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Sunday, September 24, 2023

Are You a Broker Dealer? Check Out These Powerful Platforms


It probably goes without saying that, as a broker dealer firm, you need a powerful platform. And, in truth, the issue isn’t whether you need a platform; the issue is generally which one is most adaptable to the specific needs of your broker dealer firm. Several platforms exist today that offer various functions and support systems for a broker dealer firm, including customer relationship management (CRM), data and analytics research, fintech tools, and customizable features for in-house use. Software programs that may be used with platforms offer many similar tools, focusing on features such as portfolio management resource libraries, and related services. 

Before starting your search to find the most powerful platform for your broker dealer firm, you’ll want to first consider the most pressing issues or motives your firm has in installing a platform. Will it be used primarily for client lead generation? Is your firm seeking better data collection, analysis and utilization? Does an extensive client list require tedious annuity payment reminders or other tasks that could be generated via a platform exercise? Is your firm building a substantial resource library? Each of these questions can generate answers that will inform your next steps in acquiring a tech platform. 

Some of the best broker dealer tech platforms include the following features: 

  • Management of client data, analytics, finances, and assets.
  • Execution of client plans based on the client data collected and used in conjunction with analytics.
  • Client advisory diagnostics involving client asset allocation or wealth building.
  • Management and development of investor opportunities based on personal data collection.
  • Integration between third-parties, data collection, and customized features of the platform. 
  • Oversight of security sales with customized features to increase the opportunities for such sales. 
  • Optimization of work flows in improving processes and in-house collaborations. 

Broker dealer platforms play a crucial role in solidifying the areas of growth potential for the broker dealer firm. Such platforms will extensively initiate or perform the following integrated services for the broker dealer firm: 

  • Recognize, maintain and perform to meet the goals that drive the firm. 
  • Formulate original, qualified lead generation.
  • Create an assessment of client portfolios for potential growth indicators.
  • Maintain historic records of transactions that result in quantifiable outcomes and significant results.
  • Optimize target company information in capturing, tracking, managing and sharing the opportunity. 

A powerful broker dealer platform will also: 

  • Contain a compendium of past reviews and analysis. 
  • Maintain records regarding any prospecting advice for client purchases or allocation of investment wealth. 
  • House the essentials of significant merger and acquisition historical data which will inform future purchases and sales.
  • Allow customizable dashboards to fit the broker dealer firm. 
  • Track activity management within the firm. 
  • Create custom reports in-house, as well as across industry reports. 

Some of the best available platforms for broker dealer companies, as detailed by Financial Advisor (fa-mag.com), include the following: 

  • ClientWorks – LPL Financial
  • Fusion – TradePMR
  • NetX360 – Pershing 
  • WealthScape – Fidelity
  • VEO – TD Ameritrade
  • Envestnet – all-in-one platform
  • Morningstar – all-in-one platform

After examining the available platforms and the functionality of each, one distinctive area of concentration remains to research: customer relationship management  This platform component has been rated as “essential” and “most valuable” of all the features offered in a platform. Because the most time-consuming tasks often revolve around entering client information and updating records, customer relationship management has become a pivotal tool in the most powerful platforms. In addition to the customer relationship management tools already mentioned, note that additional features are important to evaluate and include in either software or in an integrated platform. 

One item of note is that of data security, which is critical for a broker dealer firm and must be included in any repository of sensitive client information. Also, a cloud-based system allows everyone in the firm to access information easily at the same time; however, there can be security and, occasionally, accessibility drawbacks to a cloud-based system. These will be vital considerations, as well. Platforms may offer automatic workflows, prospect management and client modeling as features; if any are essential to your broker dealer firm, you’ll want to consider including these features. Additional advantages in some of the platforms are those that highlight personalized usage, such as the ability to customize dashboards according to personal preferences, custom reporting and analytics, and targeted marketing programs for individual users.

There are a wealth of features and benefits in the most powerful tech platforms available today. After considering the priorities of your broker dealer firm, evaluate the tools and services within each platform to determine the best fit for your firm. The most powerful platforms will offer everything needed, including customer relationship management, and additional features that can be customized to optimize your time and effort. Wishing you success!

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