Steps to Ensure Accurate Documentation of Meeting Details During the New Account Review Process
Once a new account ticket is created it transitions into the "In Review" stage of the pipeline. During this critical phase, the Wealth Planner is required to thoroughly review and populate essential details related to the account. These details include:
- Account Holder Information: Ensuring all client details, such as name, contact information, employment and financial details are accurately recorded.
- Application Information: Verifying and documenting client-provided details, including banking, beneficiaries, transfers, power of attorney, and ID verification, to ensure compliance and accurate account setup.
- Meeting Details: Documenting any discussions or decisions from client meetings that are relevant to the account setup or management process.
- Know Your Client (KYC) Forms: Uploading and confirming the accuracy of regulatory documents that establish the client’s identity, financial objectives, and risk tolerance.
This phase is designed to ensure all necessary information is gathered and validated, setting the stage for a seamless transition to the next steps in account processing.
New Account Application Requests
There are three types of New Account ticket requests: Entity, Individual, and Joint. Each type varies slightly in the information and documentation required from the client.
Meeting Details
The section is located in the "Servicing" panel on the New Account Application Ticket. A progress bar shows how much is complete and there are markers that will show either an "Incomplete" warning or a "Complete" confirmation for each subsection and the Client as a whole.
To open any of the subsections to review the information, simply click the "open" button on the right side and a panel will pop out. The information gathered in each section is detailed below.
Note: This section is to be completed for all application requests
- Documenting whether the meeting was conducted over the phone or in person ensures clarity on how the client interaction occurred.
- This information helps track engagement methods and assess compliance with in-person or virtual meeting requirements.
- Identifying if another Wealth Planner was present ensures transparency in the onboarding process and verifies the roles of individuals involved in the client discussion, which may be important for accountability or regulatory audits.
- Recording additional attendees helps maintain a comprehensive record of the meeting, providing clarity on external influences or contributions during the discussion.
- Confirming whether the client receives documentation electronically or in person ensures the delivery process aligns with company standards and regulatory expectations for disclosure.
- Ensuring specific disclosures like the Conflict of Interest (COI), Relationship Disclosure Information (RDI), and Portfolio Management Agreement (PMA) were reviewed and provided documents compliance with transparency obligations and supports informed client decisions.
- Identifying additional services such as financial planning, will preparation, tax preparation, insurance, and mortgage assistance allows the firm to tailor offerings to meet the client's broader financial needs and ensure a comprehensive approach to wealth management.
- Recording whether the client asked additional questions during the meeting captures their concerns and areas of interest, ensuring their queries are addressed thoroughly and their experience is personalized.
- Confirming with the client whether they consent or object to the disclosure of their Beneficial Ownership information as part of the account processing requirements.
- Confirming the client’s preference for receiving security holder materials: all materials, none (with acknowledgment), or only proxy-related materials for special meetings.
- Assessing the IA-client relationship's duration, whether they've met in person, and if the IA is registered in the client's residing jurisdiction.
- This ensures that the client has received and understood the WP acknowledgement, confirming that all questions regarding it have been addressed.
- These confirmations ensure compliance with regulatory requirements and demonstrate transparency by documenting that investment risks have been thoroughly explained to the client.
- This process also helps manage client expectations, emphasizing that market fluctuations and potential losses are inherent in investing.
- This confirms that the client has been asked whether they object to disclosing their beneficial ownership information, supporting transparency in the client's financial details.
- This verifies that the client’s preferences regarding the receipt of security holder details have been clarified, ensuring the information is communicated according to their wishes.