CUSO Financial Services, LP, (CFS) a full-service broker dealer and Registered Investment Adviser that provides customized investment and insurance solutions to credit unions, is celebrating the tenth anniversary of its proprietary dataVISION® integrated account management system with the release of several new features that continue to enhance the easy transmission of account and personal registration information for financial representatives.
The fully electronic, web-based system, first introduced by CFS in 1998, was designed from the outset to support financial advisors in the administration and organization of accounts by supplying a streamlined process and communication platform. The newest features include:
- An enhanced home page with quick links to online work flow, marketing support, and reporting, also provides market data, quotes, announcements, personalized messages to the registered representatives and more
- Simplified update of account information from dataVISION® to CFS’s clearing firm through a single entry screen with automated transmission for all associated accounts
- Integration of critical compliance functions including an annual compliance questionnaire
- Easy verification and update of an advisor’s compliance registration information directly from the platform to the registration department.
The dataVISION® system has evolved and expanded over the years to simplify administration of a comprehensive management system that includes an order entry platform, calendar, contact history, consolidated customer account tracking information, electronic storage of customer documents and all needed reports. In addition, a member enhancement module, My Portfolio View™, can be added by credit unions to allow all member-facing information to be integrated into their home banking websites. With this module members can see and manage all of their investments using the same interface they use to review credit union accounts and pay bills. One of its optional components, eVISION®, an electronic trading platform, allows members to place their own stock, option and mutual fund transactions at a discount, plus provides access to quotes, investment research, news, market indices and more.
According to CFS-affiliated financial advisors, dataVISION® has been instrumental in creating efficiencies and providing easy access to documents needed for regulatory compliance. One company that uses the CFS application is Wescom Credit Union of California. Wescom, which has 56 branches and functions as its own broker/dealer, recently conducted an extensive study of financial management systems. After conducting in-depth reviews and comparisons of dataVISION® with four other options, Wescom determined that CFS and the dataVISION® platform were the best option for efficiencies as well as cost.
“It’s obvious to those of us who use dataVISION® that CFS listens to program managers about what our real needs are. They meet with us at least twice per year and discuss ways to constantly improve the system’s usability,” said Keith Pipes, executive vice president, finance and financial Services, of Wescom Credit Union. “As a web-based, fully electronic system, it is easy to use from remote locations and intuitive for both investment associates and financial advisors. The time saved using the single entry system has made it possible for our reps to spend most of their time working with credit union members, rather than on paperwork. Levels of access are tiered so management can schedule whatever reports we need, by branch, and use the data as a business planning tool. Best of all, we are assured that we’re staying in compliance and tracking accounts appropriately. In an audit, I know a lot of the information and documentation I’ll need is all in there. In short, we’ve found this program to be an effective, turnkey solution – and I’ve even used it as a recruiting tool. Reps see it and immediately recognize the improvements over what they’ve used before – it’s great!”
dataVISION® serves all 110+ of CFS’s credit union partners and customers as their comprehensive account management system. Wescom CU is one of several of CFS’s credit union customers that also uses the integrated home banking investment module. Credit unions or financial advisors interested in learning more about the application can call 858-530-4400.
About CUSO Financial Services, LP
Established in 1997, CUSO Financial Services, LP (Member FINRA/SIPC) is headquartered in San Diego and has more than 110 credit union users, including 25 of the top 100 credit unions in the country. With branch offices located nationwide, and more than 325 licensed representatives, CFS is a full-service broker/dealer and Registered Investment Advisor offering customized investment and insurance solutions to credit unions. For more information, call 858-530-4400 or visit www.cusonet.com.
Contacts:
Beth Walsh, 858-724-2500
beth@clearpointagency.com
