{"id":271435,"date":"2010-05-17T11:32:00","date_gmt":"2010-05-17T16:32:00","guid":{"rendered":"https:\/\/www.investmentexecutive.com\/uncategorized\/wellington-west-selects-varicent-to-replace-legacy-compensation-system\/"},"modified":"2010-05-17T11:32:00","modified_gmt":"2010-05-17T16:32:00","slug":"wellington-west-selects-varicent-to-replace-legacy-compensation-system","status":"publish","type":"post","link":"https:\/\/www.investmentexecutive.com\/news\/industry-news\/wellington-west-selects-varicent-to-replace-legacy-compensation-system\/","title":{"rendered":"Wellington West selects Varicent to replace legacy compensation system"},"content":{"rendered":"
Full service wealth management firm Wellington West Holdings Inc. has selected Varicent Software Inc. to implement its new sales performance management (SPM) system.
Wellington West is replacing their current system with Scottsdale, Ariz.-based Varicent to gain flexibility around sales administration processes, improve and enhance reporting capabilities, introduce automated workflow and to increase scalability to accommodate future growth strategies, the two companies announced Monday.
\u201cWe were impressed with the maturity and flexibility of Varicent SPM and we are confident it will deliver the results we require,\u201d says Dennis Stewner, president of Wellington West subsidiary Wellington West Capital Inc.
\u201cWe are especially excited that Varicent SPM can be used for so much more than simply calculating compensation and it will play a critical role in our continued growth,\u201d Stewner adds.
Wellington West has been utilizing an internally developed spreadsheet system that is resource intensive, not scalable and lacks the reporting that the investment advisors and management requires.
The Varicent SPM lets Wellington West improve the efficiency of commission processing; provide a workflow for advisor approvals, inquiries and disputes; provide greater auditing capabilities, reconciliation and exception reporting; and develop a more sophisticated reporting platform.
Additional benefits for Wellington West also include using the software as a single \u201cbook of record\u201d for all the commission business rules rather than maintaining them in multiple separate spreadsheets.
The automated workflow features of the software will also provide Wellington West with the ability to measure and manage the administration team service levels.
The solution will provide advisors with up-to-the-day reporting in detail (not just lump sums) in order to provide greater visibility on commissions activity by improving access (through the internet and potentially BlackBerry) which in turn will reduce the number of phone calls to the administration team, Varicent says.
\u201cThis greater visibility will also increase assets by encouraging investment advisors to do more business when they are confident that they are getting paid for it,\u201d Varicent adds.
Through its subsidiaries, Wellington West provides full-service brokerage, capital markets, financial planning and asset management.
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