Press Releases
SunGard to Provide brokersXpress with Cost Basis Reporting and WealthStation Trading
August 24, 2010 — Wayne, PA
brokersXpress, LLC, a wholly owned subsidiary of optionsXpress, Inc., has selected SunGard’s WealthStation Trading solution to provide independent financial advisors with flexible trading functionality. It also selected SunGard’s Cost Basis Reporting tax lot accounting solution to help it provide accurate intraday cost basis calculations for advisors’ accounts in accordance with new reporting requirements. brokersXpress is a broker-dealer that services registered representatives, financial planners and registered investment advisors (RIAs), especially those that trade options.
brokersXpress chose WealthStation for its ability to provide advisors with in-depth investment plans following asset allocations. WealthStation Trading helps advisors plan and execute trades on multiple asset classes via secure connections in real-time to brokerages or back-offices that can reach major service bureaus for stock and fund trading. SunGard’s Cost Basis Reporting engine displays client tax lot data and enables users to select tax lot sales methods in order to automatically process cost basis calculations. brokersXpress also uses SunGard’s Stream Phase3 global, multi-asset processing solution, which integrates with WealthStation and Cost Basis Reporting to provide a streamlined front- to-back-office process supporting trading and rebalancing.
Barry Metzger, chief executive officer of brokersXpress, said, “Our goal is to provide a cost effective alternative to the traditional broker-dealer relationship by helping independent reps and advisors manage their businesses online. WealthStation’s ability to provide a trading workflow integrating asset allocation, rebalancing, and accounting processes will help us to offer advisors increased productivity, flexibility and independence to build stronger client relationships. In addition, SunGard’s integration between its solutions provides us with greater efficiencies.”
Blaine Maxfield, executive vice president of SunGard’s wealth management business, said, “With tremendous growth in the independent advisor segment, it is crucial to the success of broker-dealers to provide advisors with tools that help them increase their productivity and grow their businesses. By helping brokersXpress advisors go beyond proposal and planning into execution and follow-up, SunGard is helping to enhance the advisor/client relationship through more comprehensive service.”
About brokersXpress
brokersXpress LLC is a leading broker/dealer online trading and reporting platform for independent investment professionals. brokersXpress is a wholly owned subsidiary of optionsXpress® Holdings, Inc., a pioneer in equity options and futures trading that offers an innovative suite of online brokerage services for investor education, strategy evaluation and trade execution. brokersXpress’ web-based, integrated trading system was designed to meet the unique needs of investment professionals utilizing the same technology that powers optionsXpress®, the top-rated online broker dealer in Barron's 2003 through 2006 online broker surveys and the first broker dealer ever to receive Barron's 4 ½ star rating (see the March 10, 2003 and March 7, 2004 issues).
About SunGard’s WealthStation
SunGard’s WealthStation provides wealth managers with tools to help them acquire, service and grow their client relationships. Integrating client management, financial planning, investment management, asset allocation, data aggregation, trading, rebalancing, reporting, client access and compliance tools into a single platform, WealthStation delivers a flexible architecture to help advisors improve their productivity while providing increased service levels to their clients.
About SunGard
SunGard is one of the world's leading software and technology services companies. SunGard has more than 20,000 employees and serves 25,000 customers in 70 countries. SunGard provides software and processing solutions for financial services, higher education and the public sector. SunGard also provides disaster recovery services, managed IT services, information availability consulting services and business continuity management software. With annual revenue exceeding $5 billion, SunGard is ranked 380 on the Fortune 500 and is the largest privately held business software and IT services company. For more information, visit www.sungard.com.
Trademark Information: SunGard, the SunGard logo, Stream Phase3 and WealthStation are trademarks or registered trademarks of SunGard Data Systems Inc. or its subsidiaries in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders.