1st Discount Brokerage Selects Xtiva
Ridge Clearing client signs up with Xtiva Financial Systems
New York, NY (PRWEB) July 31, 2007 -- Xtiva Financial Systems, a leading provider of sales compensation solutions for the brokerage industry today announced that 1st Discount Brokerage of West Palm Beach, Florida has selected Xtiva's platform for their independent Financial Consultants throughout the U.S.
"Deploying cutting edge technology is a key competitive advantage we have at 1st Discount Brokerage," said Chip Corley, President. "1DB strives to provide financial advisors scalable solutions in all areas of our business for the benefit of its clients. We are in a very competitive industry. It is critical to our growth strategy that we have technology that will enable us to attract and retain the best producers we possibly can. By giving our independent consultants complete transparency on their trading and, more importantly, payouts, we will dramatically reduce the amount of calls to the home office staff and be able to catch errors earlier. Therefore, we will be able to significantly cut the cost to support our field force."
"We are very pleased that 1st Discount Brokerage has selected our solution for their sales compensation needs," said William Lieberman, Chief Executive Officer at Xtiva Financial Systems. "Signing 1DB as a client adds to our growing list of independent brokerage firms which have selected us as their preferred provider of outsourced sales compensation systems."
As 1DB has grown through acquisitions as well as higher trading volumes, they saw that their business has outgrown the capabilities of their legacy, in-house solution. "When we were evaluating our options for replacing our existing sales compensation system, we knew we needed a long-term solution that would grow with us for many years. We had to have a system that will support our long-term strategy and therefore, add to the bottom line," said Corley. "With Xtiva in place, we will be able to consolidate all our trading activity from our clearing firm, Ridge Clearing, direct mutual fund transactions, and any manual adjustments we need included. This is a tremendous leap from our spreadsheets and home-grown database system we are using today."
The Xtiva suite provides full support for commission and compensation planning, back-office operations, license management and reporting. Key benefits of the Xtiva suite include:
- Consolidation - clients gain command of all key business data in one accessible and extensible data mart;
- Flexibility - Easy modeling of unlimited payout, fee, and bonus structures to support the evolving business needs of a brokerage firm;
- Efficiency - Streamlined back-office processing and automation of processing for all types of data feeds;
- Business visibility - Enterprise production reporting, including management-level reporting, agent/rep, branch, account, products, etc.
About Xtiva Financial Systems:
Xtiva Financial Systems is a leading provider of Software as a Service (SaaS) solutions for the brokerage industry. Founded in 1998 and based in New York City, Xtiva has developed state-of-the-art technologies that enable retail and institutional broker/ dealers to streamline operations, from sales compensation and production reporting to supervision of rep licensing and compliance issues. With over 100 clients and key industry alliances, Xtiva is the leading provider of sales compensation solutions to the brokerage industry.
Xtiva's clients include: American Portfolios, AXA Advisors, Capital Investment Group, First Allied Securities, H&R Block Financial Advisors, Mutual of Omaha Investor Services, New England Securities, Northeast Securities, Northern Trust and Walnut Street Securities. For more information about Xtiva, visit Xtiva Financial Systems.
About 1st Discount Brokerage:
Founded in 1995, 1st Discount Brokerage (1DB) is a nationwide provider of investment services committed to delivering the value-added tools and personalized service that Independent Financial Consultants demand. 1DB champions an entrepreneurial, innovative environment that allows more than 200 Independent Financial Consultants in over 80 offices nationwide to build successful, highly rewarding practices and serve the best interests of their clients. For more information about 1st Discount Brokerage, visit 1st Discount Brokerage.
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