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  5. Advisor360: Delivering a Breakthrough NAO and Onboarding Application

Advisor360: Delivering a Breakthrough NAO and Onboarding Application

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26 September 2023
Jean Sullivan

Abstract

Client onboarding continues to be a significant pain point for advisors. And new account opening (NAO) is arguably one of the most inefficient and complex components of the onboarding process. Few have developed straight-through processing (STP) for NAO that encompasses the many different business lines, account types, and custodial relationships.

In addition, enterprise firms are still challenged to orchestrate client account data across the front end of the technology ecosystem in an automated fashion. This requires enabling deep, bidirectional API connections across CRM, NAO, risk assessment, proposal generation, investment policy statement, trading and rebalancing, often multiple custodians, and even financial planning tools. As a result, the “swivel chair effect” is commonplace; advisors are forced to sign in and out of multiple systems, rekey data, and support a host of manual processes, which in turn is telegraphed into the client experience.

Advisor360° focuses on solving these problems for clients by investing in the development of a multi-custodial STP NAO process that provides seamless data relay from front office to back office, which also includes the non-brokerage investments done directly with the product sponsors (e.g., Mutual Funds, Annuities, and Insurance). Their proposed solution unifies and orchestrates data across disparate technology platforms and tools. The firm’s Unified Data Fabric® (UDF) is the superpower behind this solution.

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