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How DTCC is Streamlining Broker Dealer of Record Changes

By Briana Moskovic, DTCC Relationship Manager | July 12, 2018

How DTCC is Streamlining Broker Dealer of Record Changes

During a recent client webinar, we unveiled a number of much-anticipated updates to the IFT Access Platform - a web-based data entry and reporting tool for representative of record (REP) and broker identification number (BIN) changes.

The enhancements will allow distributors to streamline and automate their Broker/Dealer of Record Changes and non-financial transactions, like address and contact changes, to their carrier partners.

IFT Access was introduced in 2009 as a standalone tool to bring the benefits of automation to firms without requiring a heavy build. With IFT Access, distributors can simply log online and submit requests and their carrier partners can respond.

In January, the I&RS team kicked off a pilot group to discuss submission requirements and gather input, with broker/dealers and carriers from American Portfolios, Ameriprise, PNC, Cantella & Co., International Assets Advisory, Jackson National, Lincoln, Morgan Stanley, Raymond James, Janney, Peak Brokerage, and US Bank.

The group met weekly and completed requirements in March. Now, our team is in its final development phase. Once in production, firms will be able to submit their requests via the web tool. DTCC will standardize the message for firms’ carrier partners and carriers will be able to process and send acknowledgments of completions or rejects back to the firms.

How DTCC is Streamlining Broker Dealer of Record Changes

One client who attended the webinar expressed excitement about the update. She said for her firm, automation continues to be a struggle. When someone new joins, she typically waits days for a letter to go through to her firm’s carrier partners. If this process were shortened to a day or two it would make a huge difference.

Following the release of Broker/Dealer of Record enhancements, which will likely go into production by late December or early January 2019, our team will focus on adding more functionalities like owner, beneficiary, communication and demographic changes.

We’re also going to enhance the messaging dashboard so firms can track the receipt of confirms from their carriers and, if needed, write to them in a free form to explain rejections. We will also add new screens, fields and buttons to the platform.

As we build out these enhancements we continue to meet with our pilot group to seek input and feedback from across the industry. Most recently, Edward Jones, Stifel, Kestra, Cetera, Securities America and H. Beck joined the group. Currently, our team is on target to begin testing with two carriers by the end of this year or early 2019. Interested in using the platform? Contact the team to get started.

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