Retail broker Janney Montgomery Scott LLC is now live with BondDesk’s new retail fixed-income wealth management platform across the firm’s network of 750 financial advisors, according to today’s announcement.
The Philadelphia-based financial services firm replaced an incumbent third party workstation that was not named in the release from BondDesk, developer of retail fixed-income technology and execution services.
In a prepared statement, Kevin Reed, managing director at Janney Montgomery Scott LLC, said: “The BondWorks platform is unlike any fixed income system we’ve ever seen. From an advisor’s standpoint, it is both remarkably powerful and easy to use, which made the decision to switch from our previous platform easy. He said the firm would be looking for efficiencies in its retail business while allowing advisors to spend more time with 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.”
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 advisors. According to BondDesk, the release of the new platform marks a dramatic advance over the vendor’s previous advisor offering,and cements its position as a leader in the retail bond market.
“BondWorks is a game-changer for the retail bond market,” said Greg Stockett, BondDesk’s Acting CEO. “Historically, bonds have lagged behind other markets such as equities and even foreign exchange when it comes to technology and decision support tools, but the BondWorks platform takes retail bond investing to a level not previously seen or available. The CEO said advisors would benefit from interaction with fully transparent bids and offers, extensive market surveillance, and real-time streaming data that supports their workflow.
Among the changes he noted are that manual processes are now controlled through automated, easy-to-use BondWorks wizards. In addition, built-in monitoring tools allow users to track and receive alerts in real-time on events they such as the status of open orders and price changes for particular CUSIPs. Search functionality has also been improved, giving advisors the ability to conduct quick searches on multiple criteria (e.g., keywords, tickers, CUSIPs, etc.). Other new features include a handy bond comparison tool and sophisticated graphical representations of the market from which advisors can directly initiate orders.
Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio