Excerpted 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.