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EAI restructures compliance oversight and automates multi-tier commissions for over 100 National OSJ branches

To learn more about how EAI’s Compliance and Commissions Modules can help your business, please email Marketing@eaiinfosys.com or call

(877) 537-1507

CHALLENGEThey chose EAI Information Systems. A well-conceived and ambitious business plan of a mid-west broker/dealer with 300 brokers carried this caveat. To fulfill its goals, under heightened compliance demanded by regulatory agencies, the firm would need to replace its underperforming compliance system and clean up its Excel®-based commissions processing. To reduce the chance of error that comes with rapid growth, the broker/dealer needed a robust compliance system that could manage the books and records for over 100 OSJ branches as business grew and offer the flexibility to support a complex commission structure.

The key challenges were to ensure accurate and timely compliance oversight of over 100 OSJ branches in a national footprint, as well as to move their current commission process from Excel®-driven reporting and tracking to a more automated, customized and condensed reports solution. The multi-tier commission structure needed a solid foundation with the flexibility to handle continuous change. Tolerance for errors in service and ticket charges and the clerical time to catch and correct them would end. System accuracy, accountability and efficiency to support growth was a “must,” not just a “need.”

SOLUTIONAfter an evaluation of the firm’s system and a complete review of the compliance, commission structure and reporting requirements with the firm’s management, EAI implemented the EAI Data Management Vault with Compliance and Commissions modules. The system accomplished the following:

• Established an automated and consistent regulatory/compliance process across a national footprint.

• Automated identifying and correcting inaccurate ticket and service charges.

• Developed comprehensive, transparent tracking and accountability of multi-tier payout levels.

• Consolidated reports to capture all multi-tier payouts on one report.

RESULT• Created a consistent and accurate solution for the oversight of

over 100 OSJ branches.• In a short period of time, multi-tier commission structure was built

and reports finalized running smoothly and accurately. • Created time efficiencies in overall support processes. The client

was able to reduce the number of full-time employees devoted to the internal support of commission tracking, reporting and compliance.

• Profitability measuring reports were completed with accuracy and reported on all broker and branch levels. This allowed for the opportunity to retain brokers and manage higher compensations.

Since completing the installation, EAI has delivered consistent technical support to ensure the daily management the firm needs to maintain consistent compliance reporting and commission payouts.