baysystech

How to choose the right outsourcing partner?

2011-12-21T04:20:00.001-08:00

Outsourcing helps a firm concentrate on their core competencies. Therefore, Outsourcing of operational tasks is quickly becoming the norm in today's competitive environment. Click here to know whether you should outsource.

Selecting the right outsourcing partner is one of the major constraints in building an effective outsourcing relationship. Here are some of the common information needs to be considered in finding the right outsourcing partner,

•    Choose a partner who has worked in various portfolio management systems.
•    Select an outsourced partner who knows how to measure operations.
•    Your outsourced partner should be able to solve data management changes.
•    Select a partner who is able to add the value to quality of technology that you use
•    Select the partner who shares their vision/commitment to deliver quality
•    Choose the partner who possesses proficiency and knowledge about your business
•    Choose the partners who is service oriented and having a demonstrated track record of success.
•    Certify that your outsourced partner speaks your language. It helps to understand the business objectives much better and avoid miscommunication.

Though there are a lot more information involved in the process, this will make it easier to start with.

BaySysTech provides outsourced data management, reconciliation and performance update/validation services on your portfolio management system and helps to the growth of your firm.

Please stay tuned with our Blog to know more about these or Contact us for more information.

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Google has opened up for businesses,...

2011-11-19T03:56:00.001-08:00

Google+ has opened up for businesses, brands and more with its pages feature... We've created ours http://plus.google.com/106157355987917595370

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Features and Functions of Billing And Reporting Solution

2011-11-06T22:01:00.001-08:00

Set up billing schedules/schemes.

              a. Easily create unlimited schemes comprised of different rates and brackets.
              b.   Keep track of which accounts/households are associated with which scheme
              c.   Changes to a scheme globally change all households associated with that scheme – no need to edit multiple accounts or records.
              d.   Ability to populate BARS with information from other systems

Assign schemes to accounts or groups of accounts

a. Once schemes are created, easily associate an account/household using drag & drop.

Produce invoices for individuals and families

              a.   Assign multiple accounts to a billing group
              b.   Easily see all accounts in a household, and their assets and historical fees in one place
              c.   Market value of billing group is aggregated to reach a higher tier/lower rate
              d.   Ability to calculate fees forward or in arrears.
              e.   Ability to pro-rate fees for partial period.

Define settings for accounts/groups

              a.   Choose which account is responsible for paying the fees of other accounts. For example, if the fee for an IRA account is paid by another account.
              b.   Create and define discounts that can be applied to accounts or groups. Discounts can be a set amount or a percentage. Discounts can be bounded by a date range.
              c.   Determine which accounts will appear on a statement for a household. For example, the parents may receive one statement with all family accounts, whereas the children will receive a statement with only their accounts.
              d.   Assign a Rep or Advisor to an account, and be able to run management reports calculating “payouts”.
              e.   Create any number of “CC’s” for an account. When creating the statements, the user has the option of including duplicate statements for the CC’s.
              f.   Define whether an account has fees deducted, or pays by check

Non-Billable Assets

a. Define any number of non-billable assets at the individual security level, or at a higher level (for example, exclude all Cash from the market value for billing purposes).
b. Choose to display non-billable securities on the statement

Creates an upload file for your custodian (currently produces a file in Schwab format, others pending)

Run management reports

              a.   BARS stores billing history, and produces management reports enabling you to see how much revenue has been generated for accounts/households for a given time period
              b.   BARS can generate management reports displaying fee detail at the account/household level, with flexibility on which columns are displayed
              c.   Run ‘rep payout’ reports
              d.   Generate exception reports, such as accounts paying the minimum fee and accounts that do not have enough cash in the account to pay the fee
              e.   Writes output to .pdf files

Please stay tuned with our Blog to know more about these or Contact BaySys Technology for more information.

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Top inspirational quotes - By Steve Jobs

2011-10-07T00:40:00.001-07:00

Steve Jobs, revolutionary computer entrepreneur and innovator, died on Wednesday. This is an unbearable loss to the Technology sector as he was one of the best innovator, entrepreneur, speaker, thinker and more...

He spoke all around the world. His thoughts can inspire entrepreneurs, experts and all the common people.

Here are some of the inspirational quotes to the legend as our tribute.

•     “Sometimes when you innovate, you make mistakes. It is best to admit them quickly, and get on with improving your other innovations.”
•    “Being the richest man in the cemetery doesn’t matter to me … Going to bed at night saying we’ve done something wonderful… that’s what matters to me.”
•    “We’ve gone through the operating system and looked at everything and asked how can we simplify this and make it more powerful at the same time.”
•    “Be a yardstick of quality. Some people aren’t used to an environment where excellence is expected.”
•    “I want to put a ding in the universe.”
•    “I was worth over $1,000,000 when I was 23, and over $10,000,000 when I was 24, and over $100,000,000 when I was 25, and it wasn’t that important because I never did it for the money.”
•    “The Japanese have hit the shores like dead fish. They’re just like dead fish washing up on the shores.”
•    “Unfortunately, people are not rebelling against Microsoft. They don’t know any better.”
•    “Bill Gates‘d be a broader guy if he had dropped acid once or gone off to an ashram when he was younger.”
•    “The only problem with Microsoft is they just have no taste. They have absolutely no taste. And I don’t mean that in a small way, I mean that in a big way, in the sense that they don’t think of original ideas, and they don’t bring much culture into their products.”
•    “Innovation distinguishes between a leader and a follower.”
•    “The people who are doing the work are the moving force behind the Macintosh. My job is to create a space for them, to clear out the rest of the organization and keep it at bay.”
•    “I’m as proud of what we don’t do as I am of what we do.”
•    “Quality is more important than quantity. One home run is much better than two doubles.”
•    “I’ve always wanted to own and control the primary technology in everything we do.”

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Data Management:

2011-09-29T03:10:00.001-07:00

Data is a raw collection of facts from which conclusions may be drawn.
Management is the act of managing(maintaining and handling) things effectively.

Data management refers to all the fields related to managing data for a purpose that treats data as an efficient resource.

In Information Technology, data management is the administrative process where the data is stored, protected and processed in order to satisfy end data users. The data collection is the main representation of the organization because it helps in recording, managing, forcasting and planning. Data can be explained as a business asset which helps in the growth of the business.

Why Data Management is important?

    * A data resource is one of the important resources in any organization and it must be properly managed for its success in attaining goals and objectives.
    * Business has a demand for data/information that changes frequently to stay ahead of the competition. Data management helps in meeting the demand.
    * The success of an organization depends on the quality of the data resource.
    * Data management plays a vital role in effective business analysis and intelligence
    * Data and its management helps in report generation
    * It helps in creating charts, graphs, etc for reporting

Some of the common terms to be noted on Data Management are:

Data modeling: The initial phase of creating a structure for the data collected and organizing them in an efficient manner.

Data warehousing: The process of storing data so that the data can be easily accessed and used efficiently.

Data mining: The process of checking and organizing data carefully, analyzing and summarizing the data into useful information which can increase the revenue.

Investment advisors who desire operational scale, efficiency, control and increased profitability hire BaySys Technology for data management excellence.

Subscribe to our blog to keep yourself updated on the Information Technology for Financial Sector.

BaySys Technology enables Investment Advisory firms to fully leverage their investment in systems, technology and personnel.

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Outsourcing Service with Libra

2011-09-17T03:46:00.001-07:00

Libra is an outsourcing service which helps to keep your business in balance. It works along with your Portfolio Management System and through this you can,

•    Gather and analyze your data
•    Reconcile the data from your custodians
•    Research and corporate actions as soon as they are available
•    Calculate and validate performance
•    Create a detailed tangible plan to help streamline operations
•    Design and implement custom automated process
•    Make more time for your clients.

Investment advisors who desire operational scale, efficiency, control and increased profitability hire BaySystech for data management excellence. We manage the tedious process of collecting, managing, and reconciling daily account activity across your custodians in order to optimize your portfolio management systems' capabilities. We will free you up so you can provide your clients a level of service that separates you from your competition.

Please stay tuned with our Blog to know more about these or Contact BaySys Technology for more information.

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Portfolio Management System :

2011-08-23T23:19:00.001-07:00

Managing an entire group or major subset of software applications within a portfolio can be called as Portfolio management system. Here the portfolio can be a stock, share or derivatives .

A complete Portfolio management system should provide you some of these following benefits.

Cost effectiveness : It should provide sophisticated reporting function to the clients.

Superior report writing module : It should have a report publishing support and the reports can be exported to Word documents, Excel formats and in text formats.

Continuous updates : The transactions and closing prices can be updated manually.

Better data with less effort : All system modules should share the same database. So that the result can be produced in a reduced number of times .

Timely and accurate invoicing :

Invoices should be created easily and in return should be paid quickly.

Reporting of Capital gains : The system should produce the results of Detailed capital gains for short term and Long term, Negative balances.

Graphs to view the portfolio :

Extensive graph options will allow the customer to view their portfolios in a variety of ways and they can compare the performance and gain.

BaySysTech provides an outsourced data management, reconciliation and performance update/validation services on your portfolio management system and helps to the growth of your firm.

Please stay tuned with our Blog to know more about these or Contact BaySys Technology for more information.

BaySys Technology enables Investment Advisory firms to fully leverage their investment in systems, technology and personnel.

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Investment advisory softwares

2011-07-24T23:35:00.001-07:00

Investment advisory softwares are a group of programs/applications used by the investement firms/advisers to make their process and services to their clients automated and easy.

The primary features of Investment advisory softwares/applications include, but not limited to:

Easy to use and implement
Increase efficiency for financial institutions and their advisers
Web-based interface for the investement advisers to have better control
Decrease back office operations and cost
Time-to-time updates for the software
Remote access to the software/application installed

It should help the investement firms/advisers to create more insightful investment plans to help investors achieve their goals and have more returns.

BaySys Technology enables Investment Advisory firms to fully leverage their investment in systems, technology and personnel.

BARS is a software application that enables advisory firms to produce billing statements for their accounts and households quickly and efficiently.

Subscribe to BaySysTech's BLOG to know more...

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Data Management and Investment Advisory firms

2011-06-29T10:40:00.001-07:00

Data management is the administrative process of storing, protecting, processing and retrieving the data so that it is helpful for the end data users and satisfy their requirements. Data also serves as a business asset as it is helpful in the recording, managing and planning of the business.

Effective Management of Data is very critical, especially, for the Investment advisory firms as it requires management of customers, employees, accounts, variety of products and services etc.

Managing the data is essential for investment advisory firms as those firms store a vast amount of data involving the client(customer)'s portfolio and their management

As investment advisory firms advice businesses on investing, purchasing, or selling securities, they need to have updated data on the securities/investments collected, and processed into valuable information which will help their clients.

More details on how the Data Management and outsourcing help Investment firms will be discussed in the forthcoming posts. Subscribe to our blog to keep yourself updated on the Information Technology for Financial Sector.

BaySys Technology

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Some definitions of positions

2011-04-04T11:28:00.001-07:00

This article contains some definitions for various positions in the Financial Services industry. A great read!

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Baysys Technology - An introduction

2011-03-17T18:30:00.001-07:00

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Independence Investment Advisors Deploys Electra’s Reconciliation Solutions

2010-05-17T04:03:00.001-07:00

February 1, 2006 – New York, NY - Electra Information Systems, a leading provider of reconciliation, trade automation and settlements solutions, today announced that Independence Investment Advisors, LLC, a Boston, MA based investment manager, has gone live with STaARS and RecCollect, Electra’s market leading solution for back-office automation. To read more click here

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ByAllAccounts Awarded Patent for Financial Portfolio Management Technology

2010-05-17T03:51:00.001-07:00

BOSTON, Jan. 19 /PRNewswire/ -- ByAllAccounts, Inc., the leader in financial account aggregation for professional use, today announced it has been awarded a patent for its "Financial Portfolio Management System and Method". The patent caps a highly successful 10th year for the company, a year that saw more than $100 billion in Assets under Aggregation flow through its services, up 100 percent from 2008. To read more clik here

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Navigating the Fog - Billing, Metering & Measuring the Cloud

