Broadridge – ContextStudy
Presented by Beacon Strategies, LLC/McCartan & Company
Broadridge Advisor Compensation supports the business process value chain ending in compensation and incentive payments and beginning at client account opening. Our platform enables our clients to provide their financial advisors with a deep, analytical view of the financial health of the advisor’s practice. Our workstation facilitates advisor/client relationship management by providing the information and tools advisors need to independently run the service and operations elements of their business. We help the home office achieve breakthrough success in efficiency and quality while enhancing their compliance and controls.
Founded in 1977 as M&O Systems, Inc. an acquired by Broadridge Financial Solutions in November of 2017, Broadridge Advisor Compensation Solutions is part of a global financial services market leader uniquely positioned to capitalize on the breadth of service and technology offerings supported by Broadridge and its affiliates within the wealth management space.
Broadridge Advisor Compensation Solutions tenured leadership team members are career executives in the financial services and technology industries fortunate to lead a team of professionals with a track record of leading successful wealth management firms, delivering best-in-class solutions and providing exceptional client service.
Providing a suite of software and services to support the life cycle of wealth management transactions spanning account opening to compensation payment.
Next Gen Evolution of Products/Services
We will enable financial services firms to create a long-term competitive advantage through innovative operations, technology and data solutions, capitalizing on the capabilities of our growing portfolio of wealth management solutions and integrating compensation solutions to our existing fee billing and performance reporting (RevPort), data aggregation (Investigo), market data (BPS and New River/Fund/Point) and account opening (Inform). We are positioning our firm to lead in solutions driven by digitalization, mutualization and data analytics.
Snapshot of Customer Success
1. Customer A – Service/Functionality “Wins”
Best Interest Contract Exemption “Springing” level compensation
- Implemented BICE status tracking and reporting.
- Delivered automated migration of accounts and transactions from grandfathered, fully credited to leveled gross credit on purchases and trails.
- Providing deep analytics on annuity contract party roles, commission options and rates for use in level computations.
- Modified general ledger interfaces to support accounting changes
- Modified account opening and 17a-3 and other client correspondence for negative consent mailings and ongoing disclosures.
2. Customer B – Service/Functionality “Wins”
Production credit –based incentive plan design for non-conflicted compensation
- Client required a new compensation approach for non-conflicted incentives focusing on sales tracking, asset persistency rather than commission revenue.
- Created multi-pass approach to calculate production credits based on product category sales factors
- Enabled dashboards and reporting tools for advisors to understand and track the migration from commission to production credit concepts.
3. Customer C – Service/Functionality “Wins”
Product master enhancements
- Integrated FundPoint data analytics to help our clients understand total costs of ownership for mutual funds, ETF’s and annuities.
- Clients using the data as an input into their level compensation calculations.
- Utilizing FundPoint’s other data values to help assess their product shelf.