Dec 03, 2020

The Challenge

The firm, which provides high value-added, quality growth investment strategies to sophisticated clients around the world, found client onboarding especially challenging because of the differing needs of its unique client types, and its high-touch support model.

The client engaged Cutter Associates and our experienced CX-focused team to help the firm improve its clients’ experience overall and client onboarding in particular. The client engaged Cutter to assist in the following onboarding areas:

  • Organizational Structure
  • Account Profile
  • Client Artifacts
  • Authorized Signatory Process
  • Communication
  • Checklist Design

Cutter Solution

Given the firm’s volumes, we emphasized that a centralized team acting as the quarterback for client and account onboarding for all client types was necessary to provide the right structure, leadership, and accountability.

We worked with the client to create account profile forms to capture key data elements for institutional SMA, institutional dual contract, and individual high-net-worth clients. The new forms facilitated and automated account setup and data transfer across various areas, such as client/account, trading, consultant, custodian, performance setup, billing, middle office outsourcing, and settlement instructions. We developed and provided a supplementary business glossary with logic for derived, optional, client-entered, and pre-populated fields.

Additionally, we designed and revamped processes for requesting, reviewing, and maintaining client artifacts and authorized signatures, and crafted a proposed authorized signatory form.

We worked collaboratively with the client to create a RACI matrix across four client types with future state roles and responsibilities for relevant internal and external teams.

Using interactive Smartsheet technology, Cutter partnered with the client to design future state onboarding checklists for institutional clients, individual direct clients, and individual dual-contract clients. We documented owners, reviewers, and informed parties for each new and existing checklist task and incorporated automated workflow into the checklists. Lastly, we created account- and aggregate-level dashboards to visualize summary onboarding information.

Cutter’s revamped onboarding process gave the client the following:

  • Confidence that client onboarding roles were appropriately designed​
  • Knowledge that client profiles and authorized signatory process were in line with peers​
  • An efficient workflow to onboard new clients or accounts
  • Best practices for requesting and receiving client artifacts during the onboarding process
  • Improved communication and collaboration across all parties involved in onboarding, maintenance, and termination of clients and accounts