Platform Account Opening Standard

A positive client onboarding experience relies on accurate, complete, product and investment information, moving from adviser systems to platforms.

Without a standardised approach to opening new accounts, varying platform requirements can create unnecessary delays for clients and complexity for advisers and operational teams, including:

• Inconsistent data formats
• Manual rekeying and avoidable errors
• Missing or mismatched information

Where adviser systems and platforms are not connected, information may need to be entered and checked more than once. This adds time and friction for advisers and clients at a critical point in the platform relationship.

• Saves time: eliminates repetitive data entry by enabling consistent and automated information exchange.
• Reduces training effort: advisers avoid constant staff training and retraining when platforms change, as they only need to focus on their own systems and processes, not multiple platforms.
• Improves accuracy: reduces the risk of errors in transmitting client details, investment choices, and compliance documentation.
• Simplifies compliance: supports seamless transfer of anti-money laundering evidence, ensuring obligations are met with ease.
• Enhances efficiency: streamlines workflows by standardising processes across multiple platforms.
• Stronger client focus: frees up time to build and maintain client relationships rather than managing administrative tasks.
• Reduces frustration: minimises the challenges of navigating varying platform requirements and inconsistent documentation formats.

• Faster onboarding: accelerates the onboarding timeline, enhancing client satisfaction.
• Operational efficiency: streamlines account opening processes, reducing delays and minimising administrative workloads.
• Saves costs: reduced operational costs by automating processes and minimising the need for error resolution.
• Enhances integration: facilitates seamless communication with adviser systems, making platforms easier to work with.
• Maximises ROI: each integrated journey can be implemented with multiple adviser systems, rather than having to build bespoke requirements for each.
• Competitive advantage: demonstrates leadership in innovation and collaboration, attracting more advisers and clients.
• Scalability: supports future growth by aligning with industry standards.
• Improved adviser relationships: builds trust and loyalty by offering a streamlined and consistent user experience.