It sounds great to say you will put all your business through your clearing firm, but ticket charges, maintenance fees and exorbitant ACAT fees make it expensive and impractical for “all” of your business. Add to that the apparent clearing firm bias against broker dealers that sell alternative investments and “direct app and check” submission of business may be the only alternative for many broker dealers. Whether all or part of your business is direct app and check, the solution is to consider straight through processing for your direct business using the combination of our WebOPS Dashboard and Compliance Console.

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Effective STP requires a secure, practical and affordable online access portal for the registered representative and an easy to use central receiving tool for the compliance officer at the broker dealer. The representative’s office must be able to “onboard” the account data for the broker dealer and create the needed paperwork for the vendor application(s). Whether the rep uses wet signatures or e-signatures for the client approval, the finished “paperwork” must first make its way to the broker dealer compliance office where “catch and release” and “catch and hold” review and approval of both data and applications can take place.

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When approval of the account and the specific investment is granted, the straight through processing functionality must be flexible to facilitate business being sent to less advanced vendors and progressive vendors alike. The initial “first step” is to eliminate the need for the rep to physically send “paper” to the broker dealer in all but the most unique circumstances. The next step is to free the representative’s office from physically sending paperwork as well. Review the grid below and contact us if you would like a demonstration of our Straight Through Processing tools and services.