Pontera Celebrates Rhode Island's Support for Data Aggregation in Investment Advisory
Pontera, a prominent fintech platform dedicated to secure management of held-away assets, has expressed its enthusiastic support for the Rhode Island Securities Division's recent guidance covering data aggregation and third-party platforms. This guidance positions Rhode Island alongside states like Texas and Delaware, which have also established frameworks to bolster the ability of investors and advisers to leverage data aggregation for improved financial management.
Ben White, Pontera’s Senior Director of Public Policy, praised Rhode Island's proactive approach, stating, "Pontera applauds the Rhode Island Securities Division for joining the growing list of state regulators providing guidance that supports investor choice." White emphasized the essentiality of allowing investors to determine how they manage their workplace savings. The recent clarification that advisers can utilize data aggregation and third-party platforms without needing additional custodian approvals represents a significant stride toward fostering a more investor-friendly market.
Unlike Texas and the SEC, Rhode Island has instituted a vital safeguard by preventing investment advisers from utilizing client passwords. By delivering constructive guidance within a more stringent framework, Rhode Island signals that advisors can indeed employ third-party data aggregation tools in full accordance with this password prohibition. This not only protects investors but also establishes a standard for other states to follow, ensuring that investor credentials remain secure.
Pontera endorses advisers' initiatives to harmonize their practices with regulatory expectations. The guidance from Rhode Island delineates specific actions advisers can undertake while using Pontera, including thorough due diligence concerning Pontera's capabilities, evaluating Pontera’s advanced cybersecurity measures, and maintaining clear and auditable records of all transactions conducted via Pontera’s platform.
The appetite for 401(k) advice is surging as plans begin incorporating more intricate assets. Individuals are increasingly willing to invest in personalized advice, often compensating their 401(k) record-keepers and managed account service providers, while many still prefer to engage their personal advisers for account management. Pontera's services eliminate barriers to achieving this preference, allowing investors to have dedicated advisers overseeing their 401(k) accounts.
White concluded by stating, "Rhode Island's guidance is a win for retirement savers and signifies positive progress at the state level. Investors necessitate every tool available to secure their retirement, and it's commendable to witness regulators endorsing the autonomy of consumers in managing their finances."
Pontera operates with the mission of enhancing retirement outcomes for millions of Americans. By facilitating financial advisors in managing, balancing, and reporting client assets within 401(k)s, 403(b)s, and other employer-sponsored accounts, Pontera is positioned to significantly improve financial outcomes through comprehensive investment management. Founded in 2012, the company is headquartered in New York City, with further information available at pontera.com.
Media Contact: Christian Gubler
Email: [email protected]
Ben White, Pontera’s Senior Director of Public Policy, praised Rhode Island's proactive approach, stating, "Pontera applauds the Rhode Island Securities Division for joining the growing list of state regulators providing guidance that supports investor choice." White emphasized the essentiality of allowing investors to determine how they manage their workplace savings. The recent clarification that advisers can utilize data aggregation and third-party platforms without needing additional custodian approvals represents a significant stride toward fostering a more investor-friendly market.
Unlike Texas and the SEC, Rhode Island has instituted a vital safeguard by preventing investment advisers from utilizing client passwords. By delivering constructive guidance within a more stringent framework, Rhode Island signals that advisors can indeed employ third-party data aggregation tools in full accordance with this password prohibition. This not only protects investors but also establishes a standard for other states to follow, ensuring that investor credentials remain secure.
Pontera endorses advisers' initiatives to harmonize their practices with regulatory expectations. The guidance from Rhode Island delineates specific actions advisers can undertake while using Pontera, including thorough due diligence concerning Pontera's capabilities, evaluating Pontera’s advanced cybersecurity measures, and maintaining clear and auditable records of all transactions conducted via Pontera’s platform.
The appetite for 401(k) advice is surging as plans begin incorporating more intricate assets. Individuals are increasingly willing to invest in personalized advice, often compensating their 401(k) record-keepers and managed account service providers, while many still prefer to engage their personal advisers for account management. Pontera's services eliminate barriers to achieving this preference, allowing investors to have dedicated advisers overseeing their 401(k) accounts.
White concluded by stating, "Rhode Island's guidance is a win for retirement savers and signifies positive progress at the state level. Investors necessitate every tool available to secure their retirement, and it's commendable to witness regulators endorsing the autonomy of consumers in managing their finances."
Pontera operates with the mission of enhancing retirement outcomes for millions of Americans. By facilitating financial advisors in managing, balancing, and reporting client assets within 401(k)s, 403(b)s, and other employer-sponsored accounts, Pontera is positioned to significantly improve financial outcomes through comprehensive investment management. Founded in 2012, the company is headquartered in New York City, with further information available at pontera.com.
Media Contact: Christian Gubler
Email: [email protected]
Topics Financial Services & Investing）
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