10 Ways Your Competitors Are Accelerating AUM With Digital Onboarding


February 13, 2019

Opening new accounts or transitioning client assets – or advisors – to your firm can be time consuming. And any missing information, errors in rekeying data into your CRM or custodian systems can cause delays and frustration.

Whether you are processing new applications by paper or even with simple e-signature technology, your client onboarding is still not measuring up to the consumer-like experience your clients have come to expect. And what’s more – if your new account opening isn’t simple and practically invisible, it is impacting your bottom line.

Here are ten ways RIA’s who work with Agreement Express and TD Ameritrade Institutional are accelerating new account opening and getting to AUM faster with straight-through processing to the Veo One® Platform.

#1. Save the trees – and your sanity.

Task-driven, paper-based processes are repetitive, error-prone manual tasks that waste extraordinary amounts of time. It’s inefficient, costly, and it leads to staff dissatisfaction and client disappointment. Not to mention it makes your business look like a dinosaur, stifled by antiquated processes.

#2. Kiss email – and forms – goodbye.

If you are not opening applications with paper-based forms, you might have a digital forms and e-signature tool in place. But to open multiple accounts for a client, you still have to send the forms for each account separately. Even if you have received all of the documents back, you have to track separate documents and audit to ensure you have received everything back from the client. And let’s not forget tracking the applications once they are passed off to the custodian for processing. No one likes to drown in administration. With Agreement Express integrated into the Veo One® Platform, you simply select the client and the account types you want, and let the system do the rest. No more email. No more tracking multiple account packages.

#3. De-dupe client data entry.

Almost 70 percent of required information to open a new account is repetitive. Whether you are opening a new client RRSP, an ETF, or most other accounts, the bulk of the information needed is the same. Name, address, beneficiary, and much more is needed on every application. Client data entry is de-duped with the automatic pre-population of all new account opening documents with known client data. The only information that needs to be provided is information that is uniquely required and not available in the systems. The end result is a better client experience and less frustration for your advisors.

#4. Eliminate errors.

NIGO (not-in-good-order) is a nasty word that none of us want to hear. Whether it is missing information, human error, re-keying fumbles, incorrect forms, or any other of the long list of reasons that NIGO occurs, with Agreement Express, you can validate data as it is entered in real-time to reduce the frustration, account opening delays, and associated compliance woes. New accounts get opened faster if you get the information right the first time.

#5. Say goodbye to portal fatigue.

Eliminate data re-entry from new account applications to other systems. Built-in integrations to your CRM and the Veo One® Platform means data is transposed to those systems seamlessly, without the need for anyone on your team to have to re-key the data. Even ID and other required documents for opening new accounts are routed directly to TD Ameritrade Institutional so you don’t have to track applications.

#6. Remove unnecessary chefs from the kitchen.

Opening new accounts doesn’t have to require so many people to be involved. On average, four people are involved in any new account opening, which means delays to getting assets under management. One-click onboarding with Agreement Express means you select the accounts, the client completes and signs, and they are submitted straight-through to the Veo One® Platform where new accounts are approved and opened.

#7. Stop stressing about compliance.

Apply suitability and compliance rules from the moment an application is triggered. Compliance checks are built into every workflow and handled through robotic process automation. Think of it as having a compliance officer overseeing rules every step through the new account opening process.

#8. No need to start all over when you can simply rewind.

Missing information or mistakes happen. We get that. If you are processing applications with paper, you need to either see the client or send the documents again to get the information you need or correct any errors. If you are using simple e-signature technologies, you have to resend the documents and start all over again. The Agreement Express platform, however, allows you to simply rewind to the step in the onboarding process where the error or missing information happened. No need to start all over again. Your clients will be less frustrated, you’ll have less abandoned applications, and you’ll accelerate your AUM faster.

#9. Open accounts from anywhere on any device.

Gone are the days where your clients expect you to come and visit them to get new accounts open. Today’s clients expect onboarding from anywhere at anytime. Time is of the essence when you aggressive AUM targets to hit. Clients want the ability to receive, complete, sign, and upload additional documentation from anywhere on any mobile device. And so do your advisors.

#10. A crystal ball for your business.

Paper-based processes and e-signature solutions simply can’t deliver the visibility wealth management firms need to track applications, new account openings, and deliver audit trails. Wealth firms that use Agreement Express have powerful visibility into the status of applications, approvals, as well as records of every workflow interaction between an advisor and client in the account opening and onboarding process. Back office teams can track all changes, actions, signers, and edits made to an application in real time, ensuring a complete and compliant digital audit trail.