Technology Considerations for the Breakaway Broker

Jim has found tremendous success working for a broker dealer as his firm’s AUM has increased yearly due to his efforts. Jim’s clients love him. He is a fiduciary in the truest sense and has enjoyed contributing to his client’s prosperity and their comfort as they face their future.

However, Jim is an entrepreneur at heart. He has considered, even dreamed about breaking out and starting on his own. It’s just that with all of life’s responsibilities, kids, bills, the unknown he has just found it simpler to show up for work to punch in and punch out.

Well, after a decade of faithful service with his employer, Jim is ready. At the end of the day, any negative reason for leaving won’t matter. He has his mind made up.

Jim wants to create equity for himself and his family, something to pass on. He is ready to call the shots and be his own boss. Jim commits, and he finally does it. He gives notice and a few short months later he opens shop as an Independent Registered Investment Advisor.

Does this story sound familiar? Obviously, there are many major steps and considerations to make like “Broker Protocol”, regulatory requirements and non-competes. But what about technology needs?  Jim needs his own computers, network, portfolio management system and customer relationship management system (CRM), not to mention all the ongoing maintenance these systems require. It’s a lot to take on. But these are crucial matters in the success of a business. After all, the CRM Jim chooses will be the central hub of his work. CRM is what enables Jim to track workflows and offer the individualized touch he is known for. The Portfolio Management System he chooses will be how Jim efficiently submits trades, rebalances drifting models with ease, runs reports for his clients and calculates fees. And of course, Jim will need a computer and secure network with a firewall to work on. The list goes on.

Jim is overwhelmed and will need a Technology Consultant. But why not take it a step further? Jim needs an IT and Business Systems Consultant that works strictly with Registered Investment Advisors.

Jaker Technologies is a full-service technology support firm offering all the services and assistance to which you’ve grown accustomed. We are on-site and remote. We can help you evaluate, migrate and deploy a Portfolio Management System or CRM. We work in all IT facets and as business systems consultants. 

If this story resonates with you, we’d love to hear about it.