Mutual Funds Get Sales Technology

Terry Flanagan

Schwab implements portal using Broadridge Access Data platform.

Mutual fund sponsors are seeking solutions for gaining better visibility into sales made via third-party distribution partners.

“Approximately 90 percent of all mutual fund sales are made through financial intermediaries, which creates a myriad of challenges for fund firms in tracking sales results, compensation payments owed to financial intermediaries and internal sales staff, as well as compliance oversight,” Frank Polefrone, senior vice president at Broadridge Access Data, told Markets Media.

Charles Schwab has partnered with Broadridge Access Data, on a new technology portal that will significantly expand upon the sales reporting and data analytic capabilities Schwab currently provides to more than 600 mutual fund sponsors on its Schwab Mutual Fund OneSource and Mutual Fund Marketplace platforms.

This portal will provide unprecedented access to fund asset, trading and sales information.  The partnership also allows Broadridge to continue to showcase its best-in-class servicing capabilities in the mutual fund arena.

With the new portal, funds on the Schwab OneSource and Marketplace platforms will have timely access and enhanced visibility into sales across products.

“The new portal will provide an increased level of transparency and will provide Schwab’s mutual fund partners deeper insight into channels, products and the advisors driving their business growth,” said Polefrone.

Thee platform will provide more data, more often. Fund firms will now get asset positions for Schwab Internal Channels, including the fast growing Registered Investment Advisor (RIA), trust, retail and retirement channels, Polefrone said.

“Fund firms will get increased transparency into sales through Schwab’s retail channels by retail programs to include private client and mutual fund wrap,” he said.

Schwab will be “able to draw on its enterprise reporting and data management capabilities through Access Data to deliver broader, deeper and more timely sales and asset intelligence to our OneSource and Marketplace funds,” said Doug Hanson, vice president overseeing third party mutual fund platforms at Charles Schwab.

Access Data provides enterprise data management, analysis and reporting for asset management firms to help gain visibility into how sales and assets are generated through financial intermediaries.

Access Data’s flagship product, Access Data SalesVision, provides mutual asset management firms an enterprise data management and reporting platform that solves all these issues for asset management firms.

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