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Account Opening: Part 3 - Post-Paperwork Verification

Once the accounts are open and all paperwork has been processed, the HQ Team Member will verify everything for accuracy, and the advisor should coordinate with the client to produce an Investment Policy Statement (IPS).

Verification

Headquarters

The HQ team will verify the following for accuracy as applicable:

  • Beneficiary designations established (if applicable)
  • Move Money/Money Link established (if applicable)
  • Fee Payment Authorization active at the custodian
  • Household and Accounts are billing status 'Ready' in Orion
  • Assets transferred in (DOES NOT include accounts funded by new cash, just accounts that were invested elsewhere and transferred to the account managed here)

Advisor

Once this process is complete, the advisor will be able to see the household and assets within Orion.  There is a 24 hour delay between Orion and the custodian, so it is possible that HQ will notify you that we have received a transfer visible at the custodian, but not yet visible in Orion.  The data reconciles each night and will be visible the subsequent day.

Investment Policy Statement

Advisor

The advisor and client should work together to produce and sign an IPS.  This documents and communicates the desired investment strategy to the investment team.  The IPS can be signed at any point in the process, however, it must be completed so that we can reinvest as soon as possible once accounts are open and assets have transferred in.

It is also acceptable to submit a Help Ticket > Category: Account Services > Request: Investment Instruction if the assets are already here, and there's a delay obtaining the client signature.  An IPS has to be in process, but we're happy to invest the account according to the client's selected model prior to obtaining the completed IPS.

Client

The IPS is drafted and sent for signature via Cognito Forms.  The Client should be notified that a signature is necessary and to be on the lookout for an email from Cognito.  The Advisor is also CC'd on these emails, and can thus verify they were sent.

Headquarters

Once the IPS has been signed, Cognito sends a notification to the investment team.  That IPS will then be monitored until the team is able to complete the investment process.  This can be delayed if we receive the IPS well in advance of the accounts being open or assets being transferred.

Email Nicola@GarrettAdvisors.com with questions or submit a Help Ticket!