Products October 19, 2011

Technology Platform Designed for Hybrid Advisers

Vestmark, a provider of advisory solutions and wealth management technology, has enhanced its VestmarkONE platform. 
Reported by

Specifically tailored to the needs of broker/dealers seeking to integrate fee and commission business, the company says VestmarkONE is the first custodian and broker-neutral wealth management technology solution optimized for hybrid advisers.

VestmarkONE includes proactive alerting capabilities to bring portfolios that are in need of attention to the forefront.  From there, VestmarkONE provides a range of modeling, rebalancing, and block trading tools aimed to simplify and streamline the implementation of trades. This can happen across brokerage accounts and discretionary and non-discretionary accounts across all advisory programs – such as rep as adviser, adviser as portfolio manager, adviser as sleeve manager in UMAs, and adviser as overlay manager.

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The platform includes pre-trade compliance checks and tax management decision-making for every order, and captures all audit trail information including OATS data capture and SEC-compliant trade recordkeeping. These capabilities can be leveraged via the Vestmark Custodial and Trade Network which includes connectivity to Thomson BETA, Broadridge, and the major clearing providers.

Deals & People October 19, 2011

Commonwealth Gains $1.2B Advisory Firm

Summit Financial, led by founder and managing partner Joseph Bonasera, is joining the Commonwealth Financial Network.
Reported by

Summit Financial, based in Burlington, Massachusetts, has $1.2 billion assets under advisement.  Its retirement practice comprises most of its revenue and provides administration, compliance support, consulting, due diligence, fiduciary oversight, and fund selection assistance to retirement plans. It also operates an employee benefit brokerage business, as well as a wealth management division.

“The fact that Commonwealth allows its advisers to act as a fiduciary is critical to our business,” said Bonasera. “We felt it was important to partner with a firm that is abreast of the new fiduciary guidelines and that values our experience and integrity to act as a fiduciary. Commonwealth is ahead of most in that area.”

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Commonwealth Financial Network, member FINRA/SIPC, is a registered investment adviser (RIA), with headquarters in Waltham, Massachusetts, and San Diego, California.

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