First North consultants have subject matter expertise and years of practical experience working for the leading companies within our industry domain including: investment & wealth management, capital markets, marketplaces and clearinghouses, regulators, and auditors.
Our industry regulators have referenced and approved First North to assist both new and existing members with consulting services that provide them added benefit and assurance.
Trusted Partner
First North is a trusted partner to the industry’s most senior executives. Our directors participate actively in the development, validation, and implementation of our customers’ strategic objectives, including at the board level. This involves the sharing of information about their own strengths, weaknesses, opportunities, and threats (SWOT) within the competitive marketplace they serve.
Business Transformation
First North is the market leader for advising firms of all sizes who are re-aligning or transforming their businesses due to changing market conditions or regulations. We advise executive management and their respective teams on the conversion strategy & plan, feasibility, and strategic options for service models for example: self-clearing vs. correspondent. We also assist our clients with transition management, providing subject matter expertise and support on regulatory compliance, certification, and technology applications available in the marketplace (including managing RFP or vendor scorecard), such as Wealth Platforms and Books of Records systems.
Business Requirements
Develop the detailed business and related technology requirements and prepare the document artifacts to ensure successful business driven solutions are implemented by the customer. Deliverables include Current/Future State, Gap Analysis, Target Operating Models (TOM), Scenario Analysis (e.g., MFR / RAC), all of which include best practices so that customers will achieve successful delivery.
New Products
We advise lines of business management and service delivery teams on how they can differentiate their product offerings to end clients, such as correspondent clearing. In doing so, we examine both the opportunities and related costs (Business Case), as well as, operations and technology alignment, including internal (Build) vs. external (Buy) of business applications and systems.
Process Optimization
Process design, documentation, and consulting on implementing new or enhanced business processes across front, middle, and back offices using Lean/Six Sigma principles. Lines of businesses can reduce operational costs and risk by mapping their new or existing business process flows and streamlining them to deliver the best service and value to their customers in a predictable and repeatable process. These optimized processes can then be automated using technology systems that will further enhance the organization’s capacity.
Our capabilities span across the investment industry lifecycle, including front, middle and back-office processes, and related systems.
Recent and Current Engagements
- Executive Advisor to multiple clearinghouses on their industry-wide post-trade modernization programs.
- Program advisor on major conversion initiatives for multiple wealth management firms.
- Current / Future State business process analysis for a global custodian across multiple lines of business.
- Providing Back-Office expertise to investment banks on both institutional and retail operations, including new books of records functions.
- Advisor to a global Prime Brokerage firm on new products and vendor service offerings to enhance their institutional and retail client service offerings.
- Business requirements documents for a global wealth management firm and their vendors across equities, fixed income, options, and mutual fund classes.