The Los Angeles-based fintech and digital operations software firm Docupace recently completed the successful transition of 500,000 client accounts for financial advisors moving to a new wealth management provider. The firm launched the Advisor Transitions Program in 2017, and it was designed to help transitioning advisors “re-paper” or complete the requisite paperwork for client accounts at one time when that advisor changes firms.
“When a financial advisor engages our Advisor Transitions Program, they’ve already made the decision to enter the next phase of their journey – we just enable them, and their clients, to get there faster,” said Docupace CEO David Knoch in a statement. “Docupace is honored so many advisors have entrusted our team of experts to help guide them along one of the biggest business decisions they’ll ever make.”
Since its inception, the Advisor Transitions Program from Docupace has executed more than 1,300 financial advisor transitions. Currently, six of the top 16 independent broker-dealers in America use the Docupace program to “effectively and efficiently” bring new advisors and firms onto their platforms.
Re-papering client accounts requires meticulous care and attention to detail, and it is critical that the appropriate sequence of steps be followed. Due to SEC/ FINRA regulations, the advisor’s new firm is unable to access client information until their advisor’s affiliation is complete.
Completing new account paperwork has historically been a labor-intensive process prone to errors that often disrupt the advisor’s business and client relationships. According to the company, Docupace’s approach combines electronic document delivery, eSignature and “white-glove service from professionals” to digitize and streamline this process.
Docupace outlined that traditional transitions commonly take six months (180 days) or more to complete, while the company’s program transitioned more than 68% of client accounts in 30 days or less, and about 93% transitioned in 60 days in 2021.
According to Knoch, the program’s most valuable asset is its team of in-house specialists who support advisors throughout the multi-stage process.
“Transitioning a book of business is an intricate, time-consuming process, but Docupace’s outstanding professionals, with their commitment to service, have time and again delivered for advisors, minimizing disruptions and loss of revenue, ” Knoch said.