"The implementation of eSignature is a significant milestone for NPH because the administrative time that representatives once needed to print client account documentation, have the paperwork signed by their clients, and route for supervisor review and approval has now been eliminated," said NPH President Shawn Dreffein. "eSignature technology is another example of our commitment to developing secure tools that allow representatives to spend more time in front of their clients and ultimately, focus on meeting their clients' financial needs."
Through an electronic signature pad located at their office, representatives can choose to have their clients "e-sign" all required account opening and trading forms instead of navigating through pages and pages of documentation. All e-signed documents are made available, in real-time, to Office of Supervisory Jurisdiction (OSJ) managers and the broker/dealer back-office through Granite, the single back-office platform for NPH's four broker-dealers, INVEST Financial Corporation, Investment Centers of America, National Planning Corporation, and SII Investments, Inc. Granite serves as the foundation of Electronic Order Entry (EOE), NPH's front-end transaction processing system. The combination of these innovations has created numerous advantages for representatives, including:
-- E-file cabinets for online document storage - eliminates the need to store hard copy files in-house or off-site.
-- Intelligent document creation - based on a client's account opening information, Granite uses a series of systematic rules to identify and electronically deliver the required regulatory documentation to representatives.
-- "In good order" checks - before sending account opening documents to OSJ managers for review and approval, Granite ensures that all required fields have been properly completed.
-- Real-time document sharing - once the appropriate account documents are populated and authenticated with an electronic signature, they can be transmitted to OSJs in real time for timely review and approval.
-- Timely commission processing and payment - the electronic processing of account openings and trading instructions allows for near real-time payment of commissions to representatives.
NPH has established itself as a leader in the industry for the sophistication of its technology platform, which is self-funded and built entirely in-house. A recent report from TowerGroup, a Needham, Mass., research and consulting firm, recognized NPH as an industry standout for its commitment to investing in technology and delivering it to representatives(1).
"NPH's technology platform is one of the main reasons representatives choose to join our team," continued Dreffein. "Our dedication to improving existing technologies and developing new systems is built on helping representatives increase their productivity. As a result, we are in a position to maintain our competitive advantage and deliver consistent growth."
With total revenues of $407 million in 2004, NPH continues to gain momentum among its industry competitors. Each broker-dealer in the NPH network generated double-digit revenue increases in 2004 over 2003.
Representatives who are interested in learning more about the technology and support offered by NPH should call Oscar Martinez, NPH Vice President, Electronic Communications at 888/711-6720.
(1) "Taking Wall Street to Main Street: Independent Broker-Dealer Case Studies", TowerGroup, November 2004.
About National Planning Holdings, Inc.
Santa Monica, Calif.-based National Planning Holdings, Inc. (NPH) is a broker-dealer holding company and an affiliate of Lansing, Mich.-based Jackson National Life Insurance Company(R). NPH serves as the holding company for INVEST Financial Corporation, Investment Centers of America, National Planning Corporation, and SII Investments, Inc. Collectively, the NPH broker-dealer network has nearly 2,500 registered representatives. NPH and Jackson National Life are wholly owned by the United Kingdom's Prudential plc (NYSE:PUK), a company incorporated and with its principal place of business in the United Kingdom. Prudential plc is not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America.