70% Improved Document Collection via Mobile-First Onboarding Flow

70% Improved Document Collection via Mobile-First Onboarding Flow

Executive Summary

Harrington Legacy Advisors faced significant delays in client onboarding due to a cumbersome, paper-based document collection process. Golden Door Asset addressed this challenge by developing a mobile-responsive onboarding portal with integrated document scanning and upload capabilities. As a result, Harrington Legacy Advisors experienced a 70% increase in document collection rates, drastically shortening the onboarding cycle and significantly improving client satisfaction.

The Challenge

Harrington Legacy Advisors, a boutique wealth management firm managing over $350 million in assets, recognized a critical bottleneck in their client onboarding process. Their existing system relied heavily on physical paperwork and email exchanges, creating numerous pain points for both advisors and clients.

Specifically, the problems included:

• Low Document Submission Rates: Clients struggled to gather, scan, and submit the necessary documents, leading to an average document completion rate of only 30% within the first week of onboarding. This resulted in significant delays.

• Lengthy Onboarding Cycle: The protracted document collection process extended the average onboarding time to 4-6 weeks. This delay impacted revenue recognition and hindered the firm's ability to deploy assets efficiently. For instance, if a client planned to invest $500,000, the delay meant the firm lost potential gains from market appreciation and dividend income during that period. Assuming a conservative annual return of 8%, the firm potentially missed out on approximately $3,846 in returns during a 4-week delay.

• Poor Client Experience: The cumbersome process created frustration and dissatisfaction among new clients. Many clients found it difficult to access the required documents, navigate complex forms, and manage the submission process. This negative first impression risked jeopardizing the client relationship from the outset. In a survey, nearly 40% of new clients rated the onboarding process as "difficult" or "very difficult."

• Inefficient Advisor Workflow: Advisors spent a significant portion of their time chasing down documents, manually reviewing submissions, and correcting errors. This reduced their capacity to focus on more strategic tasks such as portfolio management and client relationship building. It was estimated that advisors spent an average of 8 hours per week solely on managing onboarding paperwork. This time could have been better allocated to activities generating a higher return on investment.

• Lack of Mobile Accessibility: The existing onboarding system was not optimized for mobile devices. Given that a significant portion of Harrington Legacy Advisors' client base preferred to manage their finances on their smartphones or tablets, the lack of mobile accessibility further exacerbated the challenges. Only 15% of clients attempted to complete the onboarding process on mobile devices using the old system, with a high abandonment rate.

The cost of this inefficient process was substantial. Harrington Legacy Advisors estimated that the delays and inefficiencies in their onboarding system were costing them approximately $50,000 per year in lost revenue and advisor productivity. They needed a solution that streamlined the document collection process, improved client experience, and freed up advisor time.

The Approach

Golden Door Asset partnered with Harrington Legacy Advisors to develop a mobile-first onboarding solution tailored to their specific needs. Our approach was guided by the following principles:

• Mobile-First Design: We recognized the importance of mobile accessibility and prioritized the development of a mobile-responsive onboarding portal. This ensured that clients could easily complete the onboarding process from their smartphones or tablets, regardless of their location.

• Simplified Document Upload: We integrated document scanning and upload capabilities directly into the onboarding portal. This allowed clients to quickly and easily capture images of required documents using their mobile device's camera and upload them securely. We also provided options for uploading existing digital documents.

• Intuitive User Interface: We designed a user-friendly interface that guided clients through the onboarding process step-by-step. Clear instructions, progress indicators, and helpful tips were provided to ensure a smooth and seamless experience.

• Secure Document Storage: We integrated the onboarding portal with Box, a leading cloud-based content management platform, to ensure secure storage and management of client documents. Box's robust security features and compliance certifications provided peace of mind for both Harrington Legacy Advisors and their clients.

• Automated Workflow: We automated key aspects of the onboarding process, such as document validation and notifications. This reduced the administrative burden on advisors and ensured that documents were reviewed and processed efficiently.

Our strategy involved:

1. Discovery & Analysis: We conducted a thorough analysis of Harrington Legacy Advisors' existing onboarding process, identifying the key pain points and areas for improvement. We also gathered feedback from advisors and clients to understand their needs and preferences.

2. Design & Development: Based on our findings, we designed and developed a mobile-responsive onboarding portal using a React Native framework. This allowed us to create a cross-platform application that worked seamlessly on both iOS and Android devices.

3. Integration & Testing: We integrated the onboarding portal with Box for secure document storage and conducted rigorous testing to ensure that all features and functionalities worked as expected.

4. Deployment & Training: We deployed the new onboarding portal and provided training to Harrington Legacy Advisors' advisors on how to use the system effectively.

