NAVA and IBM join to standardize VA sales

The model aims to create an industry standard to streamline the process of selling VA contracts and simplify compliance.
JUN 30, 2008
NAVA Inc., the Association for Insured Retirement Solutions, is teaming up with IBM Corp. of Armonk, N.Y. to make the first model available for NAVA’s straight-through-processing-standards initiative for variable annuities. The STP model aims to create an industry standard to streamline the process of selling VA contracts and simplify regulatory compliance. The standards include automated processes to ensure annuity sales suitability, uniform processes for e-signatures, electronic forms, privacy policies and records management. STP-compliant annuity sales processes will give the industry "seamless interoperability" between distributors and insurance carriers, improving "in good order" business, providing customers with greater transparency and improving the overall consumer experience, the Reston, Va.-based insurance industry association said in a statement. Currently, STP implementations are under way at several providers, including Fidelity Investments of Boston, LPL Financial of Boston, Merrill Lynch & Co Inc. and Morgan Stanley, both of New York, National Planning Holdings Inc. of Santa Monica, Calif., Pershing LLC of Jersey City, N.J., Raymond James Financial Inc. of St. Petersburg, Fla. and Wachovia Securities LLC of St. Louis.

Latest News

Aspen Standard Wealth buys $1B Louisiana RIA Cullen Investment Group
Aspen Standard Wealth buys $1B Louisiana RIA Cullen Investment Group

Cullen marks the fourth firm the New York-based RIA aggregator has bought in 2026 as deal volume heads for a record year.

Strategy before technology: Establishing the foundation for measurable AI value
Strategy before technology: Establishing the foundation for measurable AI value

The quality of AI ROI measurement depends on pre-deployment decisions around business outcomes, leadership alignment, and establishing trusted information, among other factors.

AI investing takes hold far beyond Wall Street, new data shows
AI investing takes hold far beyond Wall Street, new data shows

A state-by-state analysis of retail investor behavior reveals AI-powered research tools are reshaping how clients approach investment decisions.

Advisor moves: LPL lands $1.1B Georgia team as Wells Fargo loses and wins
Advisor moves: LPL lands $1.1B Georgia team as Wells Fargo loses and wins

LPL picks up $1.1B from Wells Fargo's independent channel as the wirehouse gains a $410M family team from UBS.

Long-term care gap puts advisors in the spotlight as boomer costs soar
Long-term care gap puts advisors in the spotlight as boomer costs soar

Most Americans want to age at home but few have a financial plan to pay for it, according to new research.

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor