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.