Customization and Innovation: The Black Diamond Advantage for Independent Broker-Dealers
Josh Kestner – 08/31/2023
Independent Broker-Dealer networks, or IBDs, continue to evolve and adapt in the ever-changing financial landscape. Typically, IBDs are comprised of representatives who value their independence and control of client relationships, while taking advantage of operational scale as part of the larger organization. As they compete with fee-only RIAs, IBDs are increasingly attuned to their client’s financial goals, risk tolerances, and preferences to provide a more personalized experience and appropriate recommendations.
By leveraging Black Diamond, IBDs can manage their businesses more efficiently in a number of ways, including:
- Role Permissions
Black Diamond empowers IBDs with the flexibility to customize the firm user experience to create a tailored space. For example, Black Diamond’s Roles and Permissions enables firms to craft a custom environment that aligns with their specific goals and operational structure. The result is a finely tuned ecosystem that resonates with the values of the IBD while offering a seamless and efficient experience.
- Firm-level Reporting & Data Aggregation
Tools such as the Business Intelligence Dashboard gives IBDs quick access to view and understand their firm's health and performance. Utilizing Advisor Reports within the Business Intelligence space allows advisors to view their individual book of business as well. Paring these powerful tools with hundreds of data sources, such as direct custodian feeds, the Advent Custodial® Data network, and third-party account aggregators, gives a holistic and comprehensive view of a client’s complete financial picture.
- Planning Space
As IBDs engage more with their client’s entire financial lives, the Black Diamond Planning space allows advisors to view and interact with their clients' Financial Plan information. By integrating data from partners like RightCapital, this tool facilitates the seamless integration of financial planning data into the existing Black Diamond ecosystem. This space offers a consistent layout to view planning content across the mobile app, Client View, and the Client Experience portal.
- Model Marketplace
Efficiency is critical within IBD operations. Through seamless integration with Black Diamond via the Rebalancer Model Marketplace, SS&C Rendezvous streamlines trading workflows with proposal generation and model assignment allowing advisors more time to focus on further developing their client relationships.
- CRM Solution
Leveraging CRM solutions, like SS&C’s Salentica CRM, enables IBDs to scale. For example, the Salentica CRM offers one centralized location to easily create and track service levels, view one-click relationship summary reports, and maintain communications and workflows between the back office and the advisor.
Independent Broker-Dealer networks that leverage powerful software like Black Diamond are well-positioned to guide clients through the intricate financial landscape. Their dedication to customization, comprehensive reporting, and compliance underscores their commitment to excellence. As they harness the power of technology to streamline operations and provide personalized experiences, Independent Broker-Dealers are solidifying their role as trusted partners along the client’s financial journey. In a world where adaptability is key, IBDs confidently steer through complexity, ensuring that clients' goals remain the focal point of their endeavors.