Luma has launched its Product Creation Tool that automates the bidding and pricing process for customer structures.
Read the full press release below:
[Cincinnati, OH, January 30, 2019] Luma Financial Technologies announces the release of its Product Creation Tool, a new feature to its award-winning platform for structured products and annuities. With the Product Creation Tool, product managers, trade desk managers and advisors can more efficiently obtain custom pricing from leading issuers, save time and reduce manual errors when building custom structures. For those users that manage monthly calendar products, the Product Creation Tool also greatly simplifies the recurring process for generating each month’s approved list of products.
One of the most time-consuming and manual aspects of structured products is the custom pricing process. For every custom structure, clients must send a request to each individual issuer, usually via email or even through a phone call. Several back and forth communications ensue with responses typically tracked via spreadsheet. “The entire process is surprisingly and unfortunately very manual, which makes it slow, accessible to only a few skilled individuals per firm, and subject to human error. In addition, price transparency is less than optimal. We knew fintech could offer a better way to do this,” says Donald Pogan, Luma’s chief operating officer.
Luma’s Product Creation Tool automates the entire request-response process involved in creating and pricing a custom structure. Through one interface, clients can configure their desired structure, select from leading issuers, track all responses and select the most appropriate bid. Issuers benefit, too, from using the same interface to track and respond to all the requests they receive from clients. “Today, the industry arranges billions of dollars in notional transactions via emails and spreadsheets. The Product Creation Tool greatly simplifies workflows, improves information and saves time and money on both sides,” says Tim Bonacci, Luma president and chief executive officer.
For more information about Luma’s Product Creation Tool, please visit https://lumafintech.com/productcreationtool/.
Luma Financial Technologies provides the leading, independent, multi-issuer platform for structured products and annuities. Luma is an award-winning platform that has been used by broker dealers and their advisors nationwide for nearly a decade to more efficiently master, create, select and support structured products and annuities that meet their customer’s specific investment needs. Luma's advisor-centric design, renowned education and training capabilities, fully customizable deployment and complete product lifecycle support help drive the further adoption and growth of the structured products and annuities market.