Sponsored by Agreement Express
Transitions are a time-consuming and costly process, requiring back office personnel to manually enter client information from paper to internal systems. “For advisors, breakaways, and broker dealers participating in any form of M&A or consolidation it can take up to four months to integrate their clients with their new firm,” says Mike Gardner, CEO of wealth management software company Agreement Express, with offices throughout North America and Europe. The process can be frustrating not just for institutions and advisors but also for clients, who may have to wait to begin work with their advisor while getting bombarded with paperwork.
Agreement Express designed Automated Broker Transitions to make this process smoother and more efficient for back-office operations and clients alike. In a standard deployment for RIAs, BDs, or wirehouses, both protocol and non-protocol, their back-office or transition teams can upload spreadsheets detailing client data and account types, and the Agreement Express automation engine generates document packages and transposes known data across the package. Complete with eSignature, clients are guided through a mobile friendly onboarding experience - a capability that rapidly increases the likelihood of assets moving over in less time. “Firms can achieve efficiency gains they would never experience assembling paper document packages and transcribing data manually,” says Gardner. “We help them scale their business using technology; they can increase their capacity to transition clients while also decreasing the time to revenue.”
Fixing this advisor pain point also can help firms differentiate themselves when seeking to attract top talent, Gardner adds, noting that Automated Broker Transitions can enable advisors to restart work with their clients sooner.
The platform improves customer interactions as well. “One of the biggest trends this year is the need for a better client experience,” says Gardner. Automated Broker Transitions was built with a smooth client interface that lets clients easily fill in the information needed to complete their transition, from any device.
Agreement Express provides Automated Broker Transitions in the form of software as a service—offering ongoing support for advisory firms as they seek to keep pace technologically and remain competitive in the wealth management industry.