A firm that delivers compliance data, technology and processes is seeing its business grow. NewRiver
, based in Andover, MA, announced that American Express Financial Advisors
and H.D. Vest Financial Services
have purchased its Breakpoint Complete
The product, launched this January in response to the NASD
ís breakpoint refund mandate, provides an auditable historical data feed from the SEC
EDGAR database and allows firms to reduce the uncertainty and risk of improperly calculating breakpoint rebates.
NewRiver recently completed a study that supported the use of historical data to ensure accurate refunds. It found that 28 percent of Class A mutual funds had breakpoint rules today that are less favorable to investors than those in place five years ago.
A company statement concluded that "failure to use accurate historical data will likely result in broker-dealers refunding amounts less than are actually due investors or overlooking refunds due investors altogether."
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