New client onboarding is more than a formality — it’s a critical window where expectations are set, trust begins to build and the tone for your entire relationship is established. It’s not the time to cut corners, but it’s fair to wonder: How long should this take? And how do we compare to other firms?
While every firm is different, here are some general industry timelines to keep in mind:
- Simple accounts and goals: 1–2 weeks
- Moderate complexity (e.g., 1–2 investment accounts): 2–3 weeks
- Complex clients (HNW, trusts, multiple accounts): 4–6 weeks
Of course, these estimates assume a perfect-world scenario — and most of us don’t live there. Real-life onboarding timelines are shaped by client complexity, internal capacity and your firm’s “secret sauce.” The quality of the experience matters just as much as the speed.
The strongest onboarding experiences are efficient for clients, manageable for your team and built to improve over time. In this guide, we’ll walk through strategies to streamline onboarding without putting accuracy, client satisfaction or your reputation at risk.
Four Reasons for Delays
The length of your onboarding process can vary depending on several factors:
1. Compliance Requirements
Regulatory requirements, such as Know Your Customer (KYC) and Anti-Money Laundering (AML) laws, can introduce complexities. While necessary for compliance reasons, they can also create extra layers in the onboarding process. A thoughtful approach to compliance documentation can minimize delays, however.
2. Client Cooperation
Onboarding is bidirectional. Sometimes, back-office staff get caught up in other priorities. However, sometimes delays stem from the clients themselves. Whatever the reason for lags, proactive communication can be the antidote.
3. Technology and Workflow
Firms that adopt the range of modern technology, like client portals, e-signature tools, and automated workflows, can see significant reductions in onboarding time. Inefficient processes or failure to get with the program, on the other hand, can cost you operationally.
4. Firm’s Internal Processes
Your team members need to be in lockstep when it comes to roles and responsibilities. The same goes for a standardized workflow in place. The strength of your internal processes and staff’s agility can determine how quickly new clients can be onboarded.
Five Methods to See Client Onboarding Success
If you’re struggling to deliver on these fronts, it may be time to revisit your onboarding process. Here are some strategies to help focus your attention and efforts:
1. Standardize and Automate Workflows
Use practice management software designed to streamline workflows. Automate routine tasks like gathering standard documents or sending reminders. According to June 2023 research from McKinsey, half of today’s work activities could be automated between 2030 and 2060.
2. Invest in Digital Tools
Using DocuSign for e-signatures, financial planning software, and secure client portals can keep paperwork to a minimum and allow for faster processing. Younger clients might even expect technology to be baked into the onboarding process.
3. Communicate Expectations with Clients
Be clear about what clients need to provide and by when. Clear communication helps you develop a better working relationship.
4. Assign Clear Responsibilities
Define who handles what during onboarding. Assigning specific roles minimizes confusion and duplicating efforts. Plus, it’s good for employee engagement. In 2024, Gallup and Workhuman found that employees who fully understand what’s expected of them at work are 47% less likely to experience frequent burnout and 23% less likely to report struggles with work-life balance a few times a week or more.
5. Monitor and Optimize Progress
Use performance metrics to calculate average onboarding timeline, identify bottlenecks, and refine as necessary. Parse feedback from clients and staff to gain objectivity that you can translate into action.
No matter your specific key performance indicators, your firm will come out ahead if you invest in processes and platforms that support both efficiency and client engagement.
The most efficient onboarding experiences come from clarity, consistency and getting the right data from the start. PreciseFP helps your firm clearly communicate expectations with clients — from what information is needed to what the process will entail. Once that’s in place, the data won’t be what slows you down. Paperwork gets completed correctly the first time, account forms are filled out faster and financial plans can be built without delay.
Start your free trial of PreciseFP today and turn better data collection into a better onboarding experience — for both your clients and your team.
