The firm currently offers an option or clients to receive all communications electronically, but they are finding that some clients still want at least a year-end report in paper form. In order to accommodate this demand, the firm will soon offer such an option.
In Summary
While these samples of new broker-dealer technology are not intended to be comprehensive, they do offer examples of how a few leading B-Ds are rolling out technology improvements that either bolster their own efficiency or help reps bolster theirs. Pershing's new workstation and Securities America's new document management platform are examples of technologies that should deliver operational efficiencies for both the parent B-Ds and the reps. Commonwealth's new financial conversation software is a good example of a technology that will allow its reps to add value and perform basic planning in less time, thereby increasing their efficiency. The new Raymond James reporting engine will initially boost the productivity of reps, but over time it should offer additional internal operational benefits for Raymond James as well.