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Helixx Portfolio Company Open Finance Network (“OFN”) Responds To Crisis In Financial Markets
CHARLOTTE, September 18, 2008 --The recent turmoil in the financial markets, which took a dramatic turn with the bankruptcy of Lehman Brothers and the acquisition of Merrill Lynch by Bank of America was no surprise to the Open Finance Network. Open Finance Network Executive Vice President John Allen said, "While there were some company-specific conditions that drove these events, the truth is that these dramatic events are simply indications of an inevitable and irreversible shift taking place in the financial services industry," said OFN Executive Vice president John Allen. OFN executives explain the shift in terms of a rapid evolution in technology and the relentless pressure created on large proprietary wirehouses by free market economics, combined with important changes in regulation. These wirehouses, which once held exclusive access to product and services, are rapidly becoming the “dinosaurs” of the financial services industry, they note. OFN Founder Greg Leekley noted, that “by 2006, the number of independent advisors and reps was greater than the number of full service reps working for the large wirehouses such as Lehman, Merrill Lynch, and others." These shifts have put huge pressure on these behemoth firms. In response, a number of them resorted to very risky business practices. Freedom and independence -- and the power that is released by this freedom and independence -- is the revolution that is raging in the financial advice market. “This is the future of financial advice,” Leekley noted. “This is the future that the Open Finance Network empowers." The Open Finance Network is a leading provider of open architecture front-office and back-office technology and service solutions for family offices and fee-only advisors. OFN's solutions empower advisors by eliminating the administrative and financial friction involved in delivering best-of-class approaches across their business, wealth and portfolio management processes. OFN is based in Charlotte, N.C., one of the nation's leading financial technology and services centers. The company has a full-time staff of approximately 100 people and has over $14 billion in assets under administration. # # # FOR MORE INFORMATION: Warren Smith 704-661-9137
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05 January 2009
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