The industry as a whole has to go a step farther, said David Edwards, president of Heron Financial Group. Software vendors are automating the procedure of all of these forms, but custodians should clean up the way advisers must deliver these forms to their clients or prospective clients. He said he has lost a couple of clients after weeks of working with them and preparing a financial plan and account documents.
"There are software vendors that are automating the stupid procedure," Mr. Edwards said. "But I still have a horribly ugly thing to deliver to the client."