Oppenheimer & Co. Inc's 2,300 advisers are rebooting.
The firm has selected the cloud-based Market-Q desktop and mobile platform to provide streaming market data to its financial planners, according to a statement released by Market-Q's manufacturer, Interactive Data Corp.
The announcement is a coup for Interactive Data Corp's up-start software and a blow to its top competitor, Thomson Reuters Corp, which manufactures the platform that Oppenheimer had been using.
Oppenheimer is the latest major wealth management firm to adopt the six-year-old service. Market-Q has already announced that Raymond James Financial Inc, Pershing LLC and the Canaccord Wealth Management (a Canadian division of Canaccord Financial Inc) are using the platform.
“More and more I think the financial professionals are mobile themselves,” said Bill Chambers, vice president and general manager of wealth solutions at Interactive Data. “They're out talking to their clients. They want to have access to this information, 24-7.”
Market-Q, which launched a mobile platform for iPads in May, has some 40,000 licenses and 25,000 users. The company plans to introduce an Android version this year.
Thomson Reuters did not respond to requests for comment. Oppenheimer declined to comment through a spokesman.