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BondDesk adds suitability module to wealth management platform

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BondDesk Group has added a suitability module to its BondWorks Wealth Management Platform.



BondDesk is a provider of fixed income technology and operator of the largest odd-lot fixed income alternative trading system in the US.

The BondWorks Suitability Module helps financial advisers meet the requirements of the new Finra Rule 2111 by enabling them to run pre-trade suitability tests on investment ideas even before recommending them to their customers.

The module provides alerts when potential transactions may not be suitable for a customer’s investment profile, halting potential violations before they happen.

Lack of pre-trade suitability testing can lead to weakened investor relationships and a greater risk of costly trade cancellations and large fines for the adviser’s firm.

"Most suitability software systems today operate post-trade, thereby missing the requirement that recommendations, not only transactions, be suitable," says Kamaryn Tanner, managing director at BondDesk Group. "Our clients are thrilled with this new module because it helps keep costs down while at the same time provides the financial advisors with a tool that helps them build trusting relationships with their customers."

"The strengthened suitability rule from Finra is extremely important, as it serves to further protect end investors and the advisors and firms that serve them," says Will Rhode, director of fixed income research at Tabb Group. "With all these new regulations, it’s important that vendors are proactive in helping firms navigate this increasingly complex environment to better serve their customers and ensure they remain in compliance."

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