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.

Deals & People July 23, 2007

SSgA Makes Additions to Intermediary Business Group

State Street Global Advisors (SSgA) has made two new appointments to its Intermediary Business Group, which serves financial advisers, broker-dealers, and registered investment advisers.
Reported by

Gregory Zipoli, formerly of Pershing’s institutional side, will be based in Chicago and act as a regional consultant, focusing on supporting the registered investment advisers and family office channels in the Midwest. Before Pershing, Zipoli was a vice president in Fidelity Investments’ Registered Investment Advisor Group.

Christopher Logue will be a regional consultant based in Boston for national, regional, and independent broker-dealer firms in the Northeast. Logue most recently served as an Investment Solutions Consultant for UBS Financial Services, providing sales, marketing, and educational support to financial advisers.

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Prior to his stint at UBS, Logue was a national retirement sales manager at State Street Global Advisors.

For more information visit http://www.ssga.com/

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