Avoiding "not in good order" paperwork: a pre-submission check for small RIAs
Paperwork that comes back "not in good order" (NIGO) is a form a custodian can't process as submitted, usually because of a missing signature, a mismatched name or account number, an outdated form version or a missing supporting document. A small RIA can cut these with a five-minute pre-submission check against a short list, and a tracker that records each rejection's reason so the same mