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Presently, the securities industry does not have a structure in place to facilitate bulk transfers, which are defined as single movements of multiple customer brokerage accounts. A common arrangement of standardized files could help assist and simplify the exchange of information and processing associated with transferring customer brokerage accounts in bulk. This would reduce some of the risk of a carrying broker-dealer liquidating its business in a compact time frame.
Throughout the years, the financial industry has been considering the challenges associated with expediting the bulk transfer of customer accounts. However, concerns have heightened recently due to events like broker failures. Clients can face a number of risks if they are unable to transfer their accounts from an organization that is suffering financially or even liquidating its business, creating uncertainty around accessing to their investments and assets. Delays or complications in transferring between accounts could also damage resolution of the broker-dealer under liquidation or bankruptcy issues where relevant.
At this year’s SIFMA Operations Conference & Exhibition, which will be held in May in Phoenix, Arizona, experienced associates from Broadridge will be networking, speaking and joining a number of panels at the conference, including a breakout session on bulk transfer initiative.
Bulk transfer is an issue that affects many people involved in the financial industry, including clients attending SIFMA Ops 2018, especially broker-dealers. Take the opportunity to join Michael Alexander, President of Wealth and Capital Markets Solutions for Broadridge, and the other experienced executives on the panel as they discuss the potential risks of bulk transfers and the potential of the initiative.
This session will take place on May 8 from 2:00 p.m. to 3:00 p.m.
Broadridge participated in many sessions throughout SIFMA Ops 2018. Attendees learnt about shared experiences across a range of working environments, how they have overcome challenges, their views on current financial trends and topics, inluding the use of AI in the financial industry. Find out more in our partner workshop, “From Bots to Products: Transforming Capital Markets with Artificial Intelligence.” Sign up to the webinar below.