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PTE 2020‑02 Software Solution

In short, PTE 2020-02 is the Department of Labor’s latest ruling that requires fiduciaries who rely on transaction exemptions to only provide advice that falls within their client’s plan and is in the customer’s best interest.

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PTE 2020-02 Compliance Status
Impartial Conduct Standard Addressed
Disclosures Addressed
Policies & Procedures Addressed
Retrospective Review Addressed
Built-in RightBRIDGE® functionality

RightBRIDGE® Takes the Pain out of PTE 2020‑02

PTE 2020-02 Compliance Status
Impartial Conduct Standard Addressed
Disclosures Addressed
Policies & Procedures Addressed
Retrospective Review Addressed
Built-in RightBRIDGE® functionality
Requirements & Solutions

PTE 2020‑02 Requirements and RightBRIDGE®

Many of the rules and requirements attached to PTE 2020-02 are addressed through functionality already included in RightBRIDGE®. RightBRIDGE® is a PTE 2020-02 software solution and has also added additional functionality to assist financial professionals in navigating PTE 2020-02.

DOL PTE 2020-02 Requirements

Impartial Conduct Standard

Best interest • Reasonable fees • No misleading statements

Disclosures

Fiduciary status • Services & conflicts • Rollover justification

Policies & Procedures

Conflict mitigation

Retrospective Review

Minimum annual review of Impartial Conduct Standards

PTE 2020-02 Requirements

PTE 2020‑02 Requirements

  • <strong>Impartial Conduct Standard</strong>
  • Best interest standard
  • Reasonable fees
  • No misleading statements
  • <strong>Disclosures</strong>
  • Written acknowledgement of fiduciary status
  • Description of services offered by the firm and conflicts of interest
  • Delivery of rollover justification to client
  • Must explain the reasons why in plain English
  • <strong>Financial Institutional Policies and Procedures to Ensure Compliance with Impartial Conduct Standards</strong>
  • Mitigation of conflicts of interest
  • <strong>Retrospective Compliance Review</strong>
  • Minimum annual review of policies designed to ensure Impartial Conduct Standards
RightBRIDGE® Solutions
Product Profiler® — Impartial Conduct
ReasonText® — Facts & Circumstances
Fiduciary Status Documentation
ReasonText® — Plain English Rollover
Pre-Transaction Review
Compliance Dashboard — Trends & Outliers
RightBRIDGE Solutions

RightBRIDGE® Solutions

  • Product Profiler® has been optimized to assist financial professionals in meeting the needs of the Impartial Conduct Standard
  • ReasonText® automatically generates text that documents the facts and circumstances (including fees)
  • RightBRIDGE® documents that fiduciary status has been delivered
  • ReasonText® explains in plain English the best interest status of the rollover
  • Product Profiler® provides pre-transaction review of compliance with the firm’s best interest policies
  • The RightBRIDGE® Compliance Dashboard gives the home office the ability to identify trends and outliers. Case sampling can also be performed
Regulator Feedback
“Firms using systemized compliance processes have consistently demonstrated stronger adherence to fiduciary standards during examinations.”
RB
RightBRIDGE® user feedback
Feedback

RightBRIDGE® Users on Feedback from Regulators on Systemization

Ready to simplify PTE 2020‑02 compliance?

Schedule a demo to see how RightBRIDGE® addresses PTE 2020-02 requirements with built‑in functionality.

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