PrimeVest has launched a new online trading platform that is more robust than the old platform it offered its more than 1,600 advisors. The new platform incorporates the latest in “performance reporting, projected income reporting and cost basis trading, all seamlessly integrated via SmartWorks, PrimeVest’s advisor workstation,” the company said in a statement.
The projected income reporting capabilities—which track items like interest and dividends coming due—are particularly helpful to advisors who have Baby Boomers as clients, PrimeVest’s IT Director James Holweger noted in an interview. Boomers, he said, are very interested in looking at projected income streams.
The new platform is the basic platform on which advisors do their business, including the tool they use to complete trades for their clients, said Jayson Hron, a spokesperson for PrimeVest. It was beta-tested with 25 users before being rolled out gradually over a four-month period to the rest of the field, said Holweger. The “soft release” included extensive training for the advisors to allow them to become acquainted with the “breadth of changes” to the new platform, he said.
“The response has been positive,” said Hron. “People feel they were prepared for it.”
One of the biggest features of the new platform is that it automates the money movement process, eliminating paperwork for advisors and making for a better client experience. “Customers don’t have to write checks,” said Holweger. The new platform also gives advisors the ability to customize their dashboard based on their client mix, which “enhances efficiency,” Primevest said.
The platform is a harbinger of another important release: an investor trading website that gives clients the potential to trade on their own if they and their advisors decide to go that route. It will leverage some of the online trading platform and is scheduled for release by the end of the summer, said Hron.