Client Onboarding Service Solutions for Financial Advisors

Offering new clients a seamless onboarding experience helps build trust and sets a positive tone for the future of your professional relationship. Partnering with an onboarding specialist or platform can help you develop a streamlined process that welcomes new clients into the fold with minimal stress. Read on to learn more about client onboarding solutions for financial advisors.

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Client Onboarding Solutions: Options for Advisors

While you could develop a manual onboarding process, there are some distinct benefits to automating this aspect of your business operations. For instance, you can save time, eliminate the need for multiple copies of physical documents and create a digital paper trail that meets recordkeeping compliance standards.

Several outlets can provide a digital onboarding experience that’s tailored to the needs of financial advisors and wealth managers. They include:

Customer relationship management (CRM) platforms
Onboarding-specific software programs
RIA custodians

Here’s a closer look at how each option works.

1. Customer Relationship Management Platforms

Your CRM helps you keep your business running smoothly, and you may have access to client onboarding tools as part of your service plan. Redtail and Salesforce, for example, are two popular CRM solutions used in the financial services industry that offer onboarding features.

Here’s a brief look at how they compare:

Redtail. Using a series of modals, Redtail allows you to update new client information, create templates for use in onboarding meetings and develop onboarding workflows that can be fully automated. You can choose the steps to include in the workflow, add triggers to prompt next steps and easily view where the client is in the onboarding process at any given time.
Salesforce. Salesforce offers what it calls a “frictionless” onboarding experience that allows you to build your client profile through your dashboard and automatically obtain signatures for key documents. Salesforce integrates with third-party Know Your Client tools to ensure compliance. You can also track your client’s movement through each stage of your onboarding flow.

If your CRM doesn’t offer onboarding automation tools, you may consider making the switch to another platform or exploring one of the solutions below.

2. Onboarding Software

Onboarding software can guide you (and your clients) through each stage of the onboarding process with just a few clicks. There are plenty of options to choose from. However, to keep things simple, we’ll highlight two software solutions for professionals in the financial services space.

Docupace. Docupace is a digital account opening software for financial advisors that uses templates, automatic data syncing and built-in compliance checks to make onboarding as smooth as possible. The software is equipped to detect errors in client documentation, preventing delays in the onboarding process.
OnBord. OnBord is a compliant onboarding solution that’s designed to save advisors both time and money. When you create a new client account through the platform, OnBord sends them a secure text message with a link to enter their information. Once the client enters their details, OnBord collects digital signatures for required documents and sends reminders when a client has skipped or delayed a step.

When comparing onboarding software solutions, consider the features and pricing structure. Also, look at the list of integrations offered to ensure that any new tool you add fits into the rest of your tech stack.

3. RIA Custodians

Registered investment advisors (RIAs) are required to hold client assets with a qualified custodian. This requirement is intended to safeguard and protect client assets from misuse or abuse.

Some RIA custodians offer additional services, including assistance with client onboarding. Here are two examples to compare.

Schwab. RIAs who use Schwab as their custodian have access to digital onboarding tools through the Schwab Advisor Center. You can establish and fund multiple accounts in minutes using a single email to your client. Clients can add and edit their information, and you can securely send all onboarding documents that require signatures in a single digital envelope.
Altruist. Altruist’s digital-first platform enables advisors to open accounts online in minutes, without getting bogged down in paperwork. Clients can connect and verify their financial accounts through a secure platform, and Altruist is equipped to allow transfers of client assets within minutes.

Finding the right custodian for your RIA can make a substantial difference in the efficiency of your onboarding process. As you research options, consider the full range of features and services custodians offer, minimum AUM requirements (if any) and the fees you’ll pay for custody and clearing services.

How to Choose a Client Onboarding Solution for Your Advisory Firm

Finding the right path forward with client onboarding requires an assessment of your firm’s needs and goals, as well as any options you may already have access to.

For example, you might start with your CRM to learn what onboarding features are included, or ask your RIA custodian if an onboarding service is available. When vetting any onboarding solution, consider:

Intake rates and how many new clients you typically onboard monthly or annually.
Alignment and integration with your existing tech stack.
Compliance and security features, including the ability to establish a secure client portal.
Automation capabilities and tools, such as pre-formatted templates and visual workflows.

If you have the option to learn more about an onboarding solution through a demo, you can use that as an opportunity to test what it might do for you. Take note of what you like and dislike, then use that to make comparisons between different tools.

Bottom Line

Client onboarding doesn’t have to be tedious or time-consuming, for you or your clients. Utilizing an onboarding solution can simplify the process and lead to a better client experience, while ensuring compliance at every step of the way.

Tips for Growing Your Advisory Business

Increasing your digital footprint can make it easier for prospective clients to find you online. Developing a following on social media, marketing through email and using search engine optimization (SEO) to increase your website rankings can raise your brand visibility. Partnering with an advisor marketing platform is another avenue you might consider to bring in new leads. SmartAsset AMP (Advisor Marketing Platform) is a holistic marketing service financial advisors can use for client lead generation and automated marketing. Sign up for a free demo to explore how SmartAsset AMP can help you expand your practice’s marketing operation. Get started today.
Improving your onboarding processes goes beyond automation; it’s also important to know what missteps to avoid that could turn new clients off. That includes unnecessary delays, poor communication and failing to follow up after onboarding is complete. Being attentive to these details can help you facilitate a smooth onboarding process from start to finish, which could lead to happier, more satisfied clients.