Building a Better Separate-Account Mousetrap
Separately managed accounts can be confusing, but the paperwork and
operations behind them need not be—or at least that’s the
thrust of a new effort by Smith Barney Consulting Group.
Smith Barney is in the midst of rolling out its new Integrated
Investment Service, which aims to streamline the account-opening
process, to cut down paperwork and to give reps better tools for
monitoring client accounts.
"The idea was to make an experience where the client is only going to
sign one consulting contract and one set of documents," says Frank
Campanale, chairman and CEO of Smith Barney Consulting Group.
"It’s to pull all of this information together in such a fashion
so they’re looking at one super-account."
The system, which underwent several months of testing, was rolled out
in the middle of August and will be introduced gradually to Smith
Barney branches through the end of October at a rate of about 50 per
week. About 50 branches currently use the system.
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