Higher trade volumes. Late pricing. More customer calls.
It’s no secret that a substantial increase in late fund pricing in the wake of the COVID-19 pandemic has made transaction clearing and settlement more difficult for broker-dealers.
With that in mind, SS&C’s Brokerage Solutions combed through the data we were seeing and recently implemented some changes to our traditional daily processes that have improved the overall financial advisor experience, reduced the need for corrections and lowered client call center volumes.
Automated Late Confirmation Notification
Brokerage Solutions automated its notification to clients on late confirmations, which has enabled clients to more quickly and efficiently deliver notification to their reps about trades that were received but didn’t get priced.
Without those confirmations, financial advisors reach out to the back office or directly to call centers on behalf of their customers to confirm trades, which can be time-consuming and divert attention from other, more complex investor-related problems. By automating the process, Brokerage Solutions is providing more visibility into the details of these trades and allowing reps to communicate this information to their end clients.
Confirm Job Report Timing
Additionally, Brokerage Solutions has worked with a number of firms to make changes to the timing of confirm jobs on both the subaccounting and brokerage platforms to allow for the receipt of additional prices. For fund families utilizing SS&C as their transfer agent, we are able to utilize our data-sync process to update those prices on our subaccounting platforms simultaneously with the parent. For external funds, moving these confirm jobs has allowed additional cycles of NSCC files to be received, and subsequently, more trades to be confirmed on the same day.
Daily internal standup meetings as well as periodic client calls are now a standard practice for the group and continue to yield potentially new ideas for the future that will help clients navigate the new financial landscape in the wake of the COVID-19 pandemic.
SS&C will continue to work with our clients to help support their businesses during these challenging times. Let us know how SS&C’s Brokerage Solutions can help you.
DST Market Services, LLC (Market Services) is a SEC registered broker dealer, member FINRA and SIPC. DST Market Services, LLC is a wholly owned subsidiary of SS&C Technology Holdings Inc. DST Market Services is an affiliated entity with SS&C Brokerage Solutions.
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