Account paperwork checked against rejection reasons before it goes out
A new household often means several accounts and a transfer form for each one, built from a stack of old statements. Operations matches names, titles, account types and tax IDs by eye, sends the envelope and waits. When a transfer comes back not in good order, the client waits too. The agent prepares the paperwork and checks it against the reasons a transfer can be rejected before anyone sends it.
Examples use invented names and figures.
What the agent does
- Step 1Reads what the client sent
Old custodian statements and the intake form, matched to the household in your CRM.
- Step 2Prefills the forms
Custodian applications, IRA adoption agreements, beneficiary designations and transfer forms, filled from the intake and the statements on the custodian's own forms.
- Step 3Checks for rejection reasons
Account number, tax ID, account title and account type are compared with the statement, because a mismatch on any of them lets the other firm take exception under FINRA Rule 11870.
- Step 4Assembles and tracks
The DocuSign envelope is built for operations to review and send. After submission the agent watches each transfer and tells operations when one stalls.
The account type and any rollover recommendation stay with the advisor, and the client signs. Operations reviews and submits every package. The agent never moves money or changes where money goes, and assets that cannot move through ACATS, such as many annuities, go to a person with a note.
- Minutes of paperwork per new household
- Custodian rejections per month, by reason
- Business days from signature to assets received
- Hours spent on rework
Questions about this agent
Can the agent submit to the custodian?
It prepares the package and operations submits it. Your firm could choose to automate submission for a narrow category later, but anything that moves money or changes where it goes stays with a named person.
Which custodians does it work with?
We scope builds for Schwab Advisor Center, Fidelity Wealthscape, Pershing NetX360+ and Altruist. Each platform differs in what it lets an outside system do, so the sprint confirms the path for every custodian you use before we quote.
What about assets that cannot move through ACATS?
The agent flags annuities and other non-ACATS assets and routes them to operations with whatever it could prefill. Each outside institution has its own forms and process, so a person handles those transfers.