Over the past 16 years of providing automated onboarding solutions to brokerage and wealth management firms, we've learned a thing or two (or six) about what makes an onboarding program successful. We have been fortunate to work with some of the most innovative financial services firms, and have been able to see how onboarding has transformed over the past two decades. Client and advisor expectations are at an all-time high, and the pressure is on firms to provide innovative, streamlined, user-friendly experiences, beginning with the account opening process. We teamed up with some of our clients to create this list of top characteristics of successful onboarding programs:
#1: Provide a Digital Experience - In this tech-savvy generation, digital experiences are a must. Your onboarding must be digital, but it also much be seamless and tightly integrated with other technologies your firm uses.
#2: Unify the Account Opening Experience - There should be one unified account opening process that has the same experience for all product platforms, whether they are advisory, brokerage, direct mutual funds, third-party asset managers or other.
#3: Make Data Consistent - Complete and compliant data is entered once and integrated across all systems.
#4: Tailor the Experience - Customers are used to personalized experiences. Use all the information you have available to tailor and personalize interactions and solutions.
#5: Keep it Simple - Minimize administrative tasks, de-clutter the experience and use plain English wherever possible.
#6: Ensure Client Transparency & Control - Clients should be able to participate, modify and drive the process based on their desire to engage.
There you have it! If your financial services firm's onboarding/account opening process follows these six principles, you're setting the tone now for a positive, long-lasting client-advisor-firm relationship. If you want to discuss how IFS can help you implement these principles and improve your firm's onboarding process, get in touch.