Tom Moysak, CEOThe financial services industry has been in flux for the past few decades as consumers have cried out for a wider breadth of products and services from trusted advisors. More recently, these shifts in client needs combined with a heavy hand from regulatory agencies—including the recent Department of Labor fiduciary rule— and increasingly challenging operating environment means that advisors, wealth managers, and the firms that back them need compelling and creative tools to help them succeed. In today’s marketplace, technology plays an important role in providing the necessary backbone of infrastructure, compliance, and support for the long-term sustainability of business models.
In response to the ever-increasing complexity in the operating environment of broker-dealers, New York-based Xtiva was launched in 1996 with the singular objective of easing the process of accounting for and calculating commissions. Today, the company serves a diverse group of financial services clients who use any number of tools offered by Xtiva. Further, Xtiva has recently undergone a reimaging of its product stack with a view to what will be game changing for its customers over the next decade. The result is a full stack sales performance management platform that goes far beyond just compensation. CEO Tom Moysak explains the company’s commitment to firms and their advisors, stating, “Financial services companies face a number of challenges, but it boils down the three things they’re trying to overcome: the shifting regulatory landscape, old technology or technical debt, and successfully supporting their advisors success in a way that is strongly aligned with the firm’s objectives.” In an effort to provide meaningful solutions to financial services organizations in all three arenas, Xtiva provides the support and innovative technology to manage commission reporting, front office reporting, DOL readiness, and licensing verification with accuracy and compliance as top priorities.
Xtiva’s Classic product suite has long fulfilled a need faced by every financial services firm—achieving efficiency and accuracy in compensation plan management.
Today, Xtiva’s clients are asking us to be their partner in helping them achieve more and we couldn’t be more excited
“It’s arguably the least sexy thing that goes on at a financial services firm,” explains Moysak. “Our clients universally agree it is one of their most important business functions and they trust us to look after it.” Xtiva has a 20 year track record of providing precise reporting and calculating of compensation and commissions, ensuring its clients avoid costly missteps and errors.
At the heart of Xtiva’s technology is a powerful data ingestion and rules engine that enables highly tailored implementations and supports virtually unlimited compensation plan variations. Moysak continues, “We have a strong reputation for making it easy, all the way through. We enable firms to take their compensation plan and execute right with Xtiva.”
Moysak is excited about the innovative path the company is on. “We have long been trusted with looking after our client’s mission critical compensation processes. Today, Xtiva’s clients are asking us to be their partner in helping them achieve more and we couldn’t be more excited.” New capabilities on the docket include tools to ensure DOL Rule compliance, integration with key technologies used by firms and advisors, powerful new data capabilities to unlock the power of the information for users, and a completely new user experience that is sure to make Xtiva a bellwether in fintech. The company is also expanding to markets outside the U.S., and is bringing a number of high value new partners into the fold. All of this for one purpose—to make it easy for Xtiva clients to find success.