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Times Are Changing For Broker Workstations: A Vendor Analysis

Times Are Changing For Broker Workstations: A Vendor Analysis

As brokers look beyond recent forced initiatives in compliance and regulatory areas and focus on revenue opportunities again, they will be well-pleased with the landscape of available opportunities for their retail sales force.
By Adam Honoré

Boston, MA, October 8, 2005 – As the retail landscape changes to suit new investing objectives, styles, and product initiatives, so too have vendors providing the technology and tools brokers need to service the current retail investors.

In this report, Aite Group evaluates selected vendors and their fit with the needs of financial institutions. Of particular emphasis are the needs of mid-market financial services firms as outlined in our report entitled "a, b, C's of Retail Mid-market Brokers: A Growing Market Opportunity".

According to Adam Honoré, a Senior Analyst in the Securities & Investments practice at Aite Group, and author of the report, "With more than 5,300 brokerage firms and 660,000 securities representatives registered with the NASD, vendors participating in the survey account for the desktops of 26% of those advisors. Even the largest vendors in the survey are capable of scaling down to single-instance desktop distribution, so there are still significant sales opportunities in this market."

For this survey, Aite Group invited ten vendors to participate. The seven who participated are: Thomson Financial, SunGard, Automated Financial Systems, Fidelity Information Services, Automatic Data Processing (POSSE), Automatic Data Processing (ProVisor), and Scivantage.

Each vendor was given an extensive survey they were required to complete in addition to a detailed product demonstration with question and answer opportunities. The survey contained 212 questions that focused on the following categories:

This is a 63-page Impact Report. Clients of Aite Group's Wealth Management service can download the report.