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GBST launches integrated client relationship management solution for the Australian broking industry

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Published: 26/05/2011

  • Designed to grow broking revenue by improving client management
  • Seamlessly integrates multiple back office systems
  • Supports Know Your Client compliance obligations

GBST (ASX:GBT), a global provider of technology services to the financial services industry, has today launched GBST FrontOffice – an integrated client relationship management solution for the Australian broking industry.

Designed to help brokers increase revenue at a time of growing profit pressures, GBST FrontOffice will allow brokers to access all client information from a single view including portfolio value, cash balance and investment preferences. This new tool can overhaul the industry’s largely outdated client management systems which often consist of multiple platforms and double entry paper application forms.

“As brokers grapple with the ongoing issue of how to drive revenue growth, they have been
hampered by ad hoc client relationship systems which are long overdue for renewal,” said Denis Orrock, CEO of GBST Broker Services.

GBST is the leading provider of technology solutions to the country’s largest broking houses and wrap and platform technology to leading wealth providers.

The new system integrates GBST Shares™ clearing and settlement system, which settles close to 50% of all trades executed on the ASX on any given day, and GBST DCA™ (derivatives) to give an advisor a true picture of client holdings and positions, whilst also integrating into cash management accounts. This tight integration means brokers can access comprehensive client profiling information in a single view including current portfolio, risk profile, years to retirement and investment preferences. This helps ensure brokers meet their Know Your Client compliance obligations and always trade in profile, and can also be of use to management, back office and compliance departments.

“With compliance a growing issue across the financial services industry, this will be an important tool to help brokers demonstrate best practice in knowing their clients,” Mr Orrock said. FrontOffice also has a new business tool which can capture the prospective clients’ details and activity and automatically open accounts to cut down on labour-intensive manual processes.

The system will also bring the industry up to speed with the latest technology and is available via iPads, has bulk email functions and allows brokers to generate client reports and contract notes quickly.

“Improving client service and growing revenue is imperative for broking businesses and this depends on easy access to client information. GBST’s FrontOffice platform gives brokers a single view of their clients– a vital tool for achieving business growth,” Mr Orrock concluded.

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