Account Opening Pain Points in the Front Office: Advisors in the Dark
Quadron Data Solutions and Aite Group Assess the Impact of Immature Account Opening Processes on Advisors and Clients
DENVER, Oct. 10, 2012 /PRNewswire/ -- Quadron Data SolutionsTM, provider of data management solutions and an affiliate of Fetter Logic, Inc., today announced the release of a white paper from Aite Group titled Account Opening Pain Points in the Front Office: Advisors in the Dark. The Quadron commissioned paper examines the challenges around account opening inefficiencies and analyzes the results from a survey conducted with 515 U.S. financial advisors and 300 registered representatives of broker-dealers. To discuss the findings, Quadron Data Solutions will host a webinar on October 25th. Attendees of the webinar will receive a complimentary copy of Aite Group's research, typically only available to Aite Group subscribers or purchased individually.
Sophie Schmitt, Senior Analyst, Wealth Management at Aite Group, Quadron Data Solutions' CEO, David Fetter and Quadron Data Solutions' EVP, Sheri Facinelli will share valuable insights into what brokerage firms are doing to convert the form submission procedure into an entirely electronic process, as well as how advisors ensure their brokerage account opening solutions track and enable account and product approval workflows and respond to advisors' top requests for improvement in the account opening process.
The white paper details pain points found in the front office during the account opening process such as reasons advisors lose clients during account opening, account opening capabilities, areas of satisfaction and dissatisfaction, integration capabilities and other core technology and operational issues. Additionally, the paper explores:
- The impact of immature account opening processes on client and advisor retention.
- The differences in account onboarding workflows for self-clearing, fully disclosed and bank or insurance owned broker-dealers.
- The reality that direct business is here to stay.
David Fetter, CEO, Quadron Data Solutions, said, "With the renewed focus that we can expect FINRA to bring to exams as a result of the recently implemented enhancements to Suitability and Know Your Customer rules, the account opening process has become more important than ever for both self-clearing firms and fully disclosed brokers. The process involves multiple steps and systems that are often poorly integrated, leaving advisors with inefficient, disparate and paperwork-laden procedures. If these practices are not changed, they will continue to have a negative impact across the entire firm. This white paper includes critical information for advisors to identify weaknesses in their workflows and technologies today, and the webinar will explore new technologies and solutions to fix the account opening process and spread efficiency across the front, middle and back office."
Sophie Schmitt, Senior Analyst, Aite Group, said, "Our research shows that a mature account opening process leads to better client retention and increased advisor satisfaction with firms. Yet, more than one-third of the 515 advisors we surveyed stated that the primary method of opening accounts is still a manual process. 25% of them also claimed that their brokerage account opening system is not integrated with business applications. Our survey results prove the negative impact that inefficient account opening is having on the industry and underscores the importance of having advisors move towards automated account opening processes."
The webinar will be held on Thursday, October 25th from 12-12:45PM ET. To register for the webinar or request additional information, please visit: Quadron Data Webinar.
Founded in 1997, Fetter Logic, Inc. provides services directly to its clients and to clients of its affiliates, Quadron Data Solutions and TransAd Partners. Fetter Logic provides the knowledge and experience needed to efficiently and effectively meet the growing demands on representatives, operations, compliance and the "C" suite in the retail wealth management industry including independent, bank and insurance company owned broker-dealers. Fetter Logic provides solutions for the front, middle and back office and has a data centric approach; working in partnership with clients to turn data into intelligence. More information can be found at: www.fetterlogic.com.
Quadron Data Solutions
Quadron Data Solutions, an affiliate of Fetter Logic, provides technology-enabled solutions for independent, bank and insurance broker-dealers. The company's core platform includes DataPro, a proprietary data warehouse which aggregates and normalizes data, and the Q-Suite, a set of comprehensive solutions that provide financial professionals with integrated applications for all of their data management and client reporting needs. The Q-Suite is comprised of: AccountQ, AdvisorQ, ReportQ, ComplianceQ, and EarningsQ. By leveraging data, technology and expertise, Quadron Data Solutions has created innovative and seamlessly integrated business processes and reporting solutions. For more information on Quadron, DataPro and the Q-Suite, please visit www.quadrondata.com.
About Aite Group
Aite Group is an independent research and advisory firm focused on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, securities & investments, and insurance, Aite Group's analysts deliver comprehensive, actionable advice to key market participants in financial services. Headquartered in Boston with a presence in Chicago, New York, San Francisco, London, and Milan, Aite Group works with its clients as a partner, advisor, and catalyst, challenging their basic assumptions and ensuring they remain at the forefront of industry trends. For more information, visit www.aitegroup.com.
SOURCE Quadron Data Solutions
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