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The client is the largest independent broker/dealer located in the United States. It has built a network of more than 18,000 advisors. Besides, the company earns over US$ 4 billion in revenues annually. The client was experiencing several challenges in its day-to-day operations.



It was unable to drive value through the existing dual vendor strategy, achieve contractual flexibility to optimally scale to new business needs, and correct low straight-through-processing (STP) across mid- and back-office functions. A pressing need to leverage automation to manage profit and loss and gain new tools that would enhance analytics were compelling the client to look for a partner who could navigate these challenges.


Thus, the client has partnered with Mphasis over the last six years. With this partnership, we are continuing to transform advisor experience with keen focus on front, mid- and back-office transformation. We are the sole operations partner and have over 500 resources supporting an array of business processes from offshore centers.



Our team devised a two-phased transformation plan, which would be carried out over a period of seven years with initial benefits starting from the second year. The plan relied on a functional versus ‘one-size-fits-all’ approach. While some functions are amenable to robotic process automation (RPA), others required Lean and Six Sigma. Further, the solution was structured as follows:

• Phase 1 - Retail Operations

  Transform functions that are larger and traditionally require high headcount and scalability to manage business. This helps drive benefits upfront, e.g. onboarding

• Phase 2 - Street Side Operations

  Functions are fragmented and require higher levels of customization to drive automation, e.g. settlements and corporate actions


We have delivered following benefits:

• Implemented 35+ LEAN projects, saving US$ 1.4 million (this year)

• 100 percent improvement in productivity and turnaround times

• Over 20 RPA projects completed, providing ~35 percent productivity gain. We are on track to deliver committed, contractual benefits


Our innovative solutions will allow our client to experience the following estimated benefits:

• Phase 1 - US$30 million in savings

• Phase 2 - US$60 million in savings