The Depository Trust and Clearing Corp. has added a service that will help broker-dealers automate administrative work for clients who switch firms.[@@]
Today, brokers still have to handle client shifts with conversations over the telephone.
DTCC, New York, a major clearing organization, says that 9 broker-dealers already have agreed to use its annuity transfer service and that “numerous” other broker-dealers have agreed to use the service in 2006.
The first users of the new service include Allstate Corp., Northbrook, Ill.; Hartford Financial Services Group Inc., Hartford; Pacific Life Insurance Company, Newport Beach, Calif.; and Prudential Financial Inc., Newark N.J.