Deals & People July 23, 2007

Clearbrook Advisors Picks New President

Clearbrook Financial, LLC, has named John Galvin, formerly of UBS Wealth Management, as president of its advisory arm, Clearbrook Advisors.
Reported by

Galvin headed Lincoln Financial’s independent adviser business and helped reengineer the firm’s investment platforms. He spent the lion’s share of his career at Merrill Lynch, where he helped develop the firm’s fee-based business.

Princeton, New Jersey-based Clearbrook Advisors provides oversight and guidance to large domestic and international financial institutions looking for ways to develop or enhance a fee-based offering, and also helps asset managers looking to build up their distribution network.

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For more information, visit www.clearbrookfinancial.com.

Products July 23, 2007

NAVA Extends STP Initiative to Independent B-D Distribution Market

NAVA, Inc. the association for Insured Retirement Solutions, is extending its straight-through processing (STP) initiative to the independent annuity distribution channel with the help of the Financial Services Institute (FSI), an advocacy group for independent broker-dealers and financial advisers.
Reported by

NAVA’s alliance with FSI means that the initiative will reach FSI, which includes 110 broker-dealer member firms with more than 130,000 independent registered representatives.

At the center of the initiative is a set of standards for managing new annuity business electronically, which would benefit consumers, insurers, distributors, and regulators, according to a press release from NAVA.

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The initiative includes 24 sets of STP standards, which address areas such as suitability, electronic forms, privacy, and records management, and covers all annuity types – deferred and immediate; qualified and non-qualified; and variable, fixed, and indexed annuities.

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