B/D Woodbury Streamlines Back-Office Operations

In early 2009, Woodbury Financial Services will introduce upgrades to its automated work distributor (AWD) platform.

The broker/dealer, a subsidiary of The Hartford Financial Services Group, Inc, says the enhancements to the processes enabled through AWD will offer streamlined imaging and work distribution capabilities, resulting in faster turnaround time. With the added enhancements and automation, Woodbury reps will get answers more quickly from brokerage operations and operations service center teams.

Currently, Woodbury’s brokerage team uses a partially manual method to manage account set-up, transfers, trading, and related transactions. This requires a large amount of paperwork that frequently changes hands. Documentation is moved daily between the Woodbury, Minnesota office and the company’s new office in Oakdale, Minnesota, Woodbury says.

To prepare for these upgrades, part of Woodbury’s movement towards becoming a paperless office, a 30-person brokerage operations team has been working to streamline processes, revamp workflows and research ways to update and add new functionalities to increase Woodbury’s service offering to its 1,800 independent representatives nationwide.