What B/D does your bank use?

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Nov 28, 2006 4:26 pm

It seems Infinex is the common one, but someone I talked with last year said her bank had it when she came on board and she hated it.  She has since convinced them to go with RJ.


Do LPL and Commonwealth also have bank platforms?


Can anyone comment on the payout/platform one vs. another?



Nov 28, 2006 5:54 pm

We use a b/d owned by ING.  The technology and back office support stink.  Your payout is set by the bank, not the b/d.


LPL has a bank platform and from what I understand is top notch.


Nov 29, 2006 7:57 am

I don't get it - why don't banks use good broker-dealers?  One bank I talked to was using 3 different piecemeal systems because their b/d was not integrated.


Are they not aware there are other, better options out there?


Nov 29, 2006 9:59 am
newrookie:

I don't get it - why don't banks use good broker-dealers?  One bank I talked to was using 3 different piecemeal systems because their b/d was not integrated.


Are they not aware there are other, better options out there?




Simple-because most bankers are stupid, lazy, and greedy.  Why spend the effort to change to a better b/d when they can make more money by just cutting your payout?

Nov 29, 2006 10:33 am
Mike Damone:

We use a b/d owned by ING.  The technology and back office support stink.  Your payout is set by the bank, not the b/d.


LPL has a bank platform and from what I understand is top notch.




You get what you pay for.  If you work for a cheap [email protected]@ bank (which is most of them) and they don't want to pay for the entire platform, you get next to nothing.  The Bank does set the pay out to you.  They keep most of it and give you a small slice.


HOWEVER, if you actually work for the bank and not as an indepenent contractor, you are getting the security of a base salary and benefits that we who work as indy don't get, and a steady stream of referrals from the tellers bird dogging for you.   Do you hear that?   .....the world's smallest violin. 


Nov 29, 2006 10:37 am

Why don't banks use better broker dealer options? 


Besides the cost of using the full capabilities of a broker dealre, they really don't want you to be an investment professional.  They want you to offer a few (selected by them) mutual funds and push annuities because the pay out is so much higher.  They don't want you to get fancy with the client's CD money.

Nov 29, 2006 11:00 am
Mike Damone:

We use a b/d owned by ING.  The technology and back office support stink.  Your payout is set by the bank, not the b/d.

LPL has a bank platform and from what I understand is top notch.


That sounds like PrimeVest to me...if so, yes it stinks compared to what I have now (LPL).  PrimeVest's fee-based platform was horrible AND expensive when I worked with them, but to be fair, it's been close to a year and a half since I've seen the PrimeVest platform up close and personal.  I have to assume that the ING indy platform is better than PV's.  If it's the same, then BL, you don't know what you're missing...


Yes, LPL has a bank platform and assuming it's the same as the indy platform, it would be pretty good.  Raymond James also has a pretty good platform, IMO.

Nov 29, 2006 11:38 am

I have to assume that the ING indy platform is better than PV's.  If it's the same, then BL, you don't know what you're missing...


I've seen the Primevest platform too, and you are right. Phew. I don't use that platform. The Primevest bond desk is just one of the sources that I can use to get new issue bonds and access to the bond inventories of multiple B/Ds.  They seem to be pretty good at the new FMAC TVA etc types, new corporate issues and some of the structured notes, but it is good to have several sources (unlike when at Jones we only could sell from inventory) to make comparisons and get the better deals for our clients.


I am more than happy with the ING platform as provided without the extra services that I can also add to the mix. The access to research both technical and fundamental and the report generating ability is phenomenal. My ability to get information on and create reports on, all my client's accounts, not just the brokerage accounts but also the mutual funds held at firm name, privately traded reits and annuities , in one place is very nice.  In addition I can create planning reports and scenarios for clients and prospects and include items that are not securities, such as rental properties, business assets and income and future inheritances.  Access to Morningstar workstation at a really reduced fee, if I want it.  No Monte Carlo reporting as yet in the platform.  They have an online client contact program that we can use. I don't however, since I like my ACT for Advisors better.  Most of the other indy people in my B/D are not even using half of the capabilites. I'm just a computer geek so I do


My only beef is with the clearing firm and some of their flub ups.  But ... then again, I have never dealt with a clearing firm that was efficient.


Being at a bank does suck, because you have to take the program that they provide for you. Usually it is the cheapest option and they only purchase the bare minimum in services.  I do understand that the RJ reps in some banks  who are contracted (not employees) use the indy version.  Possilbly it is the same with the LPL bank reps?  Don't know.   It has been years and years since I was at a bank......thank God.

Nov 29, 2006 12:32 pm

Does anyone know what the Infinex platform is like??