Requirements checklist
What to ask for when choosing software for stock brokers.
A checklist built from how stock brokers work, to print or save as a PDF and bring to any supplier meeting.
What the software should cover
Tick each one that matters to your business.
- Account opening tracker
- Re-KYC and modification requests
- Dormant and falling-activity list
- Client request log
- Brokerage sharing reconciliation
- Dealer and sub-broker dashboard
Roles that need their own access
Who logs in, and what each person may see or change.
- For dealers and relationship managers
- For the back office
- For the compliance officer
- For owners and branch heads
Reports to ask for
Ask to see each one with your own sample data.
- Applications by stage, with the oldest waiting file and the document it lacks
- Review and update dates falling due, by dealer and client type
- Dormant client codes ranked by securities and ledger balance held
- Brokerage by dealer, introducer, segment and month
- Sharing statement gaps by client code, with the cause and the status of each dispute
- Open requests and complaints by dealer, with days taken to close
- Prospects by source and the share that opened an account
Systems it may need to connect to
Note which ones you already run.
- Trade and turnover file import
- Clearing broker statement import
- WhatsApp and other messaging
- SMS
- Accounting export
Questions for any vendor
Put these to every supplier you are comparing.
- Does it place orders or connect to the exchange?
- Can it read the files our clearing broker sends each morning?
- How are dormant clients decided?
- Can it work out what we owe our introducers?
- Where are client papers kept, and who can open them?
- Where do our current client workbooks go?
- Can a client or an introducer log in?
- Can we try it on our own data first?
- What if we later want our records elsewhere?
- What shapes the price for a broking office?
- Which back-office records could be in use before the dormancy lists are built?
- What should the compliance officer and back office have to hand?
Where the work usually breaks today
Circle the ones you recognise. They set the order of the project.
- Account opening files get stuck
- Dormant clients drift away
- Sharing statements do not match our numbers
- Client requests live in dealers’ phones
Prefer to talk it through? See the stock brokers page.