Want to improve your firm's onboarding health? Follow these 10 practices for a more efficient onboarding process.
With the evolving demands of next generation investors, emerging technology and rapidly changing government demands, financial services firms are faced with the challenge of maintaining healthy onboarding practices in a dynamic environment.
IFS works with some of the nation's most innovative brokerage and wealth management firms. In 2015, IFS processed over 5 millions transactions, including opening more than 1.2 million new accounts with its onboarding solution. Through our experience helping firms automate, streamline and improve their onboarding process, we've compiled this list of tips and steps for a better, faster, healthier onboarding process:
#1: Make your onboarding process tablet and mobile friendly.
#2: Allow advisors or sales assistants to enter data once and apply it to different accounts across a household.
#3: Integrate your onboarding process with your CRM or advisor desktop.
#4: Conduct real-time identity scoring/verfication and other KYC compliance requirements up front.
#5: Reduce administrative errors with rules and logic for data entry.
#6: Provide advisors with dashboards so that they can easily track the status of open work.
#7: Make sure your onboarding process supports automated processes, including document generation for account funding, ACATs, establishment of instructions or set up of credit/debit cards.
#8: Allow clients to sign required documents electronically.
#9: Allow your onboarding system to automatically select the correct forms in a prepopulated format.
#10: Enable new account requests to post straight through to the system of record.
Curious to know how healthy your firm's current onboarding process is? Download your free copy of our webinar from March 3, "Effective Onboarding Practices: Improving Your Firm's Most Critical Business Process."