SALT LAKE CITY, Utah, Dec. 11, 2018 (GLOBE NEWSWIRE) -- The Annuity Wizard has been in use since 2011 by many of the largest distributors in the industry and was originally developed to assist advisors in sorting and filtering through a firm’s shelf of annuities based on the client’s objectives and preferences. The functionality of the Annuity Wizard is being expanded to add additional suitability capability and document the process. New York state’s Reg. 187 requires advisors collect and analyze 14 data elements to determine the suitability of an annuity recommendation. The Annuity Wizard questionnaire is being expanded to include all of these data elements. Each element is evaluated by a configurable scoring engine and a product validation report is created for each selected product.
“The constantly changing regulatory environment requires financial firms to adapt their sales process to accommodate new regulations at both the federal and state level,” according to John Hyde, President and CEO of CapitalRock. “CapitalRock’s product selection capabilities can integrate the requirements of new regulations into the analysis and provide a product validation report that document the process.” Hyde added.
When an advisor indicates that an annuity product is being sold in the state of New York the RightBRIDGE Annuity Wizard questionnaire is expanded to include the additional required data elements. Each of these data elements is scored to determine suitability and a product validation report is created complete with client and product specific ReasonText™ to explain the results.
The RightBRIDGE Annuity Wizard has been licensed for use for by over 50,000 advisors and supports annuity selection and validation for the following annuity types: Variable, Indexed, structured/buffer, Fixed, SPIA and DIA. A similar function is being developed to support the sale of permanent and term life insurance products under New York Reg. 187 in CapitalRock’s Life Insurance Wizard module.
CapitalRock
CapitalRock, LLC provides rule-based product selection tools and needs-based customer analytics to the financial services industry. CapitalRock was founded in 2007 by a group of industry experts that have been building customer relationship and wealth management solutions for the financial services market for 30 years. For more information, visit http://www.capitalrock.com.
RightBridge and CapitalRock are registered trademarks of CapitalRock, LLC.
| Media Contact: | Connor Thomas | ||
| cthomas@capitalrock.com | |||
| (804) 495-3644 |