The New Account Open workflow is a five task process that is resolved once the account has been opened, your internal systems have been updated, and all five tasks have been marked Complete.
Relationship Team members required in this workflow: Relationship Manager & Client Service Associate
Step 1:
First task is created, called "Complete New Account Open Form", and it is assigned to the Relationship Manager. It is expected the Advisor fills out and completes the required new account forms based on the requested account and custodian. It is possible a client signature is required.
- Description: Launch new account open form and fill in/merge information from CRM
- Due Date: 1 business day
- Duration: 20 minutes
- Task Type: Paperwork
Step 2:
Second task is created, called "Verify How Account will be Funded", and is assigned to the Relationship Manager. Since most accounts aren't fully opened until the account is funded, this task reminds relationship managers to confirm the type of funding, cash, check, transfer, etc.
- Description: Asset transfer vs. cash. Update data section.
- Due Date: 1 business day
- Duration: 15 minutes
- Task Type: Review Client Details
Step 3:
Third task is created, an approval task, called "Review Forms and Submit for Internal Approval", and it is assigned to the Relationship Manager. This task is a double-check to make sure the needed forms and approvals have been completed.
- Description: Review Forms and Submit for Internal Approval.
- Due Date: 1 business day
- Duration: 15 minutes
- Task Type: Approval
- Upon Rejection: New Task is created: New Account Form Rejected
Rejection Task: If the "Review Forms and Submit for Internal Approval" is rejected, a new Task is created "New Account Form Rejected". This task is assigned to the Client Service Associate.
- Description: New account form has been rejected. Please make any necessary corrections
- Due Date: 1 business day
- Duration: 20 minutes
- Task Type: Paperwork
Step 4:
Fourth task is created, called "Submit Forms to Custodian", and it is assigned to the Client Service Associate. This task reminds the client service team to send the completed paperwork to the custodian.
- Description: Submit Forms to Custodian
- Due Date: 1 business day
- Duration: 20 minutes
- Task Type: Update Custodian
Step 5:
Fifth task is created, called "Verify Account Has Been Opened and Update Internal Systems", and it is assigned to the Client Service Associate. This task reminds the client service team to confirm the account has been opened and funded, as well as update the CRM with the account information. Once confirmed that all five tasks are completed, the workflow status will update to Complete.
- Description: CRM and Portfolio Management System
- Due Date: 3 business day
- Duration: 30 minutes
- Task Type: Update Internal Systems
