Financial Services Focus

Strategic Leadership

Over the past twenty plus years, NOVON has led and participated in numerous executive and enterprise level initiatives, including:

  • The consolidation of multiple broker dealer operations into a common organization using a single process (the people, the processes and the technology)
  • The analysis, recommendation and vendor selection for outsourcing of regulatory processes
  • The review and selection of new software vendors and clearing firms
  • The analysis to assess whether a firm is more profitable as self-clearing or fully-disclosed
  • The pricing analysis to ascertain best pricing and cost structure for internal retail/capital markets partners as well as correspondent clearing firms
Process Improvement & Workflow Analysis

From front-office to back-office, NOVON has performed numerous process assessments to implement improved quality and delivery:

  • Performed data integrity analysis to identify issues and recommend better controls for the handoff points between multiple compliance systems
  • Harmonized the brokerage operational processes across multiple broker dealers into one set of common processes and business rules
  • Implemented workflow tools to improve NIGO rates and automation 
System Conversions & Integrations

NOVON has a long and successful history in managing all aspects of broker dealer system conversions and integrations:

  • Converting business from self-clearing to fully-disclosed platforms and vice versa
  • Implementing new systems from front-end advisor portals to managed account fee engines to back-end reporting
  • Every step of the way, ensuring that the advisor experience, and business in general, has minimal disruption
Compliance & Operational Risk Management

Specific to broker/dealer community, NOVON has hands-on experience in providing the following services:

  • Data Integrity Assessments – evaluating the file and data hand-offs between systems to ensure records are not getting dropped and all are accounted for in terms of processed, rejected/failed, etc.
  • Analysis/Audit/Review of SEA Rule 17a-3 Client Notification Compliance – reviewing client and account level changes to ensure all client required notifications/letters are triggering and getting mailed to clients within 30s of accounts being set up, name/address changes, suitability changes, and/or every 36-months
  • Facilitation in the completion of FINRA Continuing Membership Application (CMA) filings
  • Policy reviews and compliance manual/procedure audits and updates

For the financial services industry at large, we also have experience in the analysis, review and implementation of Operational Risk management controls.