NU Online News Service, Nov. 11, 2003, 3:18 p.m. EST – Changes under way at the Depository Trust and Clearing Corp., New York, mean that financial planners and producers ultimately will be able to provide better customer service to clients at a lower cost, says Angela Pearson, DTCC’s group director.
The corporation provides clearance and settlement services to expedite processing of investments in equities, bonds and other instruments.
Recently, DTCC has teamed with BISYS Group Inc., New York, to introduce a system for “seamless” application processing for life insurance and annuities submitted through broker-dealers, banks and wire houses.
To support the new system, BISYS will help financial product distributors obtain the necessary licenses and keep up with continuing education requirements, DTCC says.
In another new initiative, DTCC has been working with the standards committee at the Money Management Institute, Washington, which represents managers of separately managed accounts, to automate the servicing of separately managed accounts. These are relatively large, diversified accounts set up by wealthy investors and managed by professional advisors.