The BondWorks Suitability Module will help financial advisors to meet the requirements of the new FINRA Rule 2111 by enabling them to run pre-trade suitability tests on investment ideas even before recommending them to their customers.
The module also provides alerts when potential transactions may not be suitable for a customer’s investment profile, halting potential violations before they happen.
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Kamaryn Tanner, managing director at BondDesk Group remarked "Most suitability software systems today operate post-trade, thereby missing the requirement that recommendations, not only transactions, be suitable."
Meanwhile, Will Rhode, director of fixed income research at Tabb Group added, "With all these new regulations, it’s important that vendors are proactive in helping firms navigate this increasingly complex environment to better serve their customers and ensure they remain in compliance."
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