Version 7.0 Released
Industry, regulatory, security and technology changes and demands are pushing broker dealers to do more without a commensurate increase in their retention percentage. With anticipated cost increases from FINRA’s cybersecurity initiatives and the potential of decreased revenue if the DOL fiduciary standards are implemented, C5 Solutions Broker Dealer Commission Software WinOPS Version 7.0 has the opportunity to play a major part in helping our stronger clients function as broker dealer “consolidators” versus being “consolidated”.
Broker Dealer Commission Software WinOPS Version 7.0 continues C5’s commitment to be the best back office software for the introducing broker dealer. This means we must work to accommodate and improve upon our client’s “workflow” models, take advantage of the latest technology (hardware, OS, tablets, smart phones, etc.) and leverage our partner services (DST, clearing firms, DocuSign, LaserApp, etc.) on behalf of our clients.
- Clearing Firm, DTCC and DST Downloads
- Trail Detail
- Pending Commission Reports
- SMS Messaging
- Data Fields
- Social Media
- Required Field Enhancements
- Onboarding Tools and “Straight Through Processing” (STP)
- The Web New Account Form (WebNAF) tool
- Customer Record Entry Enhancements
- Compliance Console
Major changes have been made to increase flexibility, accommodate unique needs of different broker dealers, and further streamline data entry to reduce or eliminate manual intervention.
Drill down trail detail from roll up trail commission line items on the rep commission statements. This means the broker dealer can continue to “roll up” trails and still give the reps all of the detailed trail records included in the roll up by simply clicking the line item in the commission statement.
Commission forecast gives rep, override recipients and split participants “to the penny” report on pending commissions.
SMS and email messaging to alert rep of workflow issues (approval, deficiencies and rejections) utilizing free “email to sms” messaging for cost control and support of archiving requirements.
Expanded data fields added to customer record to meet industry needs, facilitate straight through processing initiatives and accommodate fields adopted by BD’s from the account form template distributed by FINRA.
Track “social media” links for reps and branches.
: Adjusting “required fields” by Account Type supports “in good order” and onboarding adoption initiatives.
The Mobile Dashboard “Workflow” tracking and interface with the Compliance Console is not new in Version 7.0. What is new is that it is slated for STP testing with DST in 2016. The first phase is effectively a “delivery service” that includes ACH settlement as part of the process to eliminate the need to send paperwork in for submission of the account and settlement of the order. The second phase is designed to extend the key elements of DST’s AWD logic to the Compliance Console. At present the material benefit of our onboarding/workflow tools to our clients is the immediate presentation of “direct business” documents and data from the rep to the back office to expedite review and the elimination of the need for the broker dealer to receive, handle and forward applications and checks to the vendor/product sponsor.
WebNAF usage continues to expand as more broker dealers take advantage of the ability to convert any existing fillable pdf into a natively linked “data gathering tool”. The enhanced “required fields based on account type” functions are extended to WebNAF, making it easier for the rep/assistant to see required fields and the corresponding “lockout” function helps them avoid errantly filling in data irrelevant to or inappropriate for the type of account being opened.
Expanded customer account data “copy functions” to make onboarding multiple, related accounts easier for reps and home office data entry staff. For example, “his” data can be pushed to “her” record as needed, then “his” data can be pushed to a primary record on “their” account and “her” data can be pulled into the “joint” record. Pardon the “sexism” here, but the idea is that at some point initial client data must be keyed in manually, which means that whether this makes life easier for back office “new accounts” staff or improves rep/assistant adoption of the onboarding tools better, the result is more data gathered with less time and effort expended.
The display of workflow and documents on the left screen of the Compliance Console has been enhanced to allow unlimited approval signatures on a single document and allow routing of specific workflow to specific compliance officers.
All primary process functions are now on the server, taking advantage of 64-bit multiple processor/cores (threading), reducing network traffic and setting the stage to move all business logic from workstation to server in the next version release. Measurable performance enhancements have yielded 2x to 8x performance results in our environment.
- Third Party Credentials
- Send Receive Log
- Jump / Add Links from Rep Records
- Order/TFA Record
- DST Vision and Vision Pro
- Product Library
Dynamically increased rounding selections let the broker dealer better define and control beneficiaries of rounding.
Enhancement of onboarding tool design allows greater broker dealer control of look, feel and allowed functionality when deployed to reps and branches.
Wizard to control password reset, number of reset questions, maximum failed reset attempts and lockout time control.
Tracks all third party credentials needed for login to Laser App, DocuSign and DST Vision/Vision Pro.
Send Receive log has been enhanced and extended to workflow for rep/branch portal.
Back office operators can jump to and add Orders, TFA records and Customer records directly from representative records.
Added “order solicited” and “order strategy” pursuant to user requests.
Added bank routing number and account number to accommodate ach settlement needed for STP initiative…and put security timer to delete the data within a predetermined time frame pursuant to cyber security initiative.
Added “custodian tab” to customer record for STP project.
Integrated in Mobile Dashboard rep/branch portal. Allows up to three certified signers and automatically routes to the Compliance Console “workflow” after the last signature is submitted. Full work flow tracking of items out for signature and status of approved or declined. Includes a generic DocuSign “catchers mitt” for one off documents submitted to DocuSign.
We continue to support “post back” functionality from LaserApp forms, as well as traditional use of LaserApp Enterprise and Online.
We continue to support and expand the link to Vision and Vision Professional. Vision Pro users can click the link from any client account and the 1019 compliant “aggregated customer statement” from DST is first placed in the BD’s compliance records and workflow, then displayed for the rep and made available to be given to the client.
We continue to build upon the training video library available to clients and to customize training materials for clients to use with their staff and registered representatives.
Cyber security is more than a buzz word and we see the representative’s local laptop/PC as a significant gap in the broker dealer’s security challenge. To this end we are testing the addition of “desktop as a service” (DAAS) in conjunction with our Mobile Dashboard as a method of further increasing the security of data submitted, retrieved and viewed by the rep/branch. DAAS can also serve to secure exported data, such as spreadsheets and pdf’s of documents. We have also identified a means by which the rep can scan signed documents directly into Workflow and never store a copy of the image on their local laptop or PC.
The online product library continues to expand as more broker dealers use it and submit new CUSIPs for inclusion as a normal course of business.