A time-consuming task is the organizing and filing of monthly statements we receive for participants with brokerage accounts (Morgan Stanley, Merrill Lynch, etc.) Does anyone know of any brokerage firms which have a procedure whereby TPA's can automatically receive electronic copies of statements? If so, could you provide me with a contact person at the brokerage firm.

And if anyone has a suggestion for an efficient way to deal with brokerage statements, please let me know. Thanks.

Have you asked the brokerage firm(s)?

I think you'll find that for these kind of accounts (I assume you're talking about basic brokerage accounts that are not on a platform) the only electronic statements you'll get are pdf files. Which means the burden of organizing the files, opening them, and printing them is on you. I find it easier to just get the printed statements in the mail, throw out what we don't need, and deal with the rest as needed. It's a horrific waste of paper and postage but much, much easier on us.

I agree with Bird, but only because it's the only way I know. I just started a new firm after 24 years at my old firm. Most prior clients came with me. Had to send lots of letters requesting duplicates be sent to the new address.

I'm getting them now, but had to hire my 14 year old to open, sort and file them. Two hours later, had the statements and a grocery bag of filler and envelopes.

What a waste!

Tried to get electronic access, but am not in the billion dollar range where you can get some attention.

Just looking for some opinions;
Assume it's web delivered, encrypted, all the neccessary permissions can be obtained etc.

If there was a company capable of providing an electronic feed of Self Directed Brokerage Account info, how much demand would there be for that product?

Would it be something you'd be willing to pay for or would it result in a fee reduction to the Plan Sponsor?

Would it give a registered rep an advantage in the market, either because of advantageous pricing or just because it makes broker A better to work with than broker B?

I do not think many / if any TPAs would pay to have electronic statements sent to them. I do think the brokerage company could save a substantial amount of money in printing and mailing of statements by sending them electronically and the TPA could print only the statements they needed. I think if these savings were passed onto the plan it would give that firm an advantage over others.

I also think it could give a broker an advantage over another especially for a firm moving towards or already in a "paperless" enviornment.

I agree with stephen. Perhaps this will be another technological evolution. Express your preferences to as many firms as you can, maybe talking to the "office manager" as well as the individual broker. Be proactive about your suggestion; for example, would you prefer receving PDF copies e-mailed, or maybe you want it on a CD-rom, etc.

I have found it very helpful to call a broker and get a missing statement via pdf emailed to me.

I would like the idea of getting the statements emailed either by a procedure set up for automatic processing or by request from the broker.

It does require some vigilance, because you must look at each file received and make sure it is filed in the proper client directory. You also have storage management issues on your computer system, because your storage needs will expand.
Plus you have some risk of vulnerability to viruses. But once backed up to proper permanent storage, it is very much more accessible in an office where multiple people need access to the information.