Overview
An RMD Tracker allows financial advisors the visibility required to service their clients at each stage of the RMD life cycle. The data that is coming from different sources is refreshed daily through a process that picks up files generated by system at night and refreshes the table but this can be expanded by connecting with other systems through Integrations. The RMD calculation is done based on Client age, whether User is Primary bene or not and the current Market Value of the Account in start of the year. If the Client has multiple Accounts, the calculation is done for RMD to be pad in start of the year by sum of their Market Values and dividing them for each Account based on the share. The application would generate all required documents from the preliminary notification that a client now must take RMD to a Follow-Up Letter if the client fell short of distributions to satisfy the current year RMD. Action can be taken from a dashboard to produce such documents and e-Signature would act as the primary communication with the client. Payment instructions or any other piece of data entered on the document by the client would then be retrieved by the application to be used / reported on. Finally once all data and documents are received back, we also have built in the capability to send the document to a Document Repository.
Key Features & Functionality