Kingland has integrated hundreds of brokerage data feeds into solutions for our clients. We are the most experienced firm in the world related to broker on-boarding, and we have seen a lot. While there are a lot of lessons, we wanted to share with you one immutable fact as you consider brokerage import as an aspect of improving compliance rates: Every broker is different.
Brokers approach on-boarding differently based on the priority they place on their client relationships, the state of their technology, and where they have invested their staff. As an example, we have brokers on-boarded that have different file formats and people engaged based on which of our clients are asking for the broker to be on-boarded – driving to the equivalent of setting up the same broker multiple times. In other cases, we can leverage the work that we have performed in a previous broker on-boarding for our next client.
As you can see, some brokerages have a reputation for enabling a fast onboarding process. Others have organizational and procedural hurdles that make progress difficult. At a high level, these are the traits that we have picked up on indicating a broker either has a streamlined working model or the broker interaction is difficult.
The following are characteristics of brokers that are difficult during the on-boarding process.
The following are characteristics of brokers that are streamlined during the on-boarding process.
Understanding these traits enable Kingland project teams to provide guidance to our clients on how to best approach a series of broker onboardings. The difficult brokers are identified and started on early because they will take time. Meanwhile, efficient brokers can be feathered into each release for consistent wins along way.
Reach out to Kingland today to see how your firm could benefit from these onboarding insights.