CheckFree introduces money-management tool for brokers

CheckFree introduces money-management tool for brokers

CheckFree Investment Services has launched APL Browser v1.0, a Web-based tool allowing brokers discretionary management over their client accounts.

The Web-based money management tool enables brokers to oversee client holdings, without the need to always administer on a per account basis. For example, a broker can tag accounts to pre-defined investment models, such as aggressive or income oriented, making it easier to for brokers to sell out of one security and buy into another without having to repeat the transaction for each client. While APL Browser allows for the inclusion of restrictions at the individual client level, a broker can manage a model rather than each account in terms of policy and execution.

The tool also generates reporting options, including short and long-term realised gain/loss; identification of security holdings across multiple accounts; holdings by tax lot, position or sector; account or composite level performance; and security and cash transactions. APL Browser also enables a firm’s home office to centralise and monitor how its brokers allocate client funds, as well as embed firm-wide restrictions.

Hilary Fiorella, CheckFree Investment Services vice president, says: “The swelling population of brokers who are functioning as money managers, need simple but powerful tools they can use to actively guide their clients’ investments more efficiently and with direct oversight."

APL Browser offers comprehensive decision support and reporting tools for clients of CheckFree APL and CheckFree APL Wrap. APL Browser v2.0, scheduled for release in May, will address more global restrictions and workflow issues.

CheckFree clients who are testing the new browser include RBC Dain Rauscher’s Investment Consulting Services division and First Union Securities’ Consulting Services Group.

APL Browser v1.0 is the first in a series of Web-based offerings designed to extend the CheckFree APL platform from the back-office of a financial services firm, to front-office investment professionals, says the company.

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