Tier 1: Standard
This level of aggregation will build customer and account records in BRACS using files from industry sources (i.e. clearing firms, DTCC, DST, etc), custom file uploads or manual entry. BRACS consolidates this data into a comprehensive customer centric view of account information for your firm to access to service your customers.
Various reports and notifications can be provided to the Home Office and Reps in the field for master accounts missing required data elements for your Books & Records. Commissions can be held for transactions related to these accounts until data requirements have been resolved.
Data held on customer and account records will be used for licensing checks and will be used on customer-related reports in the BRACS system. As your data management group manually maintains suitability and compliance information, appropriate Books & Records letters will be generated.
Tier 2: Direct Asset Management (DAM)
DAM supplements Tier 1 data consolidation with account values from position files to create a holistic view on your customers’ investments, assets and commissions. Benefits of DAM include:
- Reconciliation of account, owner, product and rep data with product sponsors
- If an account is already in BRACS, DAM will compare data sets and create exception reports of data differences for your Home Office to review
- Notification of accounts that may not be in your Books & Records because they were executed directly by the customer
- Notifications of transferred accounts
- Ability to bring in non-commissionable activity
- Tying position values to accounts for AUM reporting
- Ability to restrict accounts created without paperwork
- Ability to close Master Accounts based on inactivity for a user-defined period of time
Tier 3: Enterprise Solution
This level of aggregation supplements data brought into BRACS from the above tiers of data aggregation, with customer data held in other database sources used by your firm, such as CRM’s or document workflow systems. In this scenario, BRACS become the ‘Golden Source’ of customer data for your firm.
Changes made to customers and their accounts within BRACS are then sent to other database sources, either through real time API’s or daily file transfers, to keep data sets synchronized between all databases within your corporate eco-system.