WealthTech provider The Sycamore Company recently announced that Axtella, a network of two broker-dealers and an RIA, has adopted Sycamore’s Compensation Manager solution to ensure its advisors are paid accurately and on time.
By logging into Compensation Manager, Axtella advisors can see compensation statements and pending compensation anytime. The solution, which has multiple licensing and registration checks, minimizes manual input, cutting down on human error while increasing efficiency.
“Leveraging Sycamore Compensation Manager means our advisors will have an exceptional tool to keep track of their payments. At Axtella, we are constantly looking to enhance our advisors’ efficiency,” said Brandon Rydell, President at Axtella. “The adoption of this technology underscores our commitment to attracting and retaining advisors and supporting them in delivering exceptional service to our clients.”
A 2023 Cerulli/BISA white paper indicated that 52% of bank executives and advisors are dissatisfied with their firm’s technology, and specifically outdated legacy systems. Cerulli said that investments in technology pay dividends when it comes to hiring and retaining advisor talent.
Mike Overdorf, President and Founder of Sycamore, said, “For firms to compete and grow in this extremely competitive environment, attracting the best-performing advisors is crucial, as is compensating them accurately and in a timely fashion. Retaining the best advisors means keeping them happy and productive with accessible, automated tools and data transparency, which is exactly what Sycamore provides.”
Sycamore’s broader platform includes solutions for advisor management, client management, compliance management and data management. It drives efficiency across remote workforces and multiple workflows by acquiring the right data, normalizing it, and making it accessible to meet multiple compliance, operational, and advisor transparency and client-servicing requirements.
