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Bringing on Clients and Advisers - ease the transition process with Mentor's services

The process of bringing clients on board is the lifeblood of an RIA while adding an adviser to the firm is often a critical step in growing the organization and maintaining a high level of service. These processes involve a number of considerations, the interplay of which can be complex - yet understanding them is essential to all concerned. At Mentor RIA Consulting, we have helped advisers, clients and firms in this process, smoothing the transition to a positive working relationship.

Some of the things you will need to consider and prepare for in adding clients - things that will help you make the "sale" to get them to agree to come over as well as ease the transition - include:

          Investment management agreements, including planning, trading limitations and fees

          Transfer of accounts, which may include transfer to a new custodian

          Implementation of limited power of attorney to act for the client

          Review of existing accounts, planning and client situation

          Providing clients with appropriate disclosure documents, privacy policy and more

The process for bringing on an adviser is quite different, requiring you to think about actions including: 

·          Assessment and understanding the adviser’s book of business and client relationships

·          The services, expertise and other value the hiring firm brings to the arrangement

·          Background check, references

·          The adviser’s existing employment agreement and terms, including any non-compete

·          The applicability of the broker protocol and proper implementation

·          The proposed employment agreement, including compensation, benefits, succession

·          Tools of the business: personal computer, mobile phone, access to network and more

·          Transition timeline, client welcome packet and services

·          Educating the adviser on compliance requirements, work policies and procedures

·          Updating the firm’s forms ADV and ADV 2

·          The transition announcement, new website information about the adviser

If you would like to learn more or have an immediate need for our adviser and/or client onboardting services, please Contact Us

George Chamberlin & Mentor RIA Consulting © 2013-2020

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