Sister companies CUSO Financial Services LP and Sorrento Pacific Financial LLC have released a new mobile scanning application for financial advisers to use out in the field.
With the app, an adviser can snap a photo of a client's documentation for investments, capture it and upload it automatically into CFS' dataVISION, a proprietary, Web-based account management system used by the companies' advisers to simplify administration, communications, sales and reporting functions, CFS said.
Aimed to increase their efficiencies, the app securely captures documentation and meets with regulatory compliance requirements, according to CFS, a San Diego-based broker-dealer and investment adviser.
The free app is downloadable from the Apple App Store for any iOS user, including iPad, iPod and iPhone devices. A version for Android devices is in beta testing and will be available later this year, according to CFS.
The app can be allowed or disallowed by users and can be installed on multiple devices by an individual adviser.
“We continually look for new ways that technology can create efficiencies and make our financial advisers' workflow easier so they can spend more time with clients. With everyone so mobile now, this is a clearly practical solution,” said Mitzi McMilllin, senior vice president for business systems at CFS and SPF.
Najib A. Khan, an investment representative with the $391 million ABNB Federal Credit Union in Chesapeake, Va., said he recently started using the app.
“It makes it easy for an adviser like me that has to cover multiple locations,” Khan noted.
SPF and CFS said they are offering training on the application via live and online modules.
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