NPH's EOE System Allows Paperless Mutual Fund Processing |
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Written by U.S. Insurance News
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Monday, 18 February 2008 |
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National Planning Holdings, Inc. (NPH), is saving the forests one paper ream at a time, not to mention sparing brokers a lot of busy work.
NPH recently launched direct business processing for mutual funds within its Web-based representative workstation system, Electronic Order Entry (EOE). This enables affiliated representatives at the broker-dealer network's four firms to complete mutual fund transactions in a real-time, e-signature-enabled, paperless process. Reps will be able to view and update client account information in real time as well.
In addition, reps will save time because they can enter mutual fund orders without having to enter the same information on a vendor application. A drop-down menu allows brokers to enter new or additional "buy" orders for each account, perform like-dollar value exchanges within the same fund family, and request changes to account information. Any changes or updates made to the EOE application are automatically transmitted to the fund company, which allows NPH's mutual fund partners to directly service the account. Because the direct mutual fund order is electronically signed by the client and stored in the representative's e-file cabinet, there is no need to store a paper copy.
"It is a strategic imperative for the broker-dealer industry to create automated business processing systems that help representatives operate more efficiently and lend transparency to mutual fund transactions," explained Jim Livingston, president and CEO of National Planning Holdings.
NPH has made several additional enhancements to the EOE application. A new Client View screen displays client information and all of the accounts with which the client is associated. A print feature allows representatives to easily provide holdings information to clients, and a Trade Log screen displays account activity for all of a representative's EOE orders as far back as two years.
"Our ultimate goal is to completely eliminate paperwork from representatives' practices, while at the same time ensuring the client's intentions are properly communicated and transacted in a secure environment that meets compliance regulations," said Jim Miller, senior vice president of operations for NPH. "The latest EOE enhancement greatly reduces the amount of time representatives spend on administrative tasks, and also makes it much easier for them to manage client data and organize transactions."
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