Picture this:
A client sits down in a financial advisor’s office to strategize. A decision is made. Suddenly, an electronic form pops up – completely filled out. The advisor signs it electronically and clicks submit. An email then pops up on the computer of the advisor’s OSJ who does a suitability check, signs it electronically and clicks submit. Automatically, the form goes to the back office of the advisor’s broker-dealer from which it is routed through various departments – electronically. Finally, it is electronically submitted to the clearing house for settlement. Ultimately, the form is stored in a central electronic filing cabinet at the broker-dealer where all interested parties, including the advisor and the client, have access to it. Through all this, nobody has picked up a pen or touched a piece of paper.
This is the “Straight-Through Processing” system developed and refined by Laserfiche, a world leader in document imaging. It is a scene being played out with increasing frequency throughout the country, according to Jeffrey Green, Laserfiche’s director of compliance. (more…)