Onboarding a new client is a process that has many facets and tasks to get done. Here at XYIS, we want to make sure you have a quick cheat sheet available to make sure you cross your T's and dot your I's when bringing someone onto XYIS for the first time. So without further ado, your client onboarding checklist!
- Collect a signed Investment Management Agreement
- The first step is an important but perhaps not obvious one - make sure your client has signed an investment management agreement to work with your firm! This agreement will be signed outside of XYIS, though we're working on finding an effective way to send these through XYIS. Once signed, your client is ready for step 2.
- Decide what type of accounts your client will need and how they will be invested
- After your client is officially ready to work with you, it's time to map out which account types you need to open and begin determining the most appropriate XYIS model for your client. Begin the account type conversation by asking if your client is bringing over existing accounts from other custodians or old retirement plans or if they're simply ready to start investing for the first time and need to open accounts to begin doing so.
- When selecting the proper investment for your client, you can research all of our models here and check out our user guide on the XYIS risk tolerance questionnaire here if you have questions on how it works. Also, once the appropriate model is selected, we added a signature page to the XYIS investment proposal so you have the option to have your client sign the proposal for the recommended model for your records.
- Open accounts in Element
- Once you know what accounts need to be opened, you can begin the account opening process through the Element app in XYIS. We have a handy tutorial on how to use Element here. Element includes the option to initiate funding on the account with bank transfers, account transfers, and setting up move money authorization for your firm. You can view instructions to complete direct rollovers here for any accounts receiving 401(k) or other employer-sponsored retirement account rollovers.
- Ensure your client has signed their account opening paperwork
- After your clients have signed the paperwork, you will receive a copy of the completed forms. If you do not see a copy of signed paperwork in your inbox in the expected timeline and would like the DocuSign packet resent, contact the XYIS support team. Once the paperwork has been signed, TD will automatically receive a copy of the signed paperwork for processing.
- Assign a model to the new account
- Once the account is open at TD and streaming down to Orion, your next step is to assign a model to the account. You will do this by submitting the XYIS new account form to our support team. This form is required for XYIS to begin trading your client's account. If we do not receive this form for an account, we will not take any action on the account and the holdings will remain as is until the new account form is received. We suggest submitting this form as soon as the account is funded to ensure the fastest investment of the account. We will invest the account within one business day after receiving the new account form.
- Review billing and fee schedule details
- At the end of your first billing period, you'll be asked to review your billing set up and ensure it is correct. You can find instructions on how to do so here.
That is it...you've officially onboarded your client! We hope you find this step by step guide helpful. Please let us know if you have any questions at email@example.com or (360) 301-7579.