Close Close

Industry Spotlight > Broker Dealers

Clearing Firm Automates Annuity Transfers

Your article was successfully shared with the contacts you provided.

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.


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.