Two firms discuss the process of enhancing back-office operations
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The Deloitte Canada LLP-led review will place Broadridge Financial Solutions Inc.’s Dataphile-based system that Raymond James is currently using under the spotlight. Two decades after its deployment, the firm is reassessing the platform as it looks to keep up with evolving advisor and client needs. Richardson Wealth had used Dataphile internally to power its book of record systems, which it had configured heavily for its purposes. The book of record is a single source of data that provides an up-to-date view of all investment positions. Richardson Wealth outsourced its clearing and settlement to Fidelity Clearing Canada ULC, which also uses Dataphile; that allowed Richardson to focus entirely on wealth management.
Modernizing back-office technology can improve the daily working life of advisors by offering more up-to-date information that supports faster decision-making. It can also help to make the exchange of data between applications more seamless, streamlining workflows such as onboarding and financial planning.
Change management and deployment challenges make advisor acceptance testing and training even more important, he says. Catering to advisors’ different learning styles is important. Some like to read the manual, others like to watch videos, while still others prefer to learn as they use the tool. Richardson Wealth is now addressing data integration more broadly with a company-wide data transformation project. The initiative, which began as it switched on its new book of record system in January 2023, is migrating its data to a cloud-based repository that will serve as a single source of information for several digital tools.
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