Chicago, IL (PRWEB) July 16, 2014
The Department of Labor introduced regulations in 2012 that require all retirement plan service providers to fully disclose their retirement plan fees, compensation and services provided to plan fiduciaries as well as benchmark the plan for fee reasonableness. AXIS Platform is connecting the industry with its centralized data aggregation engine to simplify and automate this process
The industry does not have to guess where their plans are anymore. AXIS has been connected to over 70 record keeping firms for the last 3 years providing a centralized data aggregation, compliance management and distribution solution for the industry. More data providers are providing automated data feeds using AXIS data aggregation engine for their clients, allowing their internal IT to focus on business management projects.
Michael Marr, COO and President of Castle Rock Innovations, Inc. says, “We have been managing our clients data aggregation and compliance related services for over 3 years now through AXIS by creating a zero touch environment. We want to do the hard work so that our clients can focus on growing their business. We provide data connectivity from over 70 leading record keeping firms in the industry to our mutual clients. The key to our success has been the fact that we can take the data in any format and as many files as possible. We do the data stitching and normalization to provide services to our clients.”
Castle Rock Innovations’ AXIS Retirement Analytics Platform™ allows for data providers to connect with mutual clients in ways that were not possible in the past. The industry is moving toward automation and with all the changes in the retirement space, clients do not want to worry about data management but focus on growing their business. AXIS is connecting the industry with most cost effective use of technology.
“The entire process is streamlined and automated. Our mutual clients do not want to be in the data management business either and we solve that problem for them. AXIS provides the 408(b)(2), 404a-5 and benchmarking for many of our clients utilizing this automated process so that there is no further data entry by advisors. We maintain the compliance and all compliance related changes for our clients in one central location and proactively monitor the plans to notify our client of their required disclosure due dates (such as the 60 days rule),” added Michael Marr about AXIS.
About Castle Rock Innovations and Axis
Castle Rock Innovations has been serving the financial industry for over 20 years by providing clients with technology that improves efficiency and creates value. In anticipation of 401(k) fee disclosure regulations that were introduced in 2012 by the Department of Labor, Castle Rock innovations developed the AXIS Retirement Analytics Platform™, a real-time, web-based platform that allows broker-dealers, record keepers, banks and third party administrators to view their entire retirement book of business in one location and manage their compliance and operations. Today the AXIS Retirement Analytics Platform™ is an industry leading product used by 13 of the top 20 broker dealers in the nation and more than 105 clients, which include some of the largest TPAs and Record Keeping firms. AXIS currently has automated connectivity to over 75+ Record Keepers and Insurance companies and provides a zero touch automated solution to the largest data sources.
Castle Rock Innovations Inc. is a privately owned and operated corporation with headquarters in Chicago Illinois and offices throughout United States. Castle Rock Innovations has been recognized by Inc500 as one of the fastest growing private companies. http://www.axisretirement.com
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