Advanced technological innovations are helping financial enterprises make the best out of their efforts, saving them from risky decisions that might lead them to considerable losses.

BondDesk Group LLC, a provider of financial technology solutions to investment firms, has announced that they will add an enhanced Suitability Module to its well known BondWorks Wealth Management Platform.

The company offers advanced fixed income solutions to more than 2,000 investment firms, some of which are the best known broker-dealers in North America; and runs a large odd-lot fixed income alternative trading system across the U.S. Workstation solutions provided by BondDesk allow more than 100,000 financial advisors and asset managers to manage the portfolios of their clients and trade bonds in an effective manner.

With the help of the BondWorks Suitability Module, financial advisors can carry out pre-trade suitability tests on investment ideas before advising their customers to adopt these ideas. It ensures the financial advisors can successfully meet the requirements of the new FINRA Rule 2111; which specifically states that firm or associated person must ‘have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile.’

“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,” commented Will Rhode, director, 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.”

Additionally, the BondWorks Suitability Module stops potential violations before taking place by alerting the customers when some transactions may not be suitable for their investment profiles.

“Most suitability software systems today operate post-trade, thereby missing the requirement that recommendations, not only transactions, be suitable,” said 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.”

In April 2012, BondDesk announced that its BondWorks Wealth Management Platform had secured a highly coveted ‘Best Application Design’ award from the Neilson Norman Group or ‘NNG,’ a design and usability research and consultancy firm. BondDesk is the first-ever winner from the financial services industry of this award.

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