Getting started with Reg BI (Regulation Best Interest) Tracker

The Reg BI Tracker captures each recommendation a financial professional makes, checks it against the client's investment profile, costs and reasonably available alternatives, and records the reasoning at the point of sale. Supervisors review flagged recommendations with the full context in front of them. Compliance can show how the firm met its care, disclosure, conflict of interest and compliance obligations, recommendation by recommendation.

What it is for

Regulation Best Interest asks broker-dealers to show that each recommendation to a retail customer was made in that customer's best interest, considering costs and reasonably available alternatives. In many firms the evidence is scattered: the client profile lives in the CRM, the recommendation in the order system, the rationale in a note field or nowhere, and the Form CRS delivery record somewhere else. Supervisors review exceptions without context, and when an examiner asks why a particular product was recommended, the answer depends on what the representative remembers.

• Recommendation rationale is rarely captured when the recommendation is made
• Client profiles, products and costs sit in different systems
• Supervisory reviews lack the alternatives and costs that were considered
• Form CRS delivery and conflict disclosures are hard to evidence per client

Who uses it

• Broker-dealers and dual registrants serving retail customers
• Financial professionals who make recommendations to clients
• Branch and OSJ supervisors who review recommendations
• Chief compliance officers and compliance testing teams
• Internal audit and examiners, who need evidence of each recommendation

Before you start

• Your organization licenses Reg BI (Regulation Best Interest) Tracker from Moraph.
• A Moraph client account in that organization, signed in.
• Access to Reg BI (Regulation Best Interest) Tracker in Moraph Apps, given by an administrator in the Moraph Portal under People and access.
• For setup: the product administrator role.

Steps to get started

1. Sign in at app.moraph.com with your Moraph account.

2. Open Reg BI (Regulation Best Interest) Tracker from the launcher. The first time anyone opens it, its workspace is created from the default described in Workspace reference.

3. Check your role: what you can see and do depends on it. See Roles and permissions.

4. Product administrators: work through Set up Reg BI (Regulation Best Interest) Tracker before your team starts.

5. Everyone else: start with Everyday tasks.

Where to go next

• Set up Reg BI (Regulation Best Interest) Tracker
• Everyday tasks
• Connect your systems
• Security, data and compliance
• Troubleshooting and the support guide
• Product overview on moraph.com