Too many NIGOs
Complicated data collection requirements result in costly NIGO (Not in Good Order) submissions, dramatically increasing processing time.
Manual form fills
Lengthy manual form fills from multiple systems slow down the onboarding process. When systems ask for irrelevant information that’s been provided elsewhere, data errors and inconsistencies start to arise.
Multiple logins
Disconnected point solutions require multiple logins in separate tools to open accounts, creating an inefficient process.
Multiple documents to be signed
Account-related forms are conveniently sent individually to clients rather than in a bundle.
Manual principal approval processing
Manual processing of suitability review requires multiple steps by the home office for account approval without a central process.
Regulatory changes
Keeping up to date with new regulations is time consuming and costly.
I opened my first account yesterday—an IRA—and Digital Onboarding is a game changer!
Joan Bernardi | Crabtree Financial Services
