BondDesk launched a retail fixed-income wealth management platform today.
The next generation system, known as the BondWorks wealth management platform, has replaced the incumbent third-party workstation at Janney Montgomery Scott LLC and is now live across the firms network of 750 financial advisers. During the next several months BondDesk will roll out the BondWorks platform to many of its largest clients, with the ultimate goal of deploying the system across its entire customer base of more than 100,000 financial advisers.
BondWorks is designed specifically to streamline adviser workflows and simplify their day-to-day activities.
Stockett continued, Because investing in bonds is so much simpler using the BondWorks platform, financial advisers are now in a position to easily build custom portfolios of individual bonds and deliver fixed-income solutions that are truly tailored to the needs of their clients. For the first time, advisors can invest in individual bonds as easily as they can invest in bond funds, says Greg Stockett, BondDesks acting CEO.
Essential tasks that have historically involved time-consuming manual processes are now controlled through automated BondWorks wizards. It also has a variety of built-in monitoring tools that allow users to track and receive alerts in real-time on those events they care most about, such as the status of open orders and price changes for particular the Committee on Uniform Securities Identification Procedures (CUSIPs).
Search functionality is also greatly improved, providing advisers the ability to quickly initiate common or recent searches, as well as conduct new searches based on multiple criteria (e.g., keywords, tickers, CUSIPs, etc.). Other new features include a bond comparison tool and graphical representations of the market from which advisers can directly initiate orders.
The BondWorks platform is unlike any fixed-income system weve ever seen, Kevin Reed, managing director at Janney Montgomery Scott LLC, says. From an advisers standpoint, it is both remarkably powerful and easy to use, which made the decision to switch from our previous platform easy. We look forward to seeing the difference it will make in increasing efficiencies in our retail business while allowing our advisors to spend more time serving clients. The implementation process was successful across the Janney platform and had very little impact on our day-to-day operations, thanks in large part to BondWorks intuitive nature, and the support provided by both the BondDesk and Janney teams during the rollout.
(CM)