Securities America advisors can now use mobile check-deposit services for some accounts, the independent broker-dealer said Wednesday.
Financial advisors affiliated with the Ladenburg Thalmann-owned IBD (LTS) who rely on Fidelity-owned National Financial Services for their custodial and clearing services can take pictures of checks using a smartphone or tablet to deposit funds directly into client accounts.
“At Securities America, we continue to strive to increase efficiency by integrating all processing systems to create a truly paperless experience for advisors and their clients,” said Doreen Griffith, executive vice president and chief information officer, in a press release.
With this new technology, the reps also can select proper forms, pre-fill them from existing account and prospect information, obtain electronic signatures and establish the account online immediately before submitting the electronic check images to complete the paperless process, the IBD says.
“All advisors in our office have subscribed to the mobile check deposit and use the tool often,” said Amanda Silkwood, registered office assistant for Quintus Financial Services in Englewood, Colo., in a statement.
“We like knowing our submissions have been received and approved quickly. Instead of waiting until the end of the day to enter checks and send an overnight package, we now submit deposits throughout the day and receive emailed status updates notifying us when the submissions have been received and approved,” Silkwood added. “We have saved a lot in overnight shipping charges and can view funds in an account almost instantly. All advisors should give this tool a try!”
The mobile check deposit tool is available to Securities America advisors at no additional charge.
Securities America has more than 1,700 independent advisors with $50 billion in client assets; most reps, about 90%, use the clearing and custodial services of National Financial, with the remainder relying on Pershing.
Pensionmark Retirement Group said Wednesday that it had launched Employer Document Vault, an enterprise-level document storage system, to support retirement plan client records and documents. The company says the service “offers clients the ability to access key retirement plan documents anywhere, anytime.”
“We designed our new Document Vault to be an enterprise-level collaborative tool for plan sponsors to engage plan documentation, rather than a simple online repository,” explained Pensionmark President & CEO Troy Hammond, in a statement. “The enhanced functionality allows us to work with our clients in the cloud in real time while offering traditional document storage capabilities.”
As part of the service, each client is provided with a Document Vault specific to their company’s retirement plan, where quarterly investment reports, educational material and other documents are stored.
Clients can access these documents; search for specific content within Word documents, PowerPoint presentations, PDFs and emails; and share and collaborate with others, according to Pensionmark, which has about 1,000 retirement plan clients nationwide.
Pensionmark advisors offer securities to clients via LPL Financial (LPLA).