A Correspondent Clearing Update: Broker Workstation Assessment
Report Summary
A Correspondent Clearing Update: Broker Workstation Assessment
The future of retail correspondent clearing is tied to delivering enhanced front-, middle-, and back-office services that boast fully integrated technology.
Boston, September 18, 2012 – A new report from Aite Group evaluates four of the top five clearing firms and their correspondent clearing broker workstation offerings: J.P. Morgan Clearing Corp. (MORCOM), National Financial (Streetscape), Pershing (NetX360), and RBC Correspondent Services. Based on Aite Group requests for information from these firms as well as a March 2012 Aite Group survey of 425 U.S. financial advisors, the report assesses the broker workstation technology landscape and evaluates each firm’s capabilities in a number of different categories.
Since 2008, the correspondent clearing space has continued to evolve as advisor and client expectations about the latest technologies have increased. Today’s clearing firm clients demand increased integration with their broker workstation, support for direct business, and mobile access, among other functionalities. While large clearing firms have been able to keep up with client demand through investment in broker workstation offerings, their capabilities are not created equal. Potential clients must evaluate each solution to select the clearing firm best suited to their needs.
“The future of the retail correspondent clearing market is tied to delivering enhanced front-, middle-, and back-office services that boast seamless, undetectable technology,” says Greg Cherry, senior analyst with Aite Group and co-author of this report. “Winning in such a world requires scale, the will to innovate, and the ability to invest in enhancements and targeted acquisitions."
Based on assigned functionality ratings in multiple areas, the report cites National Financial as the “Broker Workstation Leader” for 2012. J.P. Morgan Clearing Corp. is named “Most Improved Broker Workstation.”
This 51-page Impact Report contains 30 figures and three tables. Clients of Aite Group’s Wealth Management service can download the report.