Santa Monica, Calif. — National Planning Holdings Inc., an affiliate of Lansing, Mich.-based Jackson National Life Insurance Co., reports that paper-free mutual fund processing is now available for qualified retirement plans within its Web-based representative workstation system, Electronic Order Entry (EOE).
NPH is the first firm in the industry to introduce electronic mutual fund transactions for qualified accounts through an innovative custodial account opening process, claims the company. The network introduced fully automated mutual fund processing for nonqualified accounts in February 2008.
The NPH platform now supports qualified plans offered through premier partners, such as American Funds, OppenheimerFunds and Putnam. The new functionality builds on the network’s ongoing initiative to deliver an e-signature-enabled, real-time workflow process that helps NPH’s affiliated representatives save time and increase efficiency.
“NPH’s approach to technology has always been continuous innovation and responsiveness to the evolving needs of advisors and their clients,” says Jim Livingston, president and CEO of National Planning Holdings. “The latest enhancement to our EOE platform represents a significant milestone for the network and the independent broker-dealer industry as a whole. We have created a seamless process through which representatives can continue to enjoy direct support from mutual fund companies, while also benefitting from the time and cost savings that can be achieved by completely eliminating the need for paper.”
In conjunction with its proprietary EOE and e-Signature technology, NPH uses the Fund/SERV mutual fund transaction processing system to provide a paper-free platform for opening and servicing qualified accounts.
Key functionality includes:
• Paper-free submission of fund company applications and electronic funding
• Online access to clients’ positions with daily valuations
• Electronic tracking of fund account setup and payment
• Greater control over fund pricing: orders submitted by 4 p.m. ET receive the same day’s closing price
• Elimination of re-keying client and investment data, which allows for quick and efficient opening of IRAs
Since e-Signature transactions are completely paperless, there is no longer a need for advisors to maintain hard copy forms in their offices or mail them, and online e-file cabinets allow representatives, administrative staff, clients and auditors to access important documents 24 hours a day, seven days a week. The system also automatically identifies what forms and data elements are required from a regulatory and broker-dealer standpoint, virtually eliminating the delays often caused by missing information or outdated forms.
Source: National Planning Holdings Inc.
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