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Shifting to Electronic Collaborative Client Onboarding
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Shifting to Electronic Collaborative Client Onboarding

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Many wealth management firms are scrutinizing their business processes with an eye to automation, since manual processes …

Many wealth management firms are scrutinizing their business processes with an eye to automation, since manual processes
like client onboarding and updating are expensive, labour intensive and error prone. As a result, automating business processes
has become a high priority project with many firms. For many wealth management firms, this has started a “buy versus
build” discussion. Why not just have your in-house team build a business process management solution to automate your
onboarding? Industry experience, solution flexibility, and faster implementation time are among the reasons to work with an
experienced onboarding solution provider. The alternative can be an expensive and inflexible proprietary system which cannot
keep pace with changes in the field of client onboarding.


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  • 1. Shifting to ElectronicCollaborative Client OnboardingFinancial services firms are continuously seeking to streamline their operations and optimize their business processes.Discount brokerages have been taking advantage of electronic client onboarding and e-signature technologies overthe last several years, decreasing their costs substantially and streamlining their processes. With a collaborativeaccount opening workflow, full service brokerages can also realize some of the efficiencies of online client onboardingwhile maintaining their close client relationships.Client onboarding has traditionally been a manual, paper- INTEGRATED E-SIGNATURE CAPABILITIESbased process requiring an ink signature from the client With an electronic signature solution integrated into your clientprior to account submission. This manual client-onboarding onboarding platform, you can provide advisors and clientsworkflow is time consuming and inconvenient for both the with the ability to open new accounts electronically, from end-client and the advisor, as multiple meetings are required in to-end. The movement of paper-based forms is eliminated asorder to finalize and sign the necessary forms. In the on-line the client is notified via email that their application is availablebrokerage market, on the other hand, customers have been for signature online. A personalized login is provided allowingable to open accounts over the web for some time. This them to complete the pre-populated documents and continueconvenience comes at a cost however, as the low touch through to the e-signature process. With this integration,experience leaves the customer feeling disconnected from advisors can provide a seamless and elegant client onboardingtheir broker and is often accompanied by high abandonment experience to their clients while increasing the volume of newrates. The cost-effective and client friendly solution? A hybrid accounts opened.onboarding process known as collaborative client onboarding. Benefits of a collaborative client onboarding process with integrated E-Signature include:COLLABORATIVE CLIENT ONBOARDINGCollaborative client onboarding is a hybrid approach that • Real time, same day client onboardingprovides the flexibility of automation and the efficiency of on- • Greatly reduced client onboarding costsline account opening, while maintaining a relationship between • Improved transparency throughout the processclient and advisor. Sales assistants and brokers are able to • Increased broker capacity to onboard more clients fasterstart the client onboarding process and then transfer controlto the customer via an e-mail. The e-mail contains a link tocomplete the online client onboarding process at whatever Complete real-time, same-day account openstime suits the client. Information such as name and address With a manual, paper-based client onboarding workflow, itcan be pre-populated from back-end data sources, reducing takes an average of 5 days to complete an account openingthe time to complete the process and giving the client the from end-to-end. This includes time for form gathering, formfeeling they aren’t starting from scratch. In addition, there is no completion, client signature, shipping, review and processinglink to the system off the broker’s main website for the general of the application into the back-office for funding. The processpublic, further re-enforcing the special relationship between is labour intensive, error-prone and costly.the broker and the client. This collaborative approach to clientonboarding, coupled with integrated e-signature supportenables brokers to grow their business, streamline their clientonboarding workflow and provide a new level of customerservice.content.community.connected www.doxim.com
  • 2. Electronic Collaborative Client OnboardingAn electronic client onboarding solution that takes the account Advisors unable to view the status of time sensitive clientfrom start to finish without the need to transfer paperwork accounts in the approval process rely on overburdened supportacross departments significantly reduces the time needed staff to sift through stacks of paper in an effort to locate the file.to open and fund an account. Information is entered directly This not only slows down the funding of the account, but alsointo the web-based system only once and is then sent into a reduces the overall capacity of advisor to onboard new clients.queue for review and approval. Here too, client onboarding automation offers advantages as advisors have complete, real- time visibility into the approvalAutomatic notifications can be integrated into the workflow to process and workflow for their accounts on-demand.update stakeholders on the status of the account and can Automatic notifications can be generated upon approval orbe accessed at any time. The need to courier documents client e-signature informing the advisor of the status of theinterdepartmentally or to the client is eliminated. Several of account. Everyone involved in the client onboarding processNorth America’s leading brokerages report that when using now has a single portal where they can track, store and viewsuch a system, their advisors and clients are now completing account information on-the-fly.electronic, end-to-end account opening much faster thanwith a manual, paper-based system – often within the sameday. Why not make same day account opening a competitive SUMMARYadvantage for your firm? As brokerages look to increase operational efficiencies and reduce costs, client onboarding processes which leverage the convenience of online form completion are becomingReduce costs associated with opening new client increasingly important. By using an automated client onboardingaccounts platform with integrated e-signature capability, you can offerWealth management firms are constantly searching for ways clients the opportunity to complete their applications at home,to reduce operational costs. Streamlining the front office is one when it is convenient for them to do so. Collaborative clientinitiative which has gained popularity amongst today’s CEO’s. onboarding offers clients both the ease of an online processYet an average manual, paper-based account opening costs and the high touch experience of a traditional brokerage whilebrokerages an average of $150.00 per client. By performing reducing your costs and streamlining your sales, operations andcollaborative electronic client onboarding, brokerages can compliance departments. It’s an excellent way to experienceexpect a reduction of onboarding costs by as much as 60% the efficiencies of client onboarding over the internet withoutas a result of electronic workflows, the elimination of multi-part losing the special nature of the high-touch broker-clientcarbon copy forms, the elimination of shipping paper forms interaction which sets you apart from the competition.and streamlining compliance requirements.Increase transparency and broker capacityIn this fast paced industry, advisors continue to encounterfrustration as they wait for details on the status of accountsin the approval process, while administrative support staffattempt to monitor documentation requirements.Doxim builds and delivers automated client on-boarding software, cloud-based Enterprise Content Management, and advanced documentprocessing solutions for Financial Service Providers and their outsourcing partners. These solutions are used by thousands of clients inbanking, credit unions, wealth management and investment brokerage to create, deliver and manage business critical documents andcontent more efficiently and cost effectively. Doxim solutions help these organizations to improve client communications, streamlinedocument access and meet the stringent compliance requirements associated with transactional document output and delivery.Doxim is an SSAE16/CSAE 3416 compliant organization.Toronto | Kitchener | Vancouver | Montreal1.866.475.9876 | info@doxim.comcontent.community.connected www.doxim.com

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