Top Correspondent Clearers Taking On the Vendors
New Technology Solutions Aim to Service Brokers’ Broader Needs
March 14th, 2008 Comment on this articleExcerpted from Securities Industry News
In search of added revenue, the largest correspondent clearing firms are working to extend their technology know-how across their clients’ broader businesses, and potentially become a consulting and technology source for non-clearing customers as well. Los Angeles-based Transamerica Financial Advisors (TFA), for example, tapped multiple vendors to build an in-house, front-to-back-office system to handle services such as new-account opening and document management across the firm. Hintze states that financial services technology is a competitive sector and both clearers’ solutions are competing against well-established vendors. TFA, for example, chose SunGard Data Systems’ account-opening solution and Protegent Surveillance compliance tool, implementing both in 2006. It also uses Laserfiche’s Web-based document management system.