Three weeks to open an account

A new client agrees over lunch on the 1st to move $2M to the firm. Over the next three weeks come eleven emails, four forms, two wet signatures and the same address typed into three systems. Her accounts open on the 22nd. Her money arrives a week after that.

Picture an advisory firm managing a few hundred million. Opening accounts took three weeks of emails, forms and re-keying into the custodian. Advisers spent 14 hours a week on operations. Reviews were prepared the night before, and some slipped a quarter. Each adviser could serve about 80 households. The firm turned away one referral in four because it couldn't absorb them.

What SBK rebuilt

SBK mapped the client journey from referral to annual review. The referrals it turned away cost the most. Each was about $12,500 a year in fees, for as long as the client stayed. The rebuild books each referral within a day. Documents are gathered once, and every form fills from a single intake. Operations checks and submits. Transfers are tracked to arrival, so staff chase only the ones that stall. Review packs are built a week ahead, so the meeting is about planning.

What moved

Accounts opened in four days instead of 21. Advisers spent four hours a week on operations, not 14. Each adviser served 120 households instead of 80. The firm stopped turning away referrals. Money arrived weeks sooner and started earning fees.