The Smart Way To Scale Your Brokerage Operations

If your business has been booming for your brokerage and you’re ready to scale, you might be wondering how to do so logically. You know what works right now, but how does this translate when your business is twice, three times, even four times the size? This kind of growth is often difficult to plan and even harder to put into action.

Being smart about exactly how you scale brokerage operations will help you to be ready for the challenges that come with taking on new clients and offering new or improved services. Here, we’re taking a look at the best approach if you’re keen to expand your business reach and offerings with as little risk and wasted time as possible.

Why is Custom Software Better Than Out-of-the-Box Tools?

Generic financial software might work when your business is in its early days, but it’ll only take you so far. As your brokerage grows, using off-the-shelf software might slow you down, with clunky integrations or manual tasks that waste your team’s time. The reality is that these tools are built for the masses, not for how your firm actually works.

In comparison, custom software gives you full control. You can automate the exact processes your team uses every day and work with a developer to build dashboards that show only what you and your team care about.

When you’re designing your own software, you can even plug in the tools you already use within your business. Everything will be faster and more efficient because it’s built for your unique workflow. You’re also not forced to adapt your processes to someone else’s system, so you’ve got an automatic competitive edge over similar businesses as you scale.

Work With a Software Partner That Understands Finance

It goes without saying that you’ll need to choose a software developer that already understands financial operations, as well as all the non-negotiables (compliance, reporting, client data security, and so on). Working with a good software partner, like Devexperts, should give you peace of mind knowing that they understand how to meet legal standards with something that’s modern and fast.

When you’re choosing who to work with, ask the companies you contact to share examples of past work with brokerages like yours. The more familiar they are with the goals you have and the challenges you face, the faster they’ll be able to create a system that works exactly as you want it to, without too much input from you.

Future-Proof Your Brokerage With Flexible Infrastructure

When you’re thinking about expanding, you don’t only want to consider how to manage today’s growth. One of the biggest benefits of custom financial software is that it can evolve at the same time as your business. That means you’ve got something that can be updated and expanded for any reason, whether in response to a new regulation or to meet the new or changing expectations of your clients.

You’re unlikely to face the growing pains that your competitors may be dealing with if your infrastructure is built to flex with your needs. That makes it an absolute must if you want to be ready to take on new markets or adapt to those inevitable changes in the industry without having to start again from scratch.

Automate Repetitive Tasks and Reduce The Risk of Mistakes

A major benefit of getting a custom system built for your brokerage is that it lets you move away from spreadsheets and copy-paste workarounds, giving you the option to automate everything from daily trade reconciliation and client onboarding to KYC checks and internal reporting. This automation reduces the likelihood of human error and keeps your team focused on higher-value work (essential at any point, but especially when you’re trying to scale).

Another way to reduce manual errors is by syncing all your data sources in one place, which you can easily do when you’re designing a platform that’s tailored to your business. You’ll be able to keep your data clean and accurate without someone having to manually check everything.

Make It Easier to Scale Up Without Hiring

Attracting more clients shouldn’t mean that you have to double your staff (especially since that, in a way, defeats the point of scaling). Using your own custom tools means you can scale brokerage operations, streamline your back-office processes, and grow your book of business without having to grow your headcount at the same pace.

If you want to scale efficiently and with no issues, you can probably admit to needing better systems. Working with a company that builds custom financial software is the smartest way to grow. Just make sure to choose your developer carefully; you’ll want to see that they have plenty of experience working with businesses like yours and a history of positive customer feedback.

Ankita Sharma

Ankita is the Senior SEO Analyst as well as Content Marketing enthusiast at The Next Tech. She uses her experience to guide the team and follow best practices in marketing and advertising space. She received a Bachelor's Degree in Science (Mathematics). She’s taken quite a few online certificate courses in digital marketing and pursuing more.

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