Automated Client Onboarding: The Ultimate Time Saver for Advice Firms

Onboarding – collecting information, sending documents, chasing signatures, carrying out AML checks.

All of this can involve rekeying the same information into multiple systems and consume several hours before your advice even begins.

Today’s clients expect the same digital experience from their financial adviser as they receive from banks, insurers and other online services. Onboarding is their first taste of your service standards and sets the tone for everything else, so getting it right is a must.

Lengthy forms, repeated requests for information and paper-based processes all create unnecessary friction with clients before any value has been delivered. From your perspective, manual processes also present a number of challenges that multiply as the firm grows:

·        Hours spent on administration rather than advice

·        Duplicate data entry across multiple systems

·        Increased risk of errors and inconsistencies

·        Delays in progressing client matters

·        Poor oversight of where each client sits in the process

·        Greater compliance risks

What does automated onboarding look like?

None of us judge technology by its features list – we want to know how easy it will make our lives. Being able to undertake onboarding from any device, anywhere, creates a significantly better first impression than exchanging multiple emails.

A well-designed onboarding process should allow clients to complete everything in one secure digital process. This typically includes:

·        Registration

·        Secure portal access

·        Online fact-find

·        Identity and AML verification

·        Risk profiling questionnaires

·        Document collection

·        E-signatures

·        Workflow progression

·        Adviser notifications

·        CRM updates

You no longer have to coordinate documents through numerous emails. Instead, the system guides both you and your client through each stage of the onboarding process automatically and removes the need to re-key information once and for all.

Duplicate data entry is one of the biggest hidden costs within advice firms. Many are still retyping the same things into multiple systems, from the CRM to cash flow planning tools and client portals. Every time this information is entered in a different location, you lose valuable time and increase the chance of mistakes.

When the onboarding process is automated, the details populate the rest of the advice journey, including reviews and suitability reports.

Easier compliance

Automation should never compromise compliance. In fact, it often strengthens it. Every action can be timestamped and recorded, providing a complete audit trail. It shows:

·        When documents were sent and to whom

·        When clients completed their forms

·        When identity checks were performed

·        When disclosures were accepted

·        When documents were signed

·        Who approved each stage of the process

This consistency helps ensure every client follows the same compliant journey, regardless of which adviser they work with, delivering a better firm-wide experience.

By having the ability to upload documents securely, sign them electronically and track their progress, clients feel more informed and you spend less time chasing paperwork. The result? Cases move forward much faster.

The value of automation

The benefits of automation extend far beyond onboarding. In fact, the real value appears once it is complete.

When you operate an all-in-one platform, like AdviceObjects, the information entered at the onboarding stage will automatically generate review packs, pre-populate suitability reports, integrate communications and provide AI-powered insights across the entire file. Rather than onboarding being a stand alone exercise, it becomes the foundation of your client relationship.

Many firms attempt to automate onboarding by connecting multiple systems. Whilst integrations can help, they often introduce a new set of issues, including additional costs, synchronisation problems and duplicate data.

A truly integrated platform keeps everything in one place. As well as onboarding, AdviceObjects’ users manage CRM, financial planning, client portals, workflows, documents, suitability reports and ongoing services in a single system. This is possible because the client information captured at the outset is shared across every module, saving you time that can be better spent elsewhere.

The beginning of a great relationship

Client onboarding should not be an administrative burden. It is an opportunity to set out your stall and make a positive first impression.

By automating routine tasks, you bring every stage of the advice process together, improving efficiency and reducing manual data entry. This creates a significantly better experience for client and adviser. It also strengthens your compliance in the face of increasing regulatory expectations, allowing your firm to grow.

At AdviceObjects, we believe onboarding should be simple, connected and intelligent. We enable you to capture information once and use it again and again, giving you more time to do what you do best – deliver great financial advice.

For more information about how AdviceObjects can automate your onboarding process, don’t hesitate to contact us for an initial discussion or demonstration. Alternatively, email: contact@adviceobjects.com