First Trust is readying a number of changes to its DataLynx Web site over the next three months that it expects will put it ahead of competitors also offering custodial services to financial advisors.

The changes are aimed at bringing advisors' administration tasks onto the Web, explained Skip Schweiss, vice president of First Trust who heads DataLynx. The first phase, which is expected to be announced at the firm's annual advisor meeting July 23 in Denver, will bring a portfolio management system for advisors into the Web site. It will also integrate client performance reporting, contact management, and billing tools.

The second phase, expected in three months, will add trade order management to the Web site. Today, advisors are still using a proprietary software tool for trade order, explained Schweiss.

"Some of these changes will put us ahead of the competition," said Schweiss. This week the Denver-based firm also announced a number of smaller upgrades to the site, including statement online, a link to its Internet stock trading and the electronic delivery of shareholder communications materials.  

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