
By Pete McAteer
Subscribe to our original industry insightsOnce you complete the preliminary work of analyzing your current business state as described in our previous blog, it’s time to make a decision. Maybe you have concluded that your current provider will not be able to support your growth plan, or they aren’t engaged in a way that makes financial and operational sense. Regardless, once you’ve decided, it’s time to start shopping for a new one, you need to know what you have and don’t have. It is also important to make every effort to predict your future needs. When considering a new clearing platform, there are many things to consider. One basic step is to review your technology needs:
Once you’ve determined what improvements you want to make, and need to make, it is time to create a technology roadmap. Define your path to get where you want to be in 5 to 10 years or more.
Your clearing technology investment should take into account the products offered and their availability. What training and support is available? What is the process to add products, features and functionality? It’s not just about having great technology, it’s about implementing great technology to meet your needs for your specific firm’s culture and plans.
Your firm culture also plays an important role when selecting a clearing partner. What are your firm’s values? How big is your firm? What is your business structure or type? How will a new clearing partner fit in with these values? What clearing partners are your peers using, or not using? Find out why or why not.
And of course, there is always the bottom line – what will it cost? Are there incentives offered? Will the pricing align with and increase your firm’s growth?
When you know what you need, and you know the questions to ask, you can start looking at your options. Competitive intelligence, benchmarking, unbiased recommendations and best practices will help your firm make the best decision. Oyster can assist with the assessment, analysis, vendor selection and conversion processes. Our experience will help you find the optimum clearing model and service provider(s) best suited for your firm while ensuring alignment with strategy, growth objectives, service levels and budget. Our consultants are seasoned experts who have been on both sides when it comes to clearing decisions, and can provide you with more efficient, effective results.
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