Castle Rock Innovations Emerges as a Market Leader with its AXIS Retirement Analytics Platform for 408(b)(2) Compliance and Reporting

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With over 40+ record keepers now integrated, Banks and Broker Dealers flock to AXIS to meet the July 1st Department of Labor mandated ERISA deadline.

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AXIS Retirement Analytics Platform

The data connection to the leading record keeping companies allows us to go from contract to compliance in less than 3 weeks.”

Castle Rock Innovations (CRI), a leading provider of technology-based solutions for the retirement industry, announced today its successful integration with over 40 record keeping and product providing companies to allow its customers a one-stop, turnkey compliance and business intelligence solution. These record keepers are the largest in the industry, and believe to cover 80% of the overall plan universe. Castle Rock Innovations is onboarding at least one new client a day onto their AXIS platform, and estimates demand to rise as the July 1st Department of Labor deadline nears.

Tom Loch, Senior Vice President of Castle Rock Innovations, LLC, said, “We focused our efforts within our servicing platform to collect and transform data into a single data repository, and to provide an interface for managing, collecting and reporting plan-level fees from many system sources. Our second focus was to build the data processing engine necessary to track changes to fees and the work flow processes to report them efficiently based upon the 60-day reporting rule. The data connection to the leading record keeping companies allows us to go from contract to compliance in less than 3 weeks.” says Loch. “We have a proven repeatable process for our clients and provide detail step by step checklist to onboard the client.”

AXIS is a SAAS-based platform that enables Banks, Trust, Broker Dealers, Product Manufactures, Record Keepers and TPAs to support the new regulatory fee disclosure reporting requirements in a secure and cost-efficient way. The AXIS platform provides complete insight across plans with a single portfolio view to mitigate risks and enable fiduciaries to handle the ongoing daily tasks of monitoring and reporting fees to plans efficiently and effectively.

Loch also noted, "We spent the time to understand the real pain that the industry would go through to meet these new DOL reporting requirements. We found that the Broker Dealer community did not have a systemic capability to identify, collect and establish data from various partner systems for the purpose of managing plan-level fee data, and generating a comprehensive Fee Disclosure Document for their plans. We also learned that many Broker Dealers are very concerned about identifying and tracking plans that are sold and serviced outside of the traditional manufactures environment.”

AXIS Retirement is designed to service all retirement plan types through a single web-based interface and data repository. The AXIS platform can interface with any system of record supporting retirement plan data feeds, and provides features to edit and generate reports for filings, report plan expenses, plus a comprehensive toolset that allow retirement plan managers and fiduciaries to view their business across multiple recordkeeping platforms. AXIS also worked closely with leading ERISA attorneys to ensure compliance and integrate pre-built legal documentation to expedite filings for its clients. With the recent addition of its Benchmarking Module and Audit Capabilities, the AXIS platform is now a full-service solution for the industry.

About Castle Rock Innovations, LLC
Castle Rock Innovations is a state of the art enterprise technology services organization that utilizes technical expertise and business knowledge to create value for our clients with focus on Financial Services, Capital Markets and Insurance Industry. CRI is a privately owned and operated corporation with headquarter in Chicago Illinois and offices in CA, CT, NY, NJ, MA, FL and TX. CRI has been recognized in Inc500 as one of the fasted growing private companies.

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Tom Loch
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