The founders of the company, Steven Karpel and Andres (“Andy”) Velasquez, each have 25+ years of experience in the financial securities industry working with FINRA registered broker-dealers.
Several years ago, Steven and Andy, working both as FINOP consultants as well as CFOs for several broker-dealers, were frustrated with the amount of manual work required to prepare FOCUS and SSOI reports for the companies and/or clients they worked for as FINOPs both as full-time employees and consultants. Most required several hours to sometimes even 2-3 entire days to accumulate and convert the raw data from the accounting systems and sometimes dozens of other reports from clearing firms, multiple bank accounts, etc. into data and a format that was usable to create the financial reports for FINRA and the SEC. This was exclusive of the other 2-3 dozen other daily reports, reviews, etc. required of a FINOP. During the days leading up to FOCUS and SSOI deadlines could sometimes require 15 hour work days for several days on end.
In addition to the daily, monthly and quarterly financial reporting, there were the dozens of other reports, reviews, and analysis required almost daily which most FINOPs know from experience, can be incredibly stressful and overwhelming. Especially because most FINOPs work for small to mid-size broker-dealers, and there just is not enough resources that the big wire houses have to have dozens of employees and spend $10-100s of millions to create systems to automate as much of these processes as possible.
Frustrated with the hours, stress, occasional errors due to the manual nature of the work of preparing daily, monthly and quarterly reports for both internal and reporting purposes, Steven and Andy who have known each other for more than 15 years and worked together on numerous occasions for a combined dozens of broker-dealers, decided to work together to build a solution to help their fellow CFOs and FINOPs.
We are very excited about what we have created for our fellow CFOs and FINOPs. We have been able to create a solution that can reduce the time to create FOCUS and SSOI reports to minutes from hours including all supporting reports and documents.
In addition, we want to work with our fellow FINOPs to constantly improve eFINOP. We WANT your feedback. We built eFINOP for YOU, and we are very much looking forward to working with each of you!
We appreciate you and thank you!
Steven Karpel and Andres Velasquez