ADP Brokerage Services Group (ADP), a division of Automatic Data Processing, Inc. (NYSE: ADP), today announced that IFMG Securities, Inc. (IFMG) has signed a multi-year contract for ADP's Brokerage Processing Services (BPS) back-office solution.
IFMG Securities, Inc., a subsidiary of the U.S. division of Sun Life Financial, Inc., (NYSE: SLF) (TSX: SLF) (PSE: SLF) is a prominent leader in providing financial institutions nationwide with a portfolio of investment and insurance products and in delivering programs that support customer acquisition and retention. ADP's substantial investment in technology will enhance IFMG's ability to deliver leading-edge technology solutions to address customers' needs related to business growth and system scalability.
ADP's mutual fund processing technology was a key factor in the selection process. It provides a consolidated stock record view of all mutual funds resulting in improved compliance and surveillance capabilities. It gives IFMG the ability to convert Network Level 0 mutual funds to Level 4, which provides detailed real-time account information; and offers better integration at point-of-sale with ADP's Mutual Fund Order Routing System (MFRS). Other benefits include real-time integration with IFMG's front end automated account opening and approval system, as well as compliance reporting, which tracks investment suitability, share class threshold, and break point monitoring and churning of mutual funds.
"ADP's innovative technology allows IFMG to focus on our customers' needs, which ultimately helps us grow our business," said Roni Mizrahi, CIO, IFMG.
"With BPS as the processing backbone, IFMG is well-positioned for growth," commented Charlie Marchesani, General Manager, ADP Brokerage Processing Services. In an effort to improve operating efficiencies, IFMG also reduced risk and exposure to trade volume fluctuations by converting fixed back-office costs to variable costs, providing Independent Financial with significant economies of scale for future growth.