Separate accounts management systems are cumbersome and inflexible, and could seriously undermine their long-term viability without much-needed reforms, according to a recent White Paper by Lockwood Financial Group, a financial services firm based in Malvern, Pa.

"It’s a very cumbersome administrative product that will never be able to handle volumes of business under the present structure," warns Len Reinhart, chief executive of Lockwood Financial Group, and co-author of the report.

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