Allowing Firms to Better Know their Customers
Quadron Data Solutions™, provider of data management solutions and an affiliate of Fetter Logic, Inc., today announced upgrades to its industry-leading account opening solution, AccountQ™. The upgrades provide comprehensive support for FINRA Rule 2111, which includes expanded capabilities for annuities and enhanced functionality for broker-dealers to define custom suitability and investor questions.
The Rule 2111 upgrade enhances suitability and better supports direct annuity processing. The added brokerage data fields allow firms to collect critical information up-front, particularly for directly-held accounts, which will be vital to the life and compliance of the account during a fully automated account opening process. The annuity channel has been expanded to include suitability questions specific to insurance and annuity products, such as capturing 1035 exchange information. Through a configuration tool, firms can define additional questions for specific channels (i.e. brokerage, mutual fund direct, annuities, etc.) and registration types without requiring custom coding, thereby allowing firms to efficiently keep pace with rapidly evolving regulatory and operational requirements. The new and existing AccountQ features are fully integrated with the Laser App forms library, CRM providers, and e-signature capabilities.
David Fetter, CEO, Quadron Data Solutions said, “Advisors and broker-dealers, both large and small, are working hard to restore confidence in the financial industry and provide suitable investments to their clients. These new enhancements will provide much needed support for broker-dealers’ efforts to develop operational processes that provide the level of oversight and supervision necessary in today’s world. What’s really exciting is that these enhancements not only support necessary operational and compliance needs but also optimize workflow and automation across the entire firm, which improves efficiency and dramatically enhances the advisor and investor experience.”
AccountQ is part of Quadron’s Q-Suite, a series of seamless end-to-end solutions for broker-dealers and financial professionals. AccountQ includes channels for supporting brokerage and opening accounts electronically on clearing platforms, as well as for “direct” business. The direct channels are focused on adding oversight and efficiencies to opening “Check & App” accounts. Beyond AccountQ, the Q-Suite includes multiple applications that can be deployed singularly or in combination to allow financial services firms and advisors to streamline new account opening and enterprise-wide management and oversight functions, regardless of where the account is custodied.
The Q-Suite includes applications for account management (AccountQ), aggregated client-centric portfolio reporting (AdvisorQ™), pre-trade and post-trade compliance supervision (ComplianceQ™), compensation processing (EarningsQ™), and business reporting and analytics (ReportQ™). All of Quadron’s Q-Suite products are supported by Fetter Logic’s industry-leading, aggregated and normalized data warehousing technology, DataPro™, which assists in compliance with books and records requirements and eliminates data loss and data inconsistencies when information is passed through multiple systems.