Technology improved at an amazing pace during the twentieth century, and it seems to have shifted into overdrive so far in the twenty-first century. Each new generation has seen its own advancement in communication. From the telegraph, to the telephone, to pagers, to online instant messaging, and then through to smartphones, communication keeps getting easier and more digital.
But if you take a look around the wealth management industry, one area hasn’t followed this pattern: opening an account with an advisor. The process is largely the same for most clients today as it was twenty years ago. A client drives to their adviser’s location to sit in an office, fill out some paper forms, and then wait for their adviser’s team to submit that paperwork for the custodian to open the new account.
Opening accounts in this way can be time-consuming, frustrating, and slow, even by the standards of ten years ago. In the age of Netflix and robo-advisors, clients expect to click a button and have an account open instantly.
That’s what we’re working on at Sawtooth: creating a simple, digital account opening experience for clients and advisers that saves time and leaves everyone more satisfied and less stressed.
In this post, we’ll look at how the Sawtooth technology platform allows you to streamline the new account-opening process for your clients with benefits throughout your business.
Sawtooth can help streamline your sales process
When you transition your practice to a digital, paperless workflow, the first members of your team that you help are your advisers because transitioning investors from prospect to client becomes so much easier.
You can set up an account while you are still walking through the discovery process with a prospect. Then, when they’re ready to become a client, the Sawtooth Forms Tool only requires a few clicks to select the paperwork you need.
Digital forms give your team a competitive advantage over other advisers because you can provide a faster, more fluid experience. In addition, you can minimize the length of time it takes to close a prospect without worrying about things like physical distance, commuting, or setting up a meeting time.
Reduce the amount of meetings you need to schedule
How does your calendar look this week? If you’re like most advisers, there is barely an empty space from one day to the next. When technology and investment platforms promise improved efficiency, the most valuable area you should expect to see a change is your calendar.
New account opening in a digital format can mean fewer meetings. Why? Because you don’t have to schedule a meeting for clients to come into your office just to sign a few papers. Adding a digital paperwork process means an administrative team member can manage the signing process rather than involving a senior adviser every time a prospect makes the decision to work together while they’re offsite.
We partner with the industry leader in digital forms and electronic signatures, DocuSign, to make it all very simple. With a few clicks you can pre-fill data, send all the required forms to a client, and then your client can finish the process from their home or office in a few minutes.
Accounts opened with Sawtooth tech platform are set up correctly
If you open accounts through Sawtooth’s platform, you have the investment options necessary for each client ready to be set up before they even sign the new account form. Again, the benefits of a digital workflow mean you can put all the steps and options you need in one place so you can move seamlessly from one task to the next.
The Sawtooth platform’s solutions for new account opening puts you in a place to be up and running fast so you can be ready to trade. You’ve already selected the agreed upon investment options, and it’s all ready to go. Once the account is open, you can work with your Sawtooth Support Team to get your new client started on the right foot.
New account opening with Sawtooth gets better all the time
We are always finding new ways to improve our platform so we can offer increased benefits to your practice. We offer multiple industry-leading integration partners because we want to give you the choice and ability to make the best decision for your firm.
If you’d like a demo of Sawtooth’s new account opening, please reach out to our team to schedule a call.