The Sycamore Company, a Buffalo, New York-based wealthtech firm, released a new surveillance platform for broker-dealers that was created to enable them to “more effectively surveil, detect and monitor advisor activity within their organizations,” according to a news release.
The cloud-native platform aims to help compliance teams aggregate relevant data, surface insights, and increase accuracy and efficiency.
“From severe fines to reputational damage, there are serious consequences for broker-dealers that fail to establish and maintain effective surveillance systems,” said Mike Overdorf, President and Founder of Sycamore. “It has never been more critical for broker-dealers to deploy a highly- capable system that can mitigate those risks.”
The surveillance platform is the latest addition to Sycamore’s compliance offerings that are designed to protect businesses and their clients by capturing online interactions and workflows to optimize supervision and anti-money laundering capabilities. It also looks to help firms better manage interactions with advisors, prospects and clients while keeping data consolidated and organized.
“Broker-dealers need to prove to clients, stakeholders and regulators that they are effectively and comprehensively managing a variety of risks and threats at all times, and they need the right surveillance technology to do it,” Overdorf added.
This latest announcement follows Sycamore’s integration with Quik!, a cloud app built to simplify form automation and update management. The Quik! partnership enables firms to automatically populate client forms using data from the Sycamore platform, eliminating the need for manual data entry and significantly reducing the potential for errors.
Michael Madden, Contributing Editor and Research Analyst at Wealth Solutions Report, can be reached at michael.madden@wealthsolutionsreport.com.
