January 2023 Product Updates - Part 1

January 9, 2023

Josh Itzoe
Founder & CEO

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I hope you having a great start to 2023!

A few weeks ago, I announced a slew of powerful new feature enhancements to FiduciaryRx™ we released in December. But I also promised you that we would KEEP DELIVERING a lot more awesome functionality over the next 4-6 weeks. And we've wasted no time to kick off the new year! This is first feature update of January and I expect another update before the month is out. 

Read about the 2 latest feature updates and watch the videos below.

And if you're not an existing user, click the "schedule a demo" button in the videos or click here.

Also, if you're an existing user, make sure to watch the first video as it impacts the way the scoring system works.

Update #1: Creating Custom Question Profiles

This is a BIG DEAL that I think users are going to love. Previously, there were 22-23 required best practices and 20+ optional best practices across the 6 dimensions. Any required best practices HAD to be used and there wasn't any flexibility to customize these. 

For instance, automatic enrollment and automatic escalation were both required fields and had to be used every time. In addition, each time you added a new plan sponsor, you had to pick the best practices you wanted to use and apply them. The system always defaulted to the required and optional best practices had to be "toggled on". 

We've now redesigned the system. You build your own "question profiles" using any of the available best practices and then apply them to any client/prospect when you create the plan sponsor. You can create any number of question profiles - total flexibility. The only requirement is that each dimension needs at least one best practice. All the current plans in the system are unaffected but for new plans you need to make sure you've created your question profiles in order to create a plan sponsor. Check out the video below.  

Update #2: Creating Custom Fee Schedules

This is another new feature that I think users are going to be psyched about. You can now create any number of custom fee schedules for investment, advisory, recordkeeping and TPA costs. Fee schedules can be based on assets or participants, be tiered or flat, and use a % or $ fee structure. Once the fee schedules are created, they can be applied to any plan and the fee schedule will do all the math and calculations for you. You can still add fees on a custom/static basis as well. This is a powerful feature and will save a lot of time for advisors. Check out the video below to learn more. 

Final Thoughts

If you’re an existing user, this functionality is available TODAY.

If you haven't checked out FiduciaryRx yet, click the button below to book a demo!

-The FiduciaryWor(k)s Team