When it comes to broker workstations, Boston-based Aite Group reports a highly competitive market in which both small and large vendors are scrambling to meet the changing needs of the financial adviser workforce, with a focus on compliance, control, commissions, customers and competition. In a recent report, "Times Are Changing for Broker Workstations: A Vendor Analysis," Aite rates technology vendors Thomson Financial, SunGard, Automated Financial Systems, Fidelity Information Services, Automatic Data Processing (POSSE and ProVisor products) and Scivantage on their ability to meet the needs of financial services firms in five categories: functionality, ease of use, service, integration and customization.
The report also outlines how alerts and workflow functionality will be added to broker workstations in the near future, with multicurrency and multilanguage presentation also on the horizon. According to the report, the key to the appropriate application of technology is controlling cost in an effort to achieve the best value, with most firms utilizing a combination of internal development, third-party systems integration and services offered by their correspondent clearing entity.
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