Cetera Financial Institutions has announced a significant investment in its technology capabilities and reaffirmation of its commitment to its unique self-clearing platform.
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Cetera Financial Institutions is the marketing name for Cetera Investment Services, a self-clearing FINRA member broker-dealer and registered investment adviser within Cetera Financial Group, the leading network of independent broker-dealer firms owned by RCS Capital, a full-service investment firm expressly focused on the retail investor.
Central to this investment in technology and reaffirmation of the platform’s commitment to self-clearing is the expansion of an ongoing strategic relationship that Cetera Financial Institutions has with Broadridge, a provider of investor communications and technology-driven solutions for wealth management firms.
As part of this expanded relationship, Broadridge will deliver a range of enhancements to Cetera’s SmartWorks online workstation for advisors as well as iconnect2invest, the firm’s client portal.
"Collectively, these enhancements are aimed at creating efficiencies by streamlining existing self-clearing processes for Cetera Financial Institutions, providing increased functionality for clients, and acting as a springboard to deliver future operational enhancements that allow Cetera Financial Institutions to continue to grow and enhance its self-clearing platform.
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By GlobalDataR. Lawrence "Larry" Roth, Chief Executive Officer of Cetera Financial Group, said, "Both Cetera Financial Group and our parent company, RCS Capital, have an unwavering commitment to empowering the delivery of best-of-breed wealth management solutions among banks and credit unions through Cetera Financial Institutions. The Cetera Financial Institutions self-clearing platform is unique within our network of broker-dealers, as is the firm’s focus on financial institutions."
"Banks and credit unions throughout the country have enormous potential to meet the financial planning and wealth management needs of their customers, and we are excited to deliver the resources Cetera Financial Institutions needs to help these institutions and their financial advisors realize that potential."
Catherine Bonneau, President and Chief Executive Officer, Cetera Financial Institutions, said, "As the first bank and credit union channel-focused independent broker-dealer to begin self-clearing, in 1990, it’s exciting to reaffirm our commitment to self-clearing as part of a broader set of technology innovations designed to reinforce our leadership in this market. These major technology upgrades enable us to support an array of wealth management solutions among financial institutions today."
Enhancements to the Cetera Financial Institutions platform include:
– Access to Broadridge’s Investigo tool, which provides financial advisors with the capability to see advisory, brokerage, annuity and direct assets in one holistic view, and to offer consolidated performance reporting
– Access to Broadridge’s Ascendis technology providing straight through processing solutions, improving the firm’s ability to manage operational efficiency resulting in significantly streamlined data entry, exception handling and increased control over risk and compliance across the front, middle, and back office
– Creation of automated trading and rebalancing program in partnership with both Broadridge and FolioDynamix
– Client portal capabilities for trading and secure e-delivery of statements and investor communications
– Ability to launch mobile-enabled capabilities by 2015, including tablet and mobile phone capabilities for both advisors and clients
– Advanced analytics for client segmentation tools supported by hierarchical views for both financial advisors and investment program managers
– Significant enhancements to the Cetera Financial Group network’s award winning Connect2Clients marketing program to better support outreach specifically for financial institutions concerned about declining branch traffic
Frieda Lewis, Managing Director at Broadridge, said, "We are excited to continue expanding our partnership with Cetera Financial Institutions, and to help launch the next chapter of development for the firm and the financial institutions it supports."
"The technology initiatives that we are developing on behalf of Cetera Financial Institutions will reinforce its leadership in this space, and enhance the profitable growth of the investment programs and wealth management-related businesses of the banks and credit unions affiliated with its platform."
Ms. Bonneau concluded, "From bank investment programs, to trust departments and bank-owned registered investment adviser firms, the wealth management needs of financial institutions are increasing in terms of scope and complexity, even as their options for strategic partners are decreasing."
"With these moves, we believe we are positioning ourselves to be the service provider of choice to banks and credit unions of all sizes and structures who are seeking a forward-thinking partner who can help them grow on an accelerated basis within the wealth management space."
