Recent industry reports indicate that over 80% of financial advisors want to improve automation of their workflows to increase operational efficiency. Onboarding is one of the most critical yet complex and compliance sensitive processes for financial services firms.
Even though onboarding is a complex process with numerous stakeholders involved, there are many best practices and tools you can employ to streamline the process.
As the first touchpoint you have with new investors, an ineffective onboarding process could cost you customers, and talented advisors. We've compiled this list of the top 10 reasons why your onboarding process could be turning customers away:
#1: Your onboarding process can't be completed on tablets or other mobile devices
#2: Advisors or sales assistants have to re-enter data multiple times for different accounts across a household
#3: Your onboarding process isn't integrated with your CRM or advisor desktop
#4: Your onboarding process doesn't conduct real-time identity scoring/verification or other KYC compliance requirements
#5: Your onboarding process often results in adminstrative errors
#6: Advisors can't track the status of their open work via dashboards
#7: Your process doesn't support optional automated processes, including document generation for account funding, ACATs, establishment of instructions or set up of credit/debit cards
#8: Clients can't sign the required documents electronically
#9: Advisors can't automatically select the correct forms in a pre-populated format
#10: Front office new account requests don't post straight through to the system of record
Even if your firm isn't taking advantage of all of these practices to make your onboarding process as customer/advisor-friendly and efficient as possible, you're in luck. Download a free copy of our webinar from March 3 on improving your firm's onboarding process: