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Smooth Broadridge Conversion

A financial services firm specializing in Mutual Funds and Brokerage services for independent Advisors needed to convert their Books and Records from an in-house solution to the industry leading Broadridge BRACS solution. MyndCore Partners worked hand and hand with the client’s development, operations, and IT teams as well as with Broadridge, bringing our deep industry and implementation expertise to accelerate the project and ensure a smooth, efficient migration.

Challenge 

The company required a cross functional team effort to convert their Books and Records and compensation data from multiple databases and systems into a unified industry leading system, Broadridge. This conversion demanded significant data cleanup, alignment of entitlement structures, and adaptation to new platform requirements. 

 

Approach 

  • Joint Definition & Development

    • Partnered with the client’s teams to define vendor-specific data requirements. 

    •  Conducted in-depth analysis of all databases to identify the most accurate data sources. 

    • Collaborated with operations and compliance departments to perform extensive data cleanup. 

    •  Reviewed and rationalized existing compensation reports, determining whether they were necessary or could be streamlined. 

    •  Defined new entitlement structures across departments to align with Broadridge platform requirements. 

    • Implemented administrative and development access across various testing environments. 

  • Collaborative Testing

    • Extensively tested and verified the data migration in the new BRACS Portal. 

    • Tested proprietary application enhancements and validated new data to ensure compliance. 

    • Dedicated focused testing cycles to guarantee flawless execution of the data conversion. 

  • Agile Coaching

    • MyndCore Partners supported the firm’s transition to Scrum methodology during the data conversion, providing Agile coaching for the first Scrum team. 

    • Guided the implementation of Scrum ceremonies (Sprint Planning, Daily Standups, Sprint Reviews, Retrospectives, and Backlog Grooming). 

    • Identified and documented best practices for Scrum based on Jira tools, improving team efficiency and collaboration. 

 

 

Results 

  • Enhanced Operational Control: The successful migration to the Broadridge BRACS platform enabled the client’s reps and operations teams to adopt a single source of truth for client data, commissions, and payout information via the BRACS Portal. Additionally, MyndCore Partners documented several processes and user guides to support the operations team post-implementation. 

  • Cost Savings: Increased data accuracy and the centralization of information reduced the client’s reliance on internal systems teams to pull reports from multiple databases, resulting in significant cost savings. 

 

Conclusion

MyndCore Partners played a pivotal role in the successful migration to the Broadridge BRACS platform, working closely with the client’s teams to deliver a compliant, efficient, and scalable solution. This project demonstrates our ability to drive complex conversions, streamline processes, and ensure the long-term success of our clients. 

 

MyndCore Partners Contributions 

  • Industry Expertise: Product Expertise in Clearing, Settlement, Brokerage Operations, and Accounting.  

  • Agile Project Leadership: Expertise in Agile methodologies, Scrum Master, sprint planning, backlog management, and iterative development.  

  • Technical Expertise: Analysis and Development in a hybrid (AWS and In-house) service-oriented architecture using Microsoft C#, SQL Server, AWS, Windows Server. 


Contact us to see how MyndCore Partners can deliver tailored, compliant solutions for your company.

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