Press release from PR Newswire
Boston Financial Introduces Financial Intermediary Administration Solution
Thursday, February 09, 2012
New Product Enhances Fund Company's Ability to Manage Intermediary Relationships
QUINCY, Mass., Feb. 9, 2012 /PRNewswire/ -- Boston Financial Data Services, Inc., a leading financial services provider, introduces its new Financial Intermediary Administration (FIA?) Solutions business. There has been a shift in the industry due to financial intermediaries transitioning to an omnibus environment. Boston Financial has developed customized FIA services that assist fund companies in the management and oversight of their intermediary relationships. Leveraging Boston Financial's deep experience in shareholder servicing and data management, FIA Solutions offers servicing and automated tools that foster increased transparency and oversight, in addition to mitigating risk.
Boston Financial's FIA Solutions provides intermediary data and relationship information, improves intermediary payment administration, and simplifies inspection and monitoring obligations. It helps fund companies understand and track key aspects of their financial intermediary relationships through one portal. Boston Financial's customized capabilities provide fund companies with a dynamic suite of services that support their evolving business models.
Terry Metzger, president of Boston Financial, notes, "Boston Financial's FIA offering reinforces our commitment to identify and solve industry needs and gaps. We concentrate on new products and services that help our clients succeed in this constantly changing marketplace. We are excited by the positive response from our clients to the FIA product suite and look forward to expanding our capabilities as the industry further evolves."
Client engagement through focus groups and an "early adopter" program was a key factor in identifying opportunities to address fund company needs and in developing the FIA suite of services. Commenting on the collaboration, Michael McNeill, FIA division vice president said, "Client input is critical to Boston Financial's entire product development process. We have worked closely with our clients to deliver relevant and timely solutions that streamline the operating environment. Our objective is to continue to provide market-leading, cost-effective ways to support our clients as they expand their distribution through financial intermediaries."
There are three primary components of Boston Financial's FIA offering:
- FIRMport(TM) - Provides a comprehensive view of all aspects of a fund company's intermediary relationships through a dynamic on-line portal that also includes enhanced business intelligence, trending, and proactive alerts.
- Intermediary Payment Administration - Offers a full service solution with automated tools for the validation and approval of all intermediary compensation payments, while also supplying trending and reporting functionality.
- Intermediary Operational Reviews - Enhances a fund company's oversight and due diligence practices by documenting an in-depth, on-site review of an intermediary's processes and procedures and capturing all observations in a detailed report.
Boston Financial will continue to develop new FIA applications, collaborating with clients to meet their evolving needs.
About Boston Financial
Boston Financial Data Services is one of the industry's premier outsourcing providers servicing the financial marketplace. Boston Financial is a joint venture between DST Systems, Inc. (NYSE: DST) of Kansas City, Mo., and State Street Corporation (NYSE: STT) of Boston, Mass. This joint venture has enabled Boston Financial's clients to utilize DST's industry-leading software and technology while benefiting from the institutional support and global reach of State Street.
For more information, visit our web site at www.bostonfinancial.com.
SOURCE Boston Financial
For further information: Ann Marie Mierzykowski, Boston Financial Data Services, Inc., +1-617-483-8109