
By Pete McAteer
Subscribe to our original industry insightsOnce you’ve completed your analysis and selected a clearing provider, it’s time to implement the broad communication component of your change management strategy to define how the decision will be delivered and received by your various teams. Your communication plan should consider all audiences (clients, vendors, sales force, home office, regulators). There are many appropriate ways to communicate, to gather and monitor feedback, questions, concerns and additional risks or issues so that your firm can achieve the best outcome.
Your clearing partner will help provide some key milestones and a target clearing conversion date. Prior to the conversion, performing a thorough risk assessment around your people, processes and systems will help you anticipate and put into place plans to mitigate risks that may arise during the conversion. A thoughtful approach to key decisions around products, systems and tools, commissions, fees and other organizational impacts will impact your risk assessment and mitigation tactics. Once you know what decisions will need to be made, prioritize and schedule them, and set expectations for approximate resolutions.
Determine who will communicate which messages, how frequently, and by what methods.
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