In the data collection process, the advisor reaches out to the client to collect any needed information, pre-populates forms, then reconnects with the client for e-signatures. The workflows keep advisors up to date in real time to see where each client sits in the process of having their accounts transferred.
Once the customer signs, all of the information is sent to clearing firms or custodians to officially open accounts.
Butler describes the solution as a time-saver for advisors and a money-saver for clients.
“Traditionally, being out of the market for the time it takes to make this transition can be costly to the advisor, the investor and the firm the advisor is moving to,” he said. “This way, the advisors are happier that they won’t have as much business at risk, and the new broker-dealer or custodian is happy that they can start to collect their fees that much sooner.”
The Advisor Transitions Solution integrates with Skience’s existing technology and works with any custodial or clearing relationship, said Butler.
He added that over the next 12 months, the tool’s effectiveness is likely to be tested.
“We do think that this year going into next year is going to be significant for the number of transitions,” Butler said. “There will probably be more advisors in motion than there’s been since 2009.”