5. Monitoring & Optimization: We continuously monitored the performance of the onboarding portal and made adjustments as needed to optimize the user experience and improve document collection rates.

We specifically focused on reducing the "cognitive load" for clients. By breaking down the onboarding process into smaller, more manageable steps, we made it easier for clients to understand what was required of them and complete the process successfully.

Technical Implementation

The technical implementation of the mobile-first onboarding portal involved a number of key components and integrations:

• React Native Framework: We chose React Native for cross-platform development, allowing us to build a single application that runs seamlessly on both iOS and Android devices. This approach significantly reduced development time and costs compared to building separate native applications.

• Mobile-Responsive Design: The user interface was designed to be fully responsive, adapting to different screen sizes and orientations. This ensured that clients could easily complete the onboarding process on any mobile device.

• Document Scanning Integration: We integrated a document scanning library that allowed clients to use their mobile device's camera to capture images of required documents. The library automatically cropped, rotated, and enhanced the images to ensure clarity and readability.

• Secure Document Upload: Clients could securely upload documents to the onboarding portal using HTTPS encryption. We also implemented measures to prevent unauthorized access to client data.

• Box Integration: We integrated the onboarding portal with Box, a leading cloud-based content management platform. Box provided secure storage, version control, and access control for client documents. We utilized Box's API to seamlessly transfer documents from the onboarding portal to the client's designated folder within Box. We used AES-256 encryption for data at rest within Box.

• Backend Infrastructure: The backend infrastructure was built on a scalable and reliable cloud platform (AWS), using Node.js and Express.js. We used a relational database (PostgreSQL) to store client data and track the progress of the onboarding process.

• API Integration: We developed a RESTful API to allow the onboarding portal to communicate with Harrington Legacy Advisors' existing CRM system. This enabled advisors to access client data and track the status of onboarding tasks directly from their CRM.

• Calculations & Validation: The platform automatically calculated required fields based on user inputs, such as net worth and risk tolerance scores, streamlining the form-filling process. We implemented data validation rules to ensure that all required fields were completed correctly before the client could submit the form.

The integration with Box also allowed Harrington Legacy Advisors to leverage Box's compliance features, such as audit logging and data retention policies, to meet regulatory requirements. The total development cost for the platform was approximately $75,000.

Results & ROI

The implementation of the mobile-first onboarding portal yielded significant results for Harrington Legacy Advisors:

• 70% Increase in Document Collection Rates: The most significant improvement was a 70% increase in document collection rates. Within the first week of onboarding, 70% of new clients now submit all required documents, compared to just 30% previously.

• 50% Reduction in Onboarding Time: The average onboarding time has been reduced by 50%, from 4-6 weeks to just 2-3 weeks. This allows Harrington Legacy Advisors to recognize revenue more quickly and deploy assets more efficiently.

• Improved Client Satisfaction: Client satisfaction with the onboarding process has significantly improved. In a follow-up survey, over 90% of new clients rated the onboarding process as "easy" or "very easy."

• Reduced Advisor Workload: Advisors are now spending significantly less time managing onboarding paperwork. The automated workflow and streamlined document collection process have freed up advisors to focus on more strategic tasks. Advisors now spend an average of 3 hours per week on onboarding, saving 5 hours each.

• Increased Mobile Engagement: The mobile-responsive design has led to a significant increase in mobile engagement. Over 75% of new clients now complete the onboarding process on their smartphones or tablets.

• Cost Savings: The reduction in onboarding time and advisor workload has resulted in significant cost savings for Harrington Legacy Advisors. They estimate that the new onboarding portal is saving them approximately $35,000 per year.

Specifically, for a client investing $1 million, the reduction in onboarding time from 4 weeks to 2 weeks translates to a potential gain of approximately $1,923, assuming an 8% annual return. This benefit, coupled with the increased advisor productivity and improved client satisfaction, demonstrates the significant ROI of the mobile-first onboarding solution.

Key Takeaways

Here are three actionable insights for other RIAs and wealth managers looking to improve their client onboarding process:

1. Prioritize Mobile Accessibility: In today's digital age, clients expect to be able to manage their finances on their mobile devices. Investing in a mobile-responsive onboarding solution is essential for providing a seamless and convenient client experience.
2. Automate the Document Collection Process: Automating key aspects of the document collection process, such as document scanning, upload, and validation, can significantly reduce onboarding time and improve efficiency.
3. Focus on User Experience: A user-friendly interface and clear instructions are essential for guiding clients through the onboarding process and ensuring that they complete all required tasks successfully. Simplify complex forms and processes to reduce client frustration and improve completion rates.

About Golden Door Asset

Golden Door Asset builds AI-powered intelligence tools for RIAs. Our platform helps advisors streamline operations, enhance client engagement, and grow their business. Visit our tools to see how we can help your practice.