Technology

Information about technology, user of the technology and application

Docupace Technologies and Financial Database Services

Docupace Technologies and Financial Database Services to Integrate Cloud Technologies for Broker Dealers

Integration of Financial Database Services’ CAESAR® and Docupace’s ePACS® Straight-Through Processing Solution to Combine Front Office SEC/FINRA-Compliant Workflow with Back Office Compliance Review and Commission Processing

Strategic Relationship to Securely and Seamlessly Connect Back Office and Front Office Processes On the Cloud for Broker Dealers

Click the link below to read full article

http://www.businesswire.com/news/home/20151102006544/en/Docupace-Technologies-Financial-Database-Services-Integrate-Cloud

DOL Fiduciary Rule Challenged in Court

On Wednesday June 1, 2016 the U.S. Chamber of Commerce, Financial Service Institute, Securities Industry Association took action against Thomas E. Perez, Secretary of Labor and U.S. Department of Labor (Get Civil Action No. 16-cv-1476)DOL Civil Action

News: Docupace and FDS Integrate Cloud Services

Docupace Technologies and Financial Database Services Integrate Cloud Technologies for Broker Dealers

Integration of Financial Database Services’ CAESAR and Docupace’s ePACS Combine Front Office SEC/FINRA-Compliant Workflow with Back Office Compliance Review and Compensation Processing.

November 2, 2015

LOS ANGELES (BUSINESS WIRE) – Broker Dealer technology provider Financial Database Services (FDS) and financial services information technology company Docupace Technologies, LLC will integrate their platforms to create a seamless SEC/FINRA-compliant cloud-based platform for both front office and back office workflow.

The integration of FDS’ CAESAR®, a broker dealer compensation, compliance and licensing platform and Docupace’s ePACS® Straight-Through Processing system will enable broker dealers to securely process both back office and front office workflow and compliantly on the cloud. The connected platforms will digitally ensure the correct forms from advisors are valid and error-free and undergo compliant and supervision oversight so that all paperwork is in good order and compensation is managed, tracked and SEC/FINRA compliant.

“Our focus at Docupace is to transform the financial services industry so that it is efficient, compliant and cyber secure,” said Michael Pinsker, CEO and founder of Docupace Technologies. “Integrating with Financial Database Services is a fundamental way to do this, because now we can fuse back office and front office technologies into a seamless, secure and compliant platform.”

“FDS’ CAESAR® platform has led the way on making compensation easy, secure and compliant with FINRA CRD licensing requirements,” said David Woltman, President. “Docupace’s ePACS® platform will provide a complete solution for broker dealers. Now they can seamlessly connect the back office with the front office.”

About Docupace Technologies

Based in Los Angeles and a subsidiary of RCS Capital Corporation (NYSE: RCAP), Docupace is a premier provider of secure and federal and state law compliant electronic processing platforms for financial institutions and the wealth management industry. The company pioneered and implemented SEC/FINRA compliant Straight-Through-Processing (STP) technology for the financial services industry. The company’s document management and workflow solutions simplify the process of capturing, organizing, routing and accessing information. Docupace was first-to-market with patent-pending technologies that serve the largest financial service providers and their advisors who, driven by increased levels competition, privacy issues, document protection and government regulation, are adopting the company’s document management and workflow solutions in order to sustain profitability and audit-risk assurance. For more information, visit docupace.com.

About Financial Database Services
Financial Database Services (FDS) is a developer and integrator of broker dealer technologies. FDS pioneered processing automation for broker dealers more than 30 years ago with its renowned CAESAR compensation and compliance platform. CAESAR is a powerful and proven compensation process management system for broker dealers. To date, CAESER has successfully processed more than $30 billion in commissions for some of the largest independent broker dealers. FDS continues to drive innovation by advancing CAESAR’s business process management capabilities, to include FINRA U4 processing solutions, field technologies for on-demand commissions, to advance data interaction capabilities within the financial services data ecosystem. CAESAR has the capacity to serve broker dealers ranging in size from $10 to $500 million across multiple business lines; brokerage, direct, advisory and insurance.

Technology ecoSYSTEMS

In creating “technology ecosystems”, the process is similar; we integrate disparate systems so when the ancillary systems are connected they complement a “core solution” and expand its functionality and allow new and even unanticipated uses.

When properly done, it is difficult to identify the “core solution” because the once disparate systems now are interdependent and act as a seamless solution, exchanging real time data and calling upon other applications to execute processes.

ScreenHunter_2367 Oct. 13 16.33In the future successfully technology ecosystems will be developed around industry accepted open standards and offer the customer a wide variety of hardware and software integration opportunities.

Open design will also reduce innovation time from what was once measured in years, to weeks and months. This agile development and rapid delivery will place ever increasing importance on project management and vendor selection.

The best way to meet ever increasing demands of regulators and clients and to expand new business opportunities is for senior management to build cultural of supporting corporate “technology ecosystems”.

Be successful; Fail often….

 Learning to Fail Quickly and Effectively!

effort_results

Mastering the art of Failure

Unlike the “trophy culture” of today where participation is rewarded, the real world is all about results….not participation. And forwhatever reason failure has a negative connotation in our society, hence the “trophy culture”.

In today’s complex world, failure is not only inevitable, it’s also greatly undervalued. And there is an art to failing and its called “Failing Fast”. 

The premise is simple; once a single component of the project falls outside the acceptable range, it is acknowledged as failure. The next step is to triage the situation, and to find alternative solutions.

Failing Fast allows teams to get projects back on track with minimal delay and cost overruns. Often lessons learned in the failure of one element of a project will benefit another.

Be successful; Fail often … but Fail fast.

 

About FDS & CAESAR

Financial Database Services’ CAESAR provides enterprise solutions to securities broker dealers and registered investment advisory firms through a suite of functions, including automating compliance and commission processing.

Contact us (858) 526-8147 or email us

Technology Roadmap

Technology Roadmaps Mean Different Things to Different People

However, the best technology roadmaps share common features. FDS has created a list of ten tips for building and using a successful technology roadmap within your organization. Here are those tips for visualizing your roadmapping process:

1.  Roadmaps are not lists – An effective technology roadmap defines technology pathways that show how incremental innovations, often happening in parallel, can add up to new technologies and products in the future. They also highlight opportunities for breakthrough innovations to radically accelerate the R&D process. If your roadmap does not show these relationships, do you have a roadmap or a list?

2.  It’s all about the priorities – Again, say it with me: Roadmaps are not lists! I can’t tell you how many roadmaps I’ve opened only to see a wish list of activities without any sense of relative priority. If roadmaps are to be used to guide R&D investment decisions, it is essential to indicate the relative priority of roadmap activities, particularly in today’s environment of increasingly scarce resources in both public and private sectors.

3.  You need senior-level buy-in now – A roadmap takes you where you want to go. In most organizations, senior managers must provide “strategic intent” at the onset of the roadmapping process. Then the roadmap can be tailored to produced and utilized as a useful planning tool that aligns decisions with strategic intent.

4.  People matter – Senior leaders are not the people who implement a roadmap. A roadmap ultimately must influence people to make decisions that support the overall strategy. Engage stakeholders during the roadmap development process to get buy-in with people involved in the priorities, both figuratively with their support and literally with their R&D budgets.

Tech-Roadmap_Process_Data_Model2

5.  A picture is worth a thousand words – Create a simple picture, diagram, or dashboard to quickly summarize and convey key roadmap priorities and status at a glance. This will give you a much stronger opportunity to engage people with the roadmap and make decisions that align individual actions with larger corporate or industry goals.

6.  Focus on the outcomes – Implementation does not begin when the roadmap is finished. Implementation models should contain the information required to execute the plan according to the technology roadmap objectives.

7.  Build it in rings – Start with small groups and pull in more people to contribute to validate and act upon your roadmap as needed.

8.  Use the OODA loop – New information is constantly becoming available, and your team should learn to use the OODA Loop. A process to Observe, Orient, Decide and Act. In other words, monitor and update key players regularly to reflect new data, technology advances, and changing business conditions as you implement your technology roadmap and implementation plan.

9.  Seek unity of effort – The chief value of roadmaps is the ability to align the efforts of many individuals toward shared goals to align and unify the organization. Doing so while you build your roadmap is essential for creating the relationships needed to implement coordinated actions to achieve your technology roadmap goals.

10.  One size does not fit all – If you work with external consultants to define your technology roadmap, make sure your staff is fully engaged with creating it so the plan fits your unique business model and culture. No one knows your business better then you do.

With over 27 years experience in the software business, Financial Database Service can help you with many technology related projects like creating design documents, “software blueprints”, data engineering, vendor selection, project management and more.

Using these tips can help you build an effective roadmap and implementation strategy.

We can help you to get started today, just [Click Here].

Compliance, Books & Records and Holds

Financial Database Services recently hosted a CAESAR Focus Group with clients around the theme of Compliance where we discussed Books & Records, Hold Recommendations and Compliance Reporting.

One of the items discussed in detail was the need for enhanced tracking of changes made to investment objectives, above and beyond CAESAR’s compliancecurrent data tracking for Books & Records. The common need was for Back Office staff to define what the client’s objective was at the time of the trade for regulatory audits.

FDS has had several internal conversations around this need, and has added a new task to our 2013 product development funnel. At a high level, this new feature will link the client’s investment objective to a trade as it is loaded into CAESAR, manually or from a file. More information will be provided as we finish the Design Document and make it available to you for retrofit.

Another item that came up in the webinar was Hold Recommendations. CAESAR currently has a “Note” features at the Rep, Branch and Trade level. Based upon our discussion, we determined that adding Notes at the client level would be a good place to document Hold Recommendations, as well as other free form notes on an account. This idea has been submitted to our 2013 product funnel, and is in development.

Successful Deployment

Changes are constant with every organization. Technology and process changes that accompany new employee and manager direct access or talent management initiatives like performance management, learning and development, and talent acquisition, can significantly impact employee morale and company culture. deployment_quote

Motivating behavioral change is accomplished through the engagement of the entire organization. By encouraging and supporting the change with clear and open communication, incentives to modify behavior, and executive support an organization can adjust the behavior of managers and employees in order to achieve the goal of the new solutions. Behavioral adjustments in the way managers manage and the way employees and managers interact can yield significant results.

An effective internal marketing and communications strategy can help maximize technology investments. It is imperative that you consider what to communicate, how to communicate, and via what communication channels.

  1. Conduct a workshop to:
    • Define goals and objectives of the initiative
    • Understand the current mindset of the targets of the change and current organizational culture
    • Identify and understand process and system interaction by audience
    • Determine required behavioral changesidentify and define motivators to encourage behavioral change
    • Understand the current mindset of the targets of the change and current organizational culture
  2. Identify branding, communication and training tools
  3. Design comprehensive Training Plan that includes end-user system training as well as strategic developmental training
  4. Define success measures
  5. Execute plan
  6. Measure and promote success

Improving User Adoption / Change Management

Successful deployment involves the process of creating effective organizational communications and training strategies that improve awareness of workforce initiatives; that motivate behavioral change, and encourage employee adoption of new processes and technology.User Adoption

You must engage every level of your workforce and ensure a successful rollout of new workforce-facing technology through the following components:

1. Internal Marketing and Communications: Educate, motivate, and inspire the workforce to adopt a new solution.

2. Comprehensive Change Management: Motivate behavioral change across the entire workforce population to gain buy-in and support at every level of the organization. 

3. Training Plan: Develop a strategy for end-user system training as well as soft skills training on topics like goal setting and creating effective development plans. 

An effective internal marketing and communications strategy can help maximize technology investments. It is imperative that you consider what to communicate, how to communicate, and via what communication channels. 
ScreenHunter_216 Jun. 27 13.31
Motivating behavioral change is accomplished through the engagement of the entire organization. By encouraging and supporting the change with clear and open communication, incentives to modify behavior, and executive support an organization can adjust the behavior of managers and employees in order to achieve the goal of the new solutions. Behavioral adjustments in the way managers manage and the way employees and managers interact can yield significant results. 

A comprehensive training strategy addresses the needs of every stakeholder within the organization, providing them with the opportunity to develop the skills and knowledge required to effectively leverage the new system ortechnology.

Communicate the why, what, and how of the change impacts the organization.