2010-05-17T03:40:00.001-07:00

t's that dreaded time of the month again, the time of the month that we, the 400,000+ Amazon Web Service consumers await with great anticipation / horror. What I'm talking about is the Amazon Web Services Billing Statement sent at beginning of each month. A surprise every time. In honor of this monthly event, I thought I'd take a minute to discuss some of the hurdles as well as opportunities for Billing, Metering & Measuring the Cloud. To read more click here

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RIA Guide to New Billing System

2010-05-17T03:28:00.001-07:00

RIA customers may want to check out the "Guide to RIA's New Open
Invoices and Statements" which just became available on the RIA web site at http://RIAhome.com
(under the tab link for CONTACTS AND SUPPORT). The two-page guide summarizes key changes in the
format of RIA invoices and statements since RIA implemented its new billing system in December
2000. To read more click here

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Budget Advisor

2010-05-17T03:16:00.001-07:00

From The Other Software :

From the developer: "Budget Advisor provides an easy way to keep track of your monthly budget. Budget Advisor allows you to create a budget for the entire calendar year to cover regular monthly expenses as well as items which are only applicable to particular months.The budget is split into categories, each of which can have different budget items. You can have up to 50 budget categories, each of which can have 50 budget items. This means that you can have a total of 2500 budget items.Once your Budget is created, you can then enter actual costs against budget items for each month as they occur. This allows you to track how your budget costs compare to the actual costs in total, by Category, or by Budget item. You can also check this for a particular month or for the entire year. There is extensive graphical and reporting analysis of your budget data to help you analyze exactly how effective your budgeting is, and to help you adjust your budgets for the future accordingly." To read more click here

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Active Directory Design Advisor

2010-05-17T03:10:00.001-07:00

Active Directory Design Advisor provides practical advice targeted at smaller and medium-sized enterprises. It focuses on the issues important to your organization, addressing each significant design step, introducing major concepts and best practices. Decision trees guide you to the most appropriate solution, resulting in a coherent design that can be exported to complementary capacity-planning tools. to more read click here

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Survey of Financial Advisors Shows Many Are Missing Major Growth Opportunity: Billing on Held-Away Assets

2010-05-17T02:58:00.001-07:00

BOSTON - February 16, 2010 - ByAllAccounts, Inc., the leader in financial account aggregation for professional use, today released the results of the company’s Q1 Advisor Survey. The study found that financial advisors agree on the importance of providing advice on all their clients’ assets: those under management, under supervision or monitored and held-away. Nearly half (46 percent) of respondents are billing for this service by including held-away assets in their service fees. The advisors who do include held-away assets in their billing are increasing their annual revenues, in some instances very significantly. To read more click here

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Survey of Financial Advisors Shows Many Are Missing Major Growth Opportunity: Billing on Held-Away Assets

2010-05-17T02:37:00.001-07:00

BOSTON, Feb. 16 /PRNewswire/ -- ByAllAccounts, Inc., the leader in financial account aggregation for professional use, today released the results of the company's Q1 Advisor Survey. The study found that financial advisors agree on the importance of providing advice on all their clients' assets: those under management, under supervision or monitored and held-away. Nearly half (46 percent) of respondents are billing for this service by including held-away assets in their service fees. The advisors who do include held-away assets in their billing are increasing their annual revenues, in some instances very significantly. To read more click here

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Real Time Reconciliation

2010-05-17T02:17:00.001-07:00

> Refreshes reconciliation reports on demand, and online
> Provides online access to custodian files
> Corrects security breaks globall, To read more click here

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Resources for Tax & Accounting Research

2010-05-17T02:01:00.001-07:00

RIA's Complete Analysis of the Tax and Benefits Provisions of the 2010 Health Care Act as Amended by the 2010 Health Care Reconciliation Act explains the massive changes that will affect almost all individual taxpayers and employers. Order your copy today! To read more click here

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Billing Advisor

2010-05-17T01:50:00.001-07:00

Billing Advisor™
Billing Advisor™ extends the capabilities of Amdocs ClearContracts to support service billing scenarios. Billing Advisor™ allows contracts to be set up with variable labor rates, inclusions parts, travel time and expenses and one time event charges. The system supports a variety of billing scenarios from Time and Materials to pre-purchased service packs. Billing can be calculated when the case is closed or during the periodic billing cycle. Rollup and consolidated invoice settings can be configured for each customer. The system also facilitates export of calculated billing items to AR/GL systems. To read more click here

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Financial Advisors

2010-05-17T01:32:00.001-07:00

How can Oakwood assist you?
Ask an OakAssist Financial Advisor!
We understand that when you need hospital care, worrying about the financial responsibility can add additional stress. If you do not have insurance or your insurance does not cover all of the costs, there may be other options to assist you. To read more, click here

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Advent Axys outsourcing by Accusource

2010-05-17T00:37:00.001-07:00

Our resources have been involved in outsourcing solutions for investments management firms since 1986. With our diverse experience and knowledge, we are able to provide more than just back office outsourcing. We can recommend new solutions or assist your firm with compliance needs. To read more, click here

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Advisors Held Hostage

2010-03-30T01:52:00.003-07:00

There was a good article in Investment News today: http://www.investmentnews.com/article/20100328/REG/303289973

The article talks about how advisors feel like they are held hostage by their Portfolio Management System due to a lack of standards which results in difficulty switching from one system to another. Switching portfolio management systems will usually mean that you also need to pay someone to convert your data – either this will be provided by the new company/service, or will be performed by a 3^rd party consultant that is familiar with both systems. Hopefully an advisor would be able to negotiate a data conversion with the new provider. In addition to the time, cost and complexity of migrating to a new system, there is the important process of running parallel. I have worked with several advisory firms that have switched systems, only to realize too late that the new system doesn’t handle a particular critical process, which may result in a very extended period of running parallel, or in some cases, scrapping the new system entirely. Such a process can be incredibly costly in terms of lost productivity time as well as dollars. Most vendors will require a contract, and backing out of a contract can be another headache. Trying to prove that a new vendor didn’t disclose that their system did/didn’t do something the advisor absolutely had to have can be very frustrating.

If an advisor is considering switching portfolio management systems, here are some things to consider:

1. Can the new provider convert some of your data in advance of signing a contract, so you can run reports in the new system and compare them against your old system?

2. Can you run through a period end procedure, crossing over a reporting period and see how the new system performs?

3. Will the new system convert your “transaction history” or will it just be a position conversion? If the latter, then how cumbersome will it be to keep going back to the first system for historical data? This will undoubtedly occur, especially around year end and tax time when clients need historical cost basis.

4. What kind of agreement can be struck with the new vendor giving your firm the ability to back out if absolutely necessary?

5. List all critical aspects of your current system, and make sure to specifically test these in the new system (this is a very abbreviated list), such as:

a. Trading

b. Asset Allocation

c. Categorization of Securities/Graphics

d. Security

e. Billing

f. CRM features, if included in new system

g. Performance

h. Customization

i. Ability to get data in/out of the new system

j. Ease of use/learning curve

Switching systems is like switching custodians – it’s generally not something that is done unless you have to. In addition to the above, you should speak with users that are similar to your type of practice. If you are investing in individual stocks, talking to another user that is investing only in mutual funds is not going to give you the information you need. If the new firm doesn’t have any advisors that are similar to your practice, then that should be a red flag.

Larry Baker

BaySys Technology, LLC

www.baysystech.com

Cell: (925) 984-4869

lbaker@baysystech.com

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Advisors Held Hostage

2010-03-30T01:52:00.001-07:00

There was a good article in Investment News today: http://www.investmentnews.com/article/20100328/REG/303289973

If an advisor is considering switching portfolio management systems, here are some things to consider:

1. Can the new provider convert some of your data in advance of signing a contract, so you can run reports in the new system and compare them against your old system?

2. Can you run through a period end procedure, crossing over a reporting period and see how the new system performs?

4. What kind of agreement can be struck with the new vendor giving your firm the ability to back out if absolutely necessary?

5. List all critical aspects of your current system, and make sure to specifically test these in the new system (this is a very abbreviated list), such as:

a. Trading

b. Asset Allocation

c. Categorization of Securities/Graphics

d. Security

e. Billing

f. CRM features, if included in new system

g. Performance

h. Customization

i. Ability to get data in/out of the new system

j. Ease of use/learning curve

Larry Baker

BaySys Technology, LLC