Client on-boarding in wealth management
Client Information Gathering
- Request client fill out a detailed information form
- Verify client's identity with photo ID and proof of address
- Record client's contact details including phone number and email
- Schedule a meeting with the client to discuss financial goals
- Assess client's risk tolerance through questionnaire
- Document client's investment preferences and objectives
- Review client's identification documents for authenticity
- Verify client's employment and income sources
- Assess client's financial background and investment experience
- Request client provide copies of legal documents
- Review legal documents for completeness and accuracy
- Ensure all necessary legal documents are signed and dated
Risk Assessment
- Use standardized risk assessment tools to evaluate the client's risk tolerance.
- Consider the client's investment experience, financial situation, and investment objectives.
- Assess the client's willingness and ability to take on risk.
- Present different investment options based on the client's risk profile.
- Explain the potential risks and rewards associated with each investment option.
- Collaborate with the client to select the most suitable investment strategy.
- Ask the client about any specific industries or sectors they want to avoid.
- Document any ethical or social considerations the client wants to incorporate into their investment strategy.
- Ensure the client's investment preferences are reflected in the onboarding process.
Account Setup
Investment Proposal
Welcome and Introduction
- Greet the client warmly and thank them for choosing the firm.
- Introduce the client to their dedicated advisor, providing background information and contact details.
- Include a personalized welcome letter from the advisor.
- Include information about the firm's services, investment approach, and key contact information.
- Discuss the frequency of check-ins and reviews with the client.
- Explain the purpose of these meetings and how they will benefit the client's financial planning.
Compliance and Documentation
- Review regulatory requirements specific to the client's jurisdiction.
- Gather all necessary forms, including KYC and AML documentation.
- Verify the accuracy of the information provided by the client.
- File completed documents in the secure client database.
- Maintain records for the required retention period.
- Compile all relevant documents into a single package.
- Ensure that all documents are signed by the client where necessary.
- Provide hard copies or digital copies according to client preference.
- Confirm receipt of documents with the client.
- Highlight key points in agreements and disclosures for clarity.
- Schedule a follow-up call or meeting within a week of documentation submission.
- Prepare to address common questions regarding the process.
- Encourage the client to express any concerns or unclear points.
- Document the client's feedback and any additional requests.
- Ensure timely responses to all client inquiries.
Use in Manifestly