From the November 2009 issue of Investment Advisor • Subscribe!

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Laserfiche, the document management company, introduced PhotoDocs, a new document capture system, at the Financial Planning Association's National Conference in Anaheim. PhotoDocs, bundled with Laserfiche 8, allows for document capture using a digital camera rather than a scanner to produce readable optical character recognition (OCR) text from digital camera images, particularly those of documents that are difficult to scan, such as book pages...

Fidelity's National Financial has debuted its Bank Deposit Sweep Program, which enhances its existing single-bank sweep program by offering its affiliated broker/dealers the opportunity to sweep cash in customers' eligible brokerage accounts into interest-bearing, FDIC-insured bank accounts at up to eight different banks. The Sweep Progam also offers tiered interest rates and consolidated statements. Commonwealth Financial Network is the first independent B/D to make the new sweep program available to its end clients...

On October 15, the House Financial Services Committee approved by a vote of 43-26 legislation that would, for the first time ever, require the comprehensive regulation of the over-the-counter (OTC) derivatives marketplace. Under the bill, all standardized swap transactions between dealers and large market participants, referred to as "major swap participants," would have to be cleared and must be traded on an exchange or electronic platform...

Schwab Advisor Services said that in the month of September 2009 alone, it saw a record-breaking 25 advisor teams representing some $2 billion in assets under management go independent and custody their assets with Schwab. In the third quarter, 52 advisor teams went independent with Schwab, the most ever in a quarter. This is 30% higher than the same period in 2008. It's also 37% higher than the first quarter of 2009, and 44% higher than the second quarter of 2009. Through the first nine months of the year, 126 teams have gone independent with Schwab...

Morningstar is beta testing a new product called Morningstar QuoteSpeedT, a Web-based application that Morningstar says in an invitation to current users will bundle real-time market data with Morningstar's security data, fundamental research, news, and analysis. It will include real-time quote data, intra-day and historial price and volume charting, watchlists, access to Morningstar analysts updates, real-time security alerts, and a search feature providing what the company calls "fast intuitive filtering of securities"...

Ameriprise agreed on September 30 to acquire Bank of America's Columbia stock and bond mutual funds for $1.2 billion in cash. The addition of the $165 billion in Columbia assets brought Ameriprise's total assets under management to about $380 billion.

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