Output Technology Solutions, a financial printer, is planning to launch an online order and subscription product for ordering future documents, such as prospectuses, mutual fund fact sheets, as well as others. The product, called Ellite, will make it possible for mutual fund companies and brokers to go online and place orders for these future documents before they even know that they are available. For example, explains Aaron Baldwin, director of product development at Output, a fund company can place an order at the beginning of the year for fund fact sheets that change every quarter. So each time they are updated the fund company will automatically receive 50 in the mail, he says.
The product/service saves time, Baldwin says. Before the advent of this service, the financial services firms would have to be cognizant that a new document had been released before it could place an order. The mutual fund company would have to notify the broker to say a new document was released, or the broker had to call in to each fund company to ask if they had any new documents. He adds, Lets say the broker knows that they are going to burn through 50 prospectuses a month. They can go ahead and order 50 to be sent to them every month. Now a broker/dealer wont have to spend revenue generating time doing administrative functions, and they wont have to be worried that they might not have the latest and greatest information, Baldwin adds.