Xchange for Distributors

Representatives will appreciate the efficiency of the contracting, licensing and registration processes within Xchange. The minimum data collection, accuracy of the requirements and efficient methods of supporting ongoing compliance are invaluable tools to representatives. Rep data entry is simplified by acquiring all existing information from FINRA and the PDB and reusing it where possible. Using customer defined workflows, proper approvals are acquired from supervisors prior to submission to FINRA. PDB data highlights active insurance licenses and auto-triggers appointment requests with carriers via DTCC.

Xchange for Distributors creates straight-through workflows by automatically generating U4s when relevant information is updated and filing them with FINRA. All new registration and exam requests are prepared using existing data and submitted based on your rules. Representatives can request their own registrations as required. Exam window and Regulatory CE window reminders are sent to reps at regular intervals to remind them of their outstanding requirements.

Key FeaturesBenefits
  • Entirely electronic annual renewal process
  • Automatic notification of upcoming CE and product training requirements
  • Ad hoc reporting capabilities
  • Powerful workflow tools streamline licensing, CE tracking, registration and annual renewals
  • Updates existing licenses in real time
  • Reduces human error and inefficiency

The expanded consumer protection responsibility that regulators have assumed demands that firms have a solid compliance process applied consistently throughout their organization. Satisfying regulators, while offering solutions that assist recruiting and representative retention is an ongoing challenge. Xchange has continued to evolve, under the counsel of an active Customer Advisory Board, and has consistently been the chosen solution of financial services firms. Xchange for Distributors clients have reported significant productivity gains and compliance risk mitigation.

For more information, click here.