“The RMD Processing Solution is a complete solution that enhances both front and back office processing, minimizes risk on the institution, and provides the client with an exceptional level of service.”
Winston-Salem, NC (PRWEB) October 30, 2012
Oakbrook Solutions announced today that it has added IRA Required Minimum Distribution (RMD) Processing to its suite of WealthWorx® Business Process Management (BPM) solution modules. Oakbrook will market the RMD Processing Solution alongside existing WealthWorx® process modules, which include Account On-Boarding, Client Services Request Management, and Account Closing.
Each year as more IRA account holders reach the age of 70 ½, the IRS requires a certain percentage of account holdings to be distributed in the form of taxable income (the “Required Minimum Distribution”). The requirement for institutions is to calculate and notify account holders of their RMD for the year by January 31st and many struggle to complete the process due to the complexity and manual nature of the RMD calculation, notification, and processing requirements. The WealthWorx® RMD Processing Solution enables organizations to turn this traditional back office processing headache into an enhanced IRA client experience.
“In developing the RMD Processing Solution, we took a step back to observe the way various institutions handle the RMD requirement,” says John Bovatsek, Managing Director at Oakbrook Solutions, “What we discovered is that the way institutions handle this requirement can provide an opportunity to engage the Wealth Management client in a higher level of service and retain (or even grow) assets that might otherwise leave the institution.”
The WealthWorx® RMD Processing Solution delivers full life-cycle process management for RMD processing, including initial client notification, tracking of distribution instructions, calculating payment and tax withholding requirements, integration with payment systems, and real-time reporting to facilitate better account and asset management for the IRA client. As with all WealthWorx® Process Modules, the RMD Processing Solution is tailored for each client utilizing Oakbrook Solutions’ step-wise client business requirements assessment and implementation methodology.
“The addition of the RMD module is a significant example of our ability to provide a comprehensive solution to a complex, often overlooked manual processes,” says Tony Painter, CEO, “The RMD Processing Solution is a complete solution that enhances both front and back office processing, minimizes risk on the institution, and provides the client with an exceptional level of service.”
About Oakbrook Solutions
Since 1999 Oakbrook Solutions Inc. has been the leading systems, process, and delivery expert for the Wealth Management industry. Oakbrook provides consulting services and software solutions that solve problems commonly faced within the industry. Oakbrook’s clients, from the top 20 national banks to large multi-family offices, have trusted Oakbrook with their mission critical systems, process, and strategic business initiatives.