To eliminate the need to manually type in contact information and other repetitive data when opening investment accounts, USA Financial has released a straight-through processing (STP) system for its independent financial advisers. The entirely electronic process will allow for the management of various maintenance forms and include e-Signature and delivery of signed documents to all parties. The firm says this solution bundled into its technology package can be accessed online via any device. It also allows advisers to connect remotely with clients.
USA’s Chief Technology Officer, Greg Lockwood says that although the move toward paperless form submission and processing is moving forward in the financial services industry, “Off-the-shelf systems don’t go far enough to streamline submissions.” He adds “We took a long look at the process, all the way through to the institution, and built our system accordingly.”
Lockwood’s team focused on easing each step of the process. Some features include additional form validation to ensure forms are correct before submission. It also reduces repetitive data entry by incorporating blotter completion from data already entered into the forms, and walking the adviser through setting up the e-signature.
USA Financial is an independent financial services firm serving both clients and financial advisers throughout the country. Its family of companies includes USA Financial Securities and USA Financial Insurance Services. For more information, visit usafinancial.com.