6 Steps to a Better Client Onboarding Process

Building Trust In A New Relationship

Onboarding new clients is one of the most important and time-consuming tasks an advisor can perform. It’s also key in making a great impression starting the relationship off on a positive note. An efficient and streamlined new account setup process provides a better client experience, frees up the advisor for higher value tasks and helps to fund the account(s) more quickly thereby generating more revenue. Few area provide such bang for the buck!

Ainslie Simmonds, President of Pershing X, recently did an informal survey on LinkedIn. New account opening by far was the number one task advisors spent the most time on. Michael Kites survey found that advisors spend no more that 50% on direct client related activities due to administrative tasks taking up a lot of their time.

You worked hard to land your new client - now its time to set the foundation for a strong, long-term relationship. A well-structured onboarding process sets the tone for trust, communication, and client satisfaction. It is one of the most important touch points you have with your client, so if your process hasn’t been updated in a while or you know there is friction in the process it is the time to update your approach.

Here are six key steps to ensure a smooth and efficient onboarding experience:

1. Communication paves the way for a smooth transition

The onboarding process can be confusing and overwhelming for new clients. It’s important to set clear expectations and to provide a road map for your clients on what is needed by when, and what the next steps are by:

• Providing an overview of the onboarding steps during an initial meeting.
• Creating a written timeline and checklist of required documents.
• Ensuring clients know what actions they need to take.

Providing a road map for your clients will help alleviate anxiety and foster confidence in your firm. Technology is key to streamlining this process, not only for you but also for your client.

2. Develop a consistent discovery process

To deliver personalized services, you need a clear view of your client’s financial picture and communication preferences. Since most clients have multiple accounts across different custodians, partnership interest and different legal entities consider:

• Providing a checklist of required documents (financial statements, estate planning docs, risk profile, etc.).
• Entering all collected data into your CRM for easy access across your team.
• Recording information about the client’s legal, tax, and insurance advisors for future coordination.

Consistency in data collection ensures efficiency and eliminates unnecessary back-and-forth. One of the key onboarding tasks that should be included in this process, but is often overlooked in getting immediate (or as close as possible) electronic access to their investment information.

This should include Letters of Authorization (LoAs) with the custodians that provides legal permission for the custodian to provide you electronic data to their investment accounts (aka data feeds). The longer this process goes unresolved the greater backlog your back office will have in filling in back dated data.

3. Streamline the signature collection process

One of the most frustrating delays in onboarding comes from missing signatures. To avoid bottlenecks:

• Use electronic signature tools to expedite document processing. You don’t want to sell a client on how great your technology is, but then follow up with a request for them to print out, sign scan and send back the document. This will on delay the process and cause for a poor first impression.
• Have a clear process for guiding clients through signatures.
• Implement automated workflows to follow-up on any missing or incorrect forms.

A seamless signature process accelerates onboarding and reduces frustration.

Having a robust CRM (hint your email is not a CRM) can capture key client details, provide workflow with e-signature integration and task reminders is key to ensuring a consistent and quality onboarding process.

4. Establish personalized communication preferences

Clients expect communication on their terms. Some prefer emails, while others like phone calls or texts. Find out:

• Their preferred contact method and frequency.
• Whether they want detailed updates or just high-level summaries.
• If they prefer digital-only or paper statements.

Recording these communication preferences in your CRM ensures consistent, client-friendly engagement.

5. Communicate your team’s roles & responsibilities

Efficient client service depends on clear role delegation. To avoid confusion:

• Provide a team directory detailing who handles what (e.g., financial planning, paperwork, tech support).
• Encourage clients to reach out to the right team members instead of defaulting to their primary advisor.
• Offer a concierge-style experience where clients feel supported at every step.

Educating clients about your team structure ensures smoother interactions and frees up advisors for strategic work.

6. Train clients on online tools & support

Digital tools enhance client convenience—but only if they know how to use them! As part of onboarding, offer:

• Live demonstrations of your client portal.
• Step-by-step guides on accessing statements, reports, and account details.
• A dedicated support resource for tech-related questions.

Empowering clients with self-service tools reduces service requests and improves overall satisfaction.

How Risclarity Can Help

Risclarity provides bespoke solutions that enable family offices and advisors simplify the complexity that comes with wealth management. We have New Account Onboarding solution that provides can integrate with your CRM and your custodians to streamline this important process. We have helped clients take new account set up process from weeks to days. Help you get paid quicker, reducing the time advisors spend on this administrative process and most importantly providing a better client experience.