Independent broker/dealers are always looking to find the perfect middle ground for their representatives when it comes to technology: making the offerings fit their, and their reps’, needs, while doing so as economically for the company and keeping the price low for reps. As a supplement to the September 2006 story on B/D tech developments, the chart below shows the cost, platform, added functions, and potential client base for some leading B/Ds and the tech companies that sell to those B/Ds.
Company/Product | Cost | Web-Based? | Users/clients |
ADP Volts online account-opening program | $0.50/trade; $25/month/broker | Yes | Raymond James, LPL |
AFS Portfolio Master Module, tax minimizing scenario builder | $100/advisor* | Yes | Trade PMR, Mesirow Financial, RBC Dain Rauscher Corres- pondent Services |
Cambridge Dashboard | $75-$150/ month/advisor | Yes | 950 advisors |
Commonwealth mobile CRM | $50/month/ per advisor* | Yes | about 1,150 advisors |
LPL BranchNet iDOC | $75/month for basic platform | Yes | 6,700 advisors |
SunGard Cash Flow Consultant | $200 -$625/quarter /user** | Yes | Cambridge, Raymond James |
* cost rises to $150 a month in 2007; ** includes volume discounts
* includes volume discounts