How We Automate Opening New Accounts for Institutional Advisors

Opening new accounts is a workflow that is perfect for automation.

With the automation technology available today for investment advisors, firms can streamline a lot of their work they did manually before.

Take new account openings, for example. It's a task that takes a lot of time, and it's time-sensitive.

One of our clients struggled with those very procedures, so they came to Empaxis.

The Problems Institutional Advisors Face With Opening New Accounts

Our client, an institutional investment advisory firm in Virginia, needed help with opening new accounts, as well as loading custodian data into their systems.

The process required registering a new account at the custodian, but the firm would have to wait more than a day until the new account is approved, and only at that point can the firm start the next steps.

This was a very inefficient use of time because a senior staff member must be on-call, ready to process the new account the moment it’s approved.

Relevant data points would then be inputted into the new accounts and in the firm’s various systems. Completing the entire process could take a minimum of 3 days.

The firm knew their current approach would not be sustainable, and they sought expertise in account opening automation.

Empaxis Developed an Account Opening Automation Solution

Empaxis developed a bot that would automate the steps for opening new accounts.

Instead of requiring a senior staff member to be on stand-by for when the new account is approved, a bot would be able to check in the portal to see if the new account has been approved. At that point, the bot would pull in data from custodian portals, and that data would then be loaded into the portfolio accounting systems.

The results and benefits were apparent:

1. Increased efficiency

By leveraging the bots, the firm can now complete processes more efficiently, as the manual component has been eliminated.

Automate up to 20 different workflows. Download our Automation Guide for RIAs.

2. Freed up time and capacity

Instead of doing this work manually, senior staff members now could focus more on higher-value activities for their firm.

3. A sense of relief

The client enjoys the feeling of no longer worrying about resources being tied up with new account openings.

They can rely on Empaxis custom-built automation tools.

Interested in automating your processes? Learn more about Empaxis solutions:

- Empaxis Automation Services

- How Empaxis Helped a Family Office Automate Data Extraction for Their Alternative Investments

- Private Equity Investing and Automation for Wealth Managers

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