactions made through Future Capital. This integration provides broker-dealers with greater visibility into potential compliance risk factors while simplifying the process of accessing workplace retirement accounts.
Rex Gooch, General Manager of FIS Compliance Suite, Capital Markets, expressed his excitement about the partnership, stating, "Our partnership with Future Capital provides an integrated compliance experience for our clients. We see held-away assets as an area of growth for broker-dealers and advisors, and we look forward to helping them tap into these new opportunities with the deep insight and activity monitoring only FIS can provide."
Benefits for Broker-Dealers
The collaboration between Future Capital and FIS represents a significant step forward in enhancing retirement plan compliance and efficiency for broker-dealers and advisors. By integrating FIS's comprehensive compliance tools into Future Capital's platform, advisors gain easy access to workplace retirement accounts while maintaining strict compliance monitoring and regulatory oversight. This partnership positions broker-dealers to succeed in the convergence of wealth and retirement, empowering them to scale their businesses and seize new organic growth opportunities in the market.
† 2023 WMIQ Survey; Beginning on October 26, 2022, WealthManagement.com — on behalf of Marsh McLennan Agency —emailed invitations to participate in an online survey to active users. By October 31, 2022, WealthManagement.com had received 447 completed responses.
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