From the October 2007 issue of Boomer Market Advisor • Subscribe!

Updates from the regulatory front

NAVA Inc., the Association for Insured Retirement Solutions, and the Financial Services Institute (FSI), an advocacy and membership organization for independent brokerdealers and independent financial advisors, recently announced a strategic alliance to extend NAVA's Straight-Through Processing Initiative to the independent annuity distribution channel.

STP is an industry-backed initiative that has established a comprehensive set of standards for managing new annuity business electronically. The NAVA/FSI alliance further strengthens the STP goal of creating a universal environment for the simple, transparent, compliant, flexible, and cost-effective sale and administration of annuities.

NAVA and the FSI will work together to augment the STP standards by obtaining comment and input from independent broker-dealers and their affiliated financial advisors. Additional objectives include prioritizing a phased implementation plan and working with members to facilitate an implementation approach that will allow for broad STP adoption among FSI members.

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