Account opening can be a time-consuming obstacle for advisers, but software companies are attempting to ease the pain.
What takes only a few minutes for robo-advisers to do could take hours, and a lot of paperwork, for financial professionals when it comes to signing on a new client. With tools such as e-signatures and pre-populated information flowing between systems, though, advisers and their clients may steer clear of the headaches that ensue from archaic account opening processes.
"Opening accounts and onboarding is a perennial pain point everyone is trying to solve," said Patrick Yip, director of advisory market technology strategy at Pershing, adding that incomplete information, too much paperwork and the back and forth of signing are a few of the hiccups advisers suffer. "All of the above create not a very good experience."