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Being 100 percent native to Salesforce, The Sycamore Company ingests all the data from data aggregators and in one platform for each of its respective clients contains all the functionality independent broker/dealers, advisory firms, and hybrid firms need to recruit, manage and pay advisors, manage compliance requirements, including Reg BI trade review, Form CRS functionality as well as supervision and surveillance tools. Sycamore’s surveillance tool is built using Salesforce’s Tableau CRM, and the company is one of the ten firms on the Tableau CRM Advisory Board.
Following is the conversation that CIO Applications had with Joseph Fiorillo, the VP of Business Development at The Sycamore Company.
What are the challenges that companies face today in the Salesforce space, and how is Sycamore effectively addressing these issues?
The most important challenge that the clients face today is the data silos and data imports from data aggregators.
To this end, Sycamore’s Data Hub aggregates and normalizes data from all sources, including Clearing Firms, Custodians, DST, and DTCC necessary to manage all facets of clients’ operations.
Sycamore’s Data Hub provides a cost-effective, end-to-end data aggregation service that adds speed and efficiency to your operations, compensation, and compliance processes while ensuring high data quality and integrity. We automate the entire data loading process – from file retrieval across all possible sources to loading and status reporting. Each morning, your operations, compliance, and advisor management teams have the most current and accurate data possible to conduct their day’s work with precision and efficiency while the management team gains instant access to the analysis and reports they need to drive decisions.
In collaboration with Salesforce, how is Sycamore driving compliance, advisor, and practice management efficiencies for broker/ dealers and advisory firms?
Sycamore delivers all the data and functionality independent broker/ dealers, advisory firms, and hybrid firms need to recruit, manage, and pay advisors, meet compliance and audit requirements, and keep advisors connected—all within the Salesforce ecosystem.
The end-to-end, cloud-based, native Salesforce solution collects data from the right sources and normalizes it in a single database, making it accessible to multiple applications while ensuring the highest level of security. It is a FINRA Reg BI compliant platform and supports firms’ remote workforces indefinitely without having to change how they process or approve submissions and other workflows.
Sycamore solves the operational and compliance challenges of home offices out-of-the-box, providing simple and straightforward installation, configuration, and use within the native-Salesforce ecosystem.
Please elaborate on a case study where Sycamore enabled clients to overcome hurdles and attain desired outcomes.
We helped Prospera Financial Services, an independent broker-dealer, to roll out its advisor platform, COREngine, on the Salesforce App Cloud. We provided Prospera’s advisors with a single technology platform to access Prospera’s proprietary tools, third-party vendors, and data from multiple custodians.
Prospera partnered with us, and we developed a Salesforce-based, integrated front- and back-office platform for broker-dealers and RIAs. We have worked together to develop a program tailored to fit the needs of both advisors and Prospera’s back-office staff to process business more efficiently and consistently with an eye toward the future.
What, according to you, are the distinct features of Sycamore that give it a competitive edge?
Sycamore’s advisor portal is built using Salesforce’s Lighting and includes analytics which gives us a competitive edge.
Further, what steers us ahead is our team members’ industry knowledge; our subject matter experts include former Directors of Operations, Compliance, Recruiting, and Data Management, just to name a few. Team members include certified Salesforce System Admins; other team members take Trailhead courses to continue to build their knowledge and skills.
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