The Best Tech for Your Broker Dealer Firm

Today’s tech tools have been introduced in every industry and; for very good reason, they are now also utilized within the broker dealer industry. The most innovative broker dealer firms are engaging platforms and software that bring depth to customer relationships, add reliable contacts for sourcing, enable timely execution of deals, and track potential for capital raising or advisory services by the broker dealer firm. No matter where you are within your firm’s structure, it’s time to consider using tech to get ahead and stay ahead of your competitors. And, further, if you want to step into countless new opportunities, consider the relationship of a broker dealer company joining an investment bank to receive the latest tech tools, support and advisory services in a sponsorship capacity. 

Let’s examine some of the best tech and consider the advantages of each in customized processes and outcomes that may fit your own broker dealer firm. First, you’ll want to consider the current and future needs of your broker dealer firm. Do you need to facilitate lead generation? This is one of the most important issues for broker dealer firms; to facilitate this, you’ll want to find the software that will support a growing client base. Are you seeking ways to support client retention? Does your firm need an updated system for analyzing data or a digital research platform offering statistical information to support offers? If securities are offered, can better opportunities be offered to clients via the use of analytics? 

These are some of the best integrations addressed by platforms and software that can be acquired and fully utilized by broker dealer firms. Consider also the analytics needed to support the advice offered to clients; such offers need to include the analytics and full set of data to effectively and convincingly back up those offers.

Examining the advantages of the best tech tools and considering them further will fully depend on the services needed by your broker dealer firm. The following platforms and software programs are directed toward customer relationship management (CRM), offering tools that can build, manage, and assist in generating, managing and retaining clients across the board. What benefits or advantages are included overall? While each has unique features to consider; in general, look for the following advantages that best fit your in-house needs: 

  • Platforms that present information useful for client adoption, management and retention. 
  • Analytics software that generates the full background picture of various industries to support sales efforts to clients and investors. 
  • Platforms that include data targeting specific interests on behalf of clients: real estate investments, insurance investments, and financial planning. 
  • Platforms with a full set of features to allow broker dealers to sell securities.
  • Software focused on portfolio management that builds the profile of each client, including investments made or considered, analytics germane to the client interest, and offers under consideration.

Platforms and software can, in addition to offering CRM, support in-house processes, analytics research and sourcing, libraries for templates and contracts, and other features that help improve the flow of business within the broker dealer firm. Some of the best of these offer the following: 

  • Platforms that include industry tools; in some cases, customized to fit your broker dealer firm. 
  • Cloud-based services, making the programs accessible to the entire company. 
  • Account administration software that automatically sends annuity payment reminders, in addition to handling all client database information and recent activity. 
  • All-in-One platforms that hold complete data information, while additionally opening up customization and seamless integration processes to the broker dealer that fully develops an entire file management system.   

When considering the above specifics, choose the features in a platform or software program that emphasizes the weakest portion of your current system. This will offer the greatest improvement in the present and future of your business. The following platforms and software are recommended and rated by Financial Advisor ( as the best opportunities to achieve your goals: 

Best Fintech: 

  • ClientWorks – LPL Financial
  • VEO – Ameritrade
  • SmartWorks – Cetera
  • Advisor360 – Commonwealth Financial 

Best Customer Relationship Management: 

  • Redtail
  • Envestnet/Tamarac
  • Wealthbox
  • Concenter Services XLR8

Best Portfolio Management: 

  • Envestnet
  • Schwab Portfolios
  • SEI Business Insider

After reviewing the options presented here, you’ll want to form a basis for your broker dealer firm based on which platforms or software will ensure your business flows more smoothly, integrates more easily, and conforms more closely to the needs and preferences of your unique situation. There is no one-size-fits-all platform or program that will cover all dynamics; just as each broker dealer firm is different, so are the tech tools that can support them. Consider the advantages of each and, just as importantly, consider where your firm can benefit the most from the support of the tech tools within the broker dealer industry. In short, we wish you the best of success!

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