Create Your Own Robo Becoming More Popular

Imagine clients going to your website and engaging with PreciseFP to provide information on the types of accounts they would like to open. Now, imagine PreciseFP filling your custodial forms with that data so that you can present the client with filled forms, ready for e-signature.

Sound too good to be true? Sound like a robo solution?

This week, we’re adding TD Ameritrade custodial forms to our library, bringing the total number of custodial forms packages to three: Schwab, SSG (mostly Pershing forms), and now TDA. What this means is that advisors can create their own robo experience, while maintaining their independence (i.e. not relying on a robo provider). The client gets the best of both worlds – a trusted advisor to call upon, and the robo experience they have come to expect.

No more paper. No more incomplete forms. And (my favorite), it’s self-serve, which means you and your staff are freed up to do other things.

Because PreciseFP is so customizable, you can literally create your own robo experience, from start to finish. Imagine this… Your (soon-to-be) client starts off with a prospect form. Then she completes a more comprehensive form with only incremental effort, since it comes prefilled with data she already provided. She then e-signs your advisory agreement and IPS before e-signing your custodial forms or any other forms that you might use (ex: insurance, other b/ds, etc). Congratulations! You just onboarded a client (or should I say, the client just onboarded herself)!

You can even set up Stages in your Pipelines so that a customer follows a predefined path. Something like: Stage 1: RTQ, Stage 2: IPS, Stage 3: advisory agreement, Stage 4: custodial forms… Every time your client completes one of the stages (by submitting a PreciseFP Engagement), they get moved along the Pipeline. That’s the power of automation. That’s what makes robo solutions so powerful.

I am having more and more conversations with advisory firms around creating robo experiences for clients. It’s more than simple form filling. It involves allowing clients to self-serve. And it also brings in the other aspects of onboarding a client that go well beyond account opening and transfer. Like capturing the FINRA KYC required information as part of your due diligence. And doing it in such a way that clients don’t push back (due to antiquated means of engaging clients that make the process too painful). A robo solution that automates processes, makes the client’s job as effortless as possible, and allows you to gain efficiencies at the firm level is what I’m talking about. Previously, you had to give up your independence to a robo platform to get it. Not any more.

Don Whalen, CFP®, CEO

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