Agreement Express Award-Winning Automated Broker Transitions Solution Accelerates Time to Full Transition by Up to 80%

Agreement Express Receives Top Honors at WealthManagement.com Industry Awards 2018

TORONTO, Sept. 18, 2018 /CNW/ - Agreement Express, the leading provider of total digital onboarding for financial services, won top honors for its Automated Broker Transitions Solution at the 2018 WealthManagement.com Industry Awards in the Innovation New Application category. The solution automates the transition of break away advisor books of business, as well as conversion of firms to new custodians by fully digitizing the traditionally paper-based and manually intensive process.

Study: The state of broker transitions continues to be archaic (CNW Group/Agreement Express)

The wealth management market is in a state of rapid consolidation and rampant breakaway advisor activity. With these trends come increasing complexities in retaining and transitioning clients and assets to the new firm. In a recent study of US and Canada-based RIAs, broker dealers, and custodians, Agreement Express found that:

• 12 to 18 weeks is the average time to full transition of books of business for break away advisors
• 8 to 10 people within a firm are involved to coordinate and complete transitions from start to finish
• almost 42 percent of completed client document packages are not-in-good-order (NIGO), resulting in anywhere from 40 to 60 hours per week spent retrieving missing documentation and correcting paperwork

Agreement Express' award-winning Automated Broker Transitions solution simplifies the transition process for RIAs, BDs, and wirehouses by fully digitizing the transfer of clients, accounts, and assets in multi-custodial environments. Back-office or transition teams populate a single template with associated client and account transition information and the Agreement Express Automated Broker Transitions solution does the rest.  Key features include:

• Auto-generation of client document packages for associated product offerings, removes the room for human error and the need for paperwork assembly, collation, packaging, and mailing.
• Auto-fill of known client data is seamlessly transposed across the document packages to eliminate re-keying of known data and client frustration in entering the same data on multiple forms.
• Digital delivery and e-Signature capability guides clients through a simple, mobile-friendly onboard experience that can be accessed from any device, rapidly increasing the likelihood of assets moving over in less time.
• Workflow automation ensures completed document packages are processed through the Agreement Express workflow engine for data validation, regulatory checks, and approvals.
• Multi-custody straight-through submission/processing reduces delays and eliminates the need for the re-entry of client data into multiple 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 Agreement Express. "Simplifying the complexity of broker transitions is crucial to retaining an advisor's clients to the new firm and getting the assets under management faster. The firms that win will be those that fully automate the process to achieve efficiency gains and client experience that simply can't be experienced by assembling paper document packages and transcribing data manually into multiple systems."

To learn more about Agreement Express Automated Broker Transitions, visit: https://agreementexpress.com/broker-transitions/

Resources:
Infographic:  Breaking Away is Hard...And So Is Transitioning Clients & Assets 
Application Sheet:  Agreement Express Automated Broker Transitions 

About Agreement Express
Agreement Express is the only total client onboarding platform for financial services. Our reason for being is to deliver practically invisible client onboarding with visible impact to your business. Our digital onboarding and process automation platform revolutionizes your onboarding experience beyond just digital forms and e-signatures, taking the complexity out of the most critical stages of the customer lifecycle. In a single platform, Agreement Express delivers the tools you need to offer clients a unified digital onboarding experience, while moving transactions through appropriate workflows with robotic process automation, and automated KYC, AML, and compliance controls in the back end. And what's more - your clients can be onboarded with a one-click experience, moving new account openings and transitioning accounts from the client to your firm to your custodian with a practically invisible experience to the client.

SOURCE Agreement Express

Media Contact: Roula Vrsic, CMO, Agreement Express, [email protected], 647-539-9551