Toronto-based Agreement Express has been awarded top honours at the 2018 WealthManagement.com Industry Awards, the company announced Tuesday.
The company’s client “onboarding” platform for financial services won in the “innovation new application” category.
“For advisors, breakaways, and broker dealers participating in any form of M&A or consolidation it can take up to four months to integrate their clients with their new firm,” Mike Gardner, CEO of Agreement Express says in a statement. “Simplifying the complexity of broker transitions is crucial to retaining an advisor’s clients to the new firm and getting the assets under management faster.
According to Agreement Express’s research, the average full transition for a book of business when an advisor switches firms is 12 to 18 weeks and involves eight to 10 people. Even then, an average of 42% of document packages are not-in-good-order, which can result in anywhere from 40 to 60 hours a week spent searching for missing documentation and fixing erroneous paperwork.