Orion Advisor Services, the portfolio accounting service provider catering to financial advisors, has launched a fee-analysis tool to help advisors comply with the Department of Labor’s fiduciary rule, according to a press release from the firm.
Comparing Fees on More Than a Million Accounts
The new tool allows advisors to gauge fees on over a million other managed accounts, and clients can use it to compare a firm’s fee schedule against that of other institutions, according to Orion. The company says that advisors can use the tool’s inherent transparency to more effectively show their value to clients and strengthen their relationship.
Users of the benchmarking tool can filter searches by the size, type and level of services of an account, the company says. Advice fee searches on the tool can be filtered by type of firm, services provided, such as discretionary, wrap accounts and more, account size range and account types, such as qualified and non-qualified individual retirement accounts, non-IRAs and more.
Orion has also released a white paper examining the changes brought on to the industry by the DOL’s rule, covering new technology aimed at helping advisors comply with the rule and the fee pressure they’ll face as a result of the regulation, according to the company.
Source: PR Newswire
Posted by: The Trust Advisor