Lon Dolber, the founder and CEO of American Portfolios Financial Services in Holbrook, New York, sees himself not only as the head of a broker/dealer, but also as one of its customers. “I have 400 clients. I’m a broker, a user,” he says. So when Dolber left Nathan & Lewis four years ago to open his own B/D, he set out to build a high-tech firm that would make life as easy as possible for reps as well as being as efficient as possible to support American Portfolios’ bottom line.
He appears to be succeeding on both fronts. While he hasn’t done away with all of the paperwork that bedevils reps, back-office workers, and clients, Dolber has made great strides toward creating the paperless B/D. It all starts with his online new account form, which is a simple one-screen affair that helps the firm build family groupings automatically to make sure clients can qualify for mutual fund breakpoint discounts and can pass federal anti-money laundering curbs. Automation extends through the tracking of reps’ trades, to insure they comply with suitability and other rules, as well as links to Albridge Solutions, the Web-based portfolio accounting and reporting service, that can pull in data from multiple custodians and give reps a wider view of clients’ holdings.