Penson Worldwide – the securities trade execution, clearing, custody and settlement insourcing agent – has invested in an interface to Advent Software’s Advent Custodial Data (ACD) product.
“Growing businesses in the retail financial services arena, including financial advisors, broker/dealers and money managers face the unique challenge of providing excellent client service while simultaneously competing for assets with larger firms,” says Doug Throckmorton, Vice President, Institutional Client Services, Penson Worldwide, Inc. “Joining Advent’s ACD network demonstrates Penson’s ongoing commitment to helping investment advisors and broker/dealers of all sizes compete with their more established competitors, on a level playing field.”
Penson says the interface will enable its money management and Registered Investment Advisor (RIA) clients to access and deliver cross-institutional, consolidated views of Penson-held accounts online. In short, it offers RIA clients and broker-dealer correspondents who use Advent’s portfolio accounting and reporting tools direct, electronic access to client data held at Penson. The project, which began in 2004, was completed in six months.
“Penson joins a growing list of firms that are making their portfolio account data available to clients through the ACD network, allowing us to offer our clients a comprehensive data service. We’re delighted to have such leading firms as Penson on board,” says Will Clemens, Vice President, Straight-Through Processing, Advent Software, Inc.