Boston-based FundQuest has created a service to help assist firms with the conversion of fee-based brokerage accounts to comply with recent court rulings. The U.S. Court of Appeals for the District of Columbia Circuit has recently ruled that firms operating fee-based brokerage accounts must move these to either an advisory account or traditional commission account. “There is a lot at stake for any firm with fee-based brokerage accounts,” said Bob Del Col, chairman of FundQuest. Due to this, “we have assembled a team with expertise in compliance, operations, technology, advisor training, and investment due diligence who can consult on a conversion plan and assist with operational execution to ensure successful account conversions,” he said. FundQuest has automated many processes to help firms with the transition such as an online creation of client agreements to facilitate straight-through-processing and electronic generation of investment policy statements.
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