we’ve been on a mission to eliminate paperwork since 2002. who we are automation, paperless operations and regulatory compliance will all continue to be key themes for the wealth management industry in the next few years. traditionally, client onboarding has involved a lot of time-consuming manual paperwork, but many broker-dealers and other wealth management firms are digitizing and automating the process in order to improve the client experience and save money. new account opening is the process of opening client accounts with custodians and clearing firms in order to buy and sell securities. new account opening is the more specific term, and applies only to the process of opening client accounts.
digital account opening, as opposed to paper-based account opening, is a cloud-based process that eliminates the manual work from nao by leveraging esignatures and straight-through processing to improve turnaround times, reduce errors and enhance the client experience. broker-dealers and rias searching for new client onboarding software will find plenty of options. some firms have digital client onboarding processes that consist of several different software solutions from different vendors, such as esignature, document storage and digital onboarding workflow engines. as a leader in fintech digital operations software, docupace is proud to transform wealth management firms by implementing paperless client onboarding processes that minimize processing time, dramatically reduce nigo rates and improve the experience for both clients and advisors.
one of the ways you could have increased your knowledge of the leading vendors in the client onboarding space was to have attended a discussion i moderated at the recent in|vest nyc 2018 conference. while onboarding tools have become more comprehensive and now cover much of the client lifecycle from account opening to account termination, bpm covers a much broader area. the prospecting of the client to enrollment, account opening, the funding. according to a report by ceb, 32% of wealth management executives believe that improving client onboarding from the front to the back office is a critical area of focus.
not having access to the right data is a fundamental problem facing many wealth management onboarding processes, trout expressed. wealth advisors put in tremendous time and effort to sign new clients who are then thrown headlong into a series of clunky, paper-based processes that are the opposite of the initially smooth prospecting experience. there are some firms that are starting projects to improve their account onboarding processes, but fritz believes that there isn’t enough of a focus in the industry. the wealth tech today blog is published by craig iskowitz, founder and ceo of ezra group, a boutique consulting firm that caters to banks, broker-dealers, ria’s, asset managers and the leading vendors in the surrounding #fintech space.
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