Welcome to the latest edition of At the Forefront: Fintech Conversations!
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In this episode, Forefront VP and Head of Content Sam Belden is joined by David Choate, Chief Operating Officer at CAPIS, and Tim Conway, Director of Plan Sponsor Services at CAPIS, for a conversation about CAPIS’ recent acquisition of TD Securities’ plan sponsor services business. The discussion explores why the move made strategic sense, how the integration has unfolded and what it means for CAPIS’ clients and long-term growth.
To start, Sam poses the fundamental question: Why this acquisition — and why now? David explains that the decision was driven by two key factors: the value of client relationships and the strength of the team. “I’ve known Tim Conway and the commission recapture business at what was originally LJR back in the ‘80s… probably the most respected competitor in the commission recapture space for years,” he says. “When the opportunity presented itself to possibly add Tim’s expertise and his team to CAPIS, it was a no-brainer.”
For CAPIS, the acquisition reinforces its commitment to the plan sponsor community. “It continues to be a core business line for us,” David explains. “From our perspective, that’s both commission management to the buy side and commission management to the asset owner.” With this deal, CAPIS meaningfully expands its commission recapture offering while also deepening its relationships with asset owners — a key client segment.
Tim shares more about the team that made the move: himself, Pervy Modi Patel and Laura Franks — all of whom bring decades of experience. “Continuity was really important,” he says. “Pervy and Laura have covered a lot of our clients for a long period of time.” Tim also recounts the intentional steps taken to ensure a smooth transition, including personally reaching out to top clients before the announcement.
According to Tim, the client feedback has been overwhelmingly positive. “We did not have one single client that asked to move their commission recapture program to another provider,” he says. “A lot of the calls that I got… were like, ‘This is a good home for you, and this really makes a lot of sense putting these two businesses together.’”
David expands on how the acquisition fits within CAPIS’ broader offering. In addition to commission recapture, CAPIS is also a provider of transition management services — including domestic and international trading, fixed income and support for portfolio rebalancing and cash flow events.
As for the integration, Tim says it’s gone smoothly, though not without effort. “The last two months, a lot of heavy lifting has been done,” he says. “We’re using different systems; CAPIS has different processes… there’s been a lot of learning.” Still, he credits the CAPIS team for making the transition feel seamless. “We have felt very welcomed at CAPIS,” he says. “Knowing that we’re looking at a firm where commission recapture is both a core and valued business has been really important.”
With onboarding nearly complete, the team is shifting its focus to what comes next: strengthening client relationships, delivering enhanced services and driving future growth.
For more on CAPIS’ acquisition of TD Securities’ plan sponsor services business and what it means for clients, read the full announcement on the CAPIS website.
See below for a breakdown of what was discussed. Happy listening!
Timestamps:
0:34 – Overview of the acquisition and transition
1:19 – Strategic rationale behind the acquisition
2:49 – Importance of team experience and client continuity
3:54 – Client communication during the transition process
4:55 – Overview of CAPIS’ core services and expansion through acquisition
6:27 – Onboarding and integration progress
8:42 – Client feedback and retention outcomes