AIG Advisor Group Implements AXIS Retirement Analytics Platform™ for Data Aggregation, 408(b)(2) and Benchmarking Services

Through AXIS, AIG Advisor Group will improve its efficiency in complying with 408(b)(2) regulations that require retirement plan service providers to fully disclose their retirement plan fees, compensation and services provided to plan fiduciaries.

  • Share on TwitterShare on FacebookShare on Google+Share on LinkedInEmail a friend

Axis Retirement Analytic Platform

NY/Chicago, IL (PRWEB) July 22, 2014

AIG Advisor Group has partnered with Castle Rock Innovations Inc. (‘Castle Rock’) to implement AXIS Retirement Analytics Platform ™ (‘AXIS’), a Castle Rock product. AXIS supports account identification, data aggregation, automated disclosure and benchmarking in one web-based solution. Through AXIS, AIG Advisor Group will improve its efficiency in complying with 408(b)(2) regulations that require retirement plan service providers to fully disclose their retirement plan fees, compensation and services provided to plan fiduciaries.

AIG Advisor Group is one of the largest networks of independent broker-dealers in the United States. AIG Advisor Group’s network includes FSC Securities Corporation, Royal Alliance Associates, SagePoint Financial and Woodbury Financial Services. With the implementation of the AXIS platform, AIG Advisor Group has improved its compliance and supervisory services across its four broker-dealers. The AXIS data aggregation engine will enable them to unify all plan data on a single reporting platform, while the benchmarking module enables their advisors to compare plans across a large universe of providers and plans. With the implementation of the AXIS platform, plan sponsors will also experience improved efficiencies with their ongoing daily tasks of monitoring and reporting plan fees.

Allison Couch, EVP, National Sales Manager for AIG Advisor Group says, “We pride ourselves on the business tools and support we offer our advisors to help manage their risk and optimize their operational efficiency. The AXIS platform enabled us to fully automate what had been a labor intensive process so that our advisors can focus on their core business—managing client relationships. In addition, we can now provide web-based benchmarking reports that will help our advisors determine how to best compete on services and fees.”

Matthew Schlueter, EVP, Chief Administrative Officer for AIG Advisor Group, says Castle Rock was chosen because “we were impressed with their experience in this space. They were ahead of all of the other vendors we reviewed, with established relationships with record keepers that allowed us to report on 98% of plans the day we launched. The platform implementation has been smooth and on time, giving us a foundation to support our existing retirement plan business, grow new retirement plan relationships and ensure our advisors maintain compliance with 408(b)(2).”

AXIS was introduced to the retirement industry over three years ago and has been successfully implemented with industry leaders that want to comply efficiently with the ruling fee disclosure regulations. Khash Sarrafi, CEO of Castle Rock Innovations, Inc. says, “AIG Advisor Group is a good example of why we developed AXIS. They truly wanted to improve their compliance efficiency, but at the same time wanted to guarantee the unique identities of their affiliated broker-dealers. Our platform was developed in a way to provide customization if needed. As such we were able to tailor AXIS exactly how they required it and we are mutually happy with the result.”

About AIG Advisor Group

The AIG Advisor Group network of independent broker-dealers is among the largest in the United States. The four broker-dealers that comprise Advisor Group – FSC Securities Corporation, Royal Alliance Associates, SagePoint Financial and Woodbury Financial Services – foster the spirit of entrepreneurship and independence that our 6,000-plus advisors exemplify.

Our structure allows us to invest significant resources across our broker-dealer network — resources that any single firm would have difficulty duplicating. The result? Our advisors enjoy access to state-of-the-art technologies, personalized service, and broad-based operational support. AIG Advisor Group is headquartered in New York with additional offices in Atlanta, Phoenix, and Minneapolis. The company has $139 billion of assets under management and generated $1.2 billion of gross revenue last year. For more information, please visit: http://www.advisorgroup.com.

About American International Group, Inc. (AIG)

AIG, a world leader in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Ireland and Tokyo. AIG is a registered trademark of American International Group, Inc. All rights reserved. http://www.aig.com.

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


Contact

Follow us on: Contact's LinkedIn