Registered broker/dealers that create and sell non-insurance retirement and other benefit programs, through distributing broker-dealers, can now be supported through DTCC’s Insurance Services (IS) platform.
An SEC rule filing submitted by DTCC’s clearing subsidiary paves the way for broker/dealers to leverage DTCC’s Insurance Services platform to automate processing and support the administrative handling of these wrap-like non-insurance retirement and other benefit programs. It is thought that these tailored retirement products will grow as the baby boomer generation enters retirement.
“With 78 million baby boomers entering retirement in the next few years, there will be a huge transition from the accumulation stage to the distribution and payout stage, which opens the door for a wide range of new retirement products,” says John Ziambras, DTCC Managing Director, Insurance Services. “We believe our services are well positioned to support this new market, in the same way we have supported annuities and life insurance through operational and cost efficiencies, reduced risk, and a simpler way of doing business.”
“With this change, we can now expand the reach of our services to more customers and have them rely on DTCC Insurance Services to automate and standardize information exchange for retirement programs,” says Jeanann Smith, DTCC senior relationship manager, Insurance Services.