Transamerica Financial Advisors introduces paperless office platform

Source: Transamerica Financial Advisors

Transamerica Financial Advisors, has launched TFA Synergy, a comprehensive paperless office platform for its representatives that offers automated account processing, Web-based document management and automated compliance review.

TFA Synergy is built on state-of-the-art technology provided by leading suppliers familiar with the requirements of the financial services industry, including Laserfiche and SunGard.

"TFA Synergy is the comprehensive paperless office platform compiled with some of the best technological solutions from industry leaders such as SunGard and Laserfiche. It's Rep-friendly, compliance oriented and seamless in operation," said Sandy Brown, president of Transamerica Financial Advisors. "Building on our established high standards of service, communication and independent support, TFA Synergy will help save our current and future Reps money through reduced administrative expenses. It frees them up to spend more time with clients by eliminating the hours spent filling out and updating forms, and tracking down paper files."

The components of TFA Synergy work in concert with one another to form a seamless, industry-focused business platform with three major components: automated new account processing, Web-based document management and automated compliance review.

Automated Account Processing

TFA Synergy's automated accounts function from SunGard's new account opening solution begins with a wizard-based data-entry feature for opening new accounts and new cases for existing clients, plus file maintenance on existing accounts. Depending on the transaction, TFA Synergy will select and pre-fill the appropriate forms including all needed compliance documentation and product applications. This ""forms bundle"" feature is driven by the Quik! Enterprise Solution, which automatically populates forms with existing client data, saving the Rep time from manually filling out forms and preventing errors.

"SunGard helps leading financial institutions and registered reps to automate and streamline account processes, and helps them to proactively meet compliance needs and reduce risk," said Paul Erickson, president of SunGard's Protegent business unit. "Our new account opening solution, combined with Protegent Surveillance, offers TFA Synergy users standardized and cost-effective processes to help enhance data quality, efficiency and service to clients."

Web-based Document Management

Laserfiche powers the Web-based document management system that replaces thousands of pieces of paper currently cluttering up Reps' offices with a "virtual filing cabinet" that offers security and privacy, while reducing administrative overhead.

With TFA Synergy Document Management, documents reside in electronic format, ready to be retrieved, printed, reviewed, shared, and safely stored. These documents and forms are accessible via a laptop computer with an Internet connection. The virtual filing cabinet has a Branch Manager and Rep-level folder system and is fully SEC/NASD compliant.

Laserfiche's Audit Trail feature enables precise tracking of documents within the virtual filing cabinet, providing a comprehensive record of activity. Audit Trail helps the broker/dealer maintain tight compliance controls by delivering up-to-date details of user activity to demonstrate adherence to established security and retention procedures. With easy-to-generate reports, Audit Trail expedites the process of producing reports for administrators and regulatory authorities, minimizing the cost of compliance.

"Laserfiche has a long history of providing secure, easily deployable document management solutions for organizations in all facets of the financial services industry," said Brian LaPointe, director of strategic solutions at Laserfiche. "TFA Synergy makes the most of Laserfiche's extensive storage, tracking, and security features to provide a complete document management solution that TFA Reps can rely on."

"With TFA Synergy's built-in security features, the home office decides who can access what document, and what they can do with it," said Dan Trivers, senior vice president for Transamerica Financial Advisors. "Documents in this system cannot be altered, so the original remains unchanged."

Automated Compliance Review

TFA Synergy's automated compliance review is fueled by SunGard's Protegent Surveillance solution, which features transaction supervision and surveillance, account risk ranking, and Rep review to help compliance staff recognize red flags, identify issues early, and correct situations as soon as possible. The extensive rules library within this solution help determine suitable transactions based on client profiles, client/household financial information and holdings, product parameters, and industry and Transamerica Financial Advisors guidelines.

"From the first meeting with a client, through the completion and submission of the initial case, and on to future cases - processed business is constantly subject to review and scrutiny," said Trivers. "TFA Synergy Automated compliance review is like having an extra pair of eyes double-checking all compliance-related activities."

Training and Support

TFA Synergy will be rolled out to all Transamerica Financial Advisors' Reps throughout 2007 with on-site and regional training sessions, plus technical support available via phone along with virtual Internet-based training.

"TFA Synergy is the comprehensive paperless technological platform that will take Reps from clutter to cohesion," said Brown. "Built on proven architecture, supported by top-notch suppliers and backed by the resources of Transamerica Financial Advisors' technical expertise, TFA Synergy is the industry-leading solution that will help save Reps both time and money."

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