Digitizing the Onboarding Process for TD Ameritrade Institutional

I am very excited to be able to share some hot-off-the-press information with you via this blog. We just rolled out an onboarding solution for advisors who custody with TD Ameritrade Institutional that is truly unique. 

You already know that PreciseFP has been in the data-gathering business for over 12 years now. During those twelve years, our platform has evolved to include many facets of client engagement: from lead gen, to client retention via continuous engagement, and everything in between. Today, we add another tool to the “client engagement Swiss Army knife” that has become PreciseFP: digitized client onboarding for custodians. We are excited to announce that advisors who custody with TD Ameritrade Institutional are among the first to take advantage of this new offering from PreciseFP. 

The solution works like this: 

Step 1: The advisor engages the client with a PreciseFP template (Note: This can be via a link on the advisor’s website). 

Step 2: The client fills in any missing pieces of information and submits it back to his/her advisor. 

Step 3: The advisor, with a click of a button, then sends that data over to Veo for a Single Sign On into the TD Ameritrade Institutional Wizard, which then fills TD Ameritrade Institutional forms and make those forms available for e-signature.

What makes this solution unique is the fact that the data quality burden is put squarely on the shoulders of the client. PreciseFP templates contain required fields, meaning clients cannot submit an engagement without first entering the information. Also, PreciseFP fields are validated to make sure that, for example, an email address has the correct format. What does all of this validation, combined with increased ease-of-use for the client mean? Better data quality, resulting in reduced NIGO (Not in Good Order).  It also allows advisory firms, big and small, to offer their own flavor of what has been loosely termed as “robo”, by automating all aspects of data-gathering, not only for financial planning purposes, but now for account opening as well.

By making sure that forms contain up to date and accurate information, our solution helps reduce the back-and-forth that can occur when forms aren’t filled out right the first time. Some reports suggest that 25 to 30% of new account applications are NIGO. That represents not only a huge financial cost for advisory firms and their back offices, it also makes the onboarding experience more painful for the client who may need to be bothered with requests for missing pieces of information. 

PreciseFP is used by thousands of advisors to engage with clients and prospects to gather the financial profile data needed to serve clients. Now, advisors who custody with TD Ameritrade Institutional can engage clients on a platform that both they and their clients are already familiar with. Gone is the need for clients to work through long, cumbersome PDFs. And the hassle of paperwork is a thing of the past with this integration that digitizes the entire process, from start to finish. 

Don Whalen, CFP®, CEO 

TD Ameritrade Institutional and PreciseFP are separate, unaffiliated companies and are not responsible for each other’s services or policies.

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