Skience launches Adviser Transitions Solution
Skience has launched its Adviser Transitions Solution, a new tool that streamlines, digitises and simplifies the process by which advisers changing wealth management firms can transfer client assets to a new platform.
Skience President and Chief Operating Officer Marc Butler says: “Transitions today have significant potential legal and compliance risks, poor adviser and investor experiences and error-prone manual data entry processes, resulting in delays in the migration of advisers and their clients. Skience’s Adviser Transitions Solution addresses these and many other shortcomings through an elegant, all-digital experience, helping to ensure that advisers and their client assets are transferred without needless delays.”
The new Adviser Transitions Solution tool allows advisers to open: client accounts and then transfer assets faster than manual transition processes allow; easily communicate and collaborate with clients when collecting required personal information to open accounts and make transfers, and remain compliant with all industry regulations related to those tasks. In addition, the solution provide guided workflows, including real-time validation checks, to facilitate the seamless transmission of client data to new custodial or clearing platforms and the creation of accounts.
When changing firms, broker-dealers, Advisers, and custodians can face significant fines if they do not protect client data or follow the proper transition steps, while re-papering accounts manually and other overly complicated procedures can lead to delays and leave clients frustrated. The Skience Adviser Transitions Solution tool helps Advisers navigate these pivotal processes correctly and with confidence, allowing them to avoid mistakes that have led others to lose business.
Butler says: “Skience’s Adviser Transitions Solution helps make an Adviser’s transition the momentous occasion it should be – a great opportunity for them to position themselves for a better future. For clients, a transition that happens quickly, seamlessly and in compliance with regulatory requirements is even more important, both in setting them up for continued success and in creating added trust and confidence in their Adviser.”