Securities America Reps Get Mobile Check Deposit Tool

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.