Financial advisors download 4.5 million statements in first year of enhanced offering
KANSAS CITY, Mo., Dec. 11 // - DST Systems, Inc. has reached significant milestones toward achieving broad-based adoption of its Vision eStatements(TM) batch delivery solution. DST introduced the enhanced solution one year ago as a delivery tool designed to reduce costs for management companies while enabling book-of-business electronic statement retrieval for intermediaries.
Since its inception in November 2005, nearly 23,000 advisors have subscribed to the eStatements service and nearly 4.5 million copies of individual statements (more than 15 million pages) have been delivered. Twelve management companies, including AIM Investments, American Funds, MFS and OppenheimerFunds, participate in the solution, and DST expects the number of participating management companies to double in 2007.
Vision eStatements enables mutual fund and variable annuity companies to eliminate the expensive process of printing and mailing copies of shareholder and dealer statements to the intermediaries that sell their products. These intermediaries, in turn, receive comprehensive, easy-to-access customer records by downloading a single electronic file and saving it to various storage media.
"Since adopting Vision's eStatement solution a year ago, MFS has reduced paper statement volume by more than 50 percent," said Brian Shaw, vice president, MFS. "In doing so, we have afforded financial advisors easier, more timely access to statements."
"We're thrilled with the success that fund companies have experienced using the Vision eStatements tool," said Kyle Mallot, DST client services officer in charge of DST Vision. "We look forward to building on these successes to further support our clients and their distribution partners."
DST's Vision eStatements tool is supported by affiliate DST Output's eSolutions platform. Customers of DST Output may take advantage of a turnkey interface that supports simplified implementation.
DST Systems, Inc. provides sophisticated information processing and computer software services and products that help clients improve productivity, increase efficiencies, and provide higher levels of customer service. DST is organized domestically and internationally into two operating segments: Financial Services and Output Solutions. DST operates one of the most advanced data centers in the world, which provides information-processing services to support the products within each operating segment. These products are further enhanced through the integration of DST's advanced technology and e-commerce solutions.
Source: DST Systems, Inc.
CONTACT: Jill Patton, Media Relations of DST Systems, Inc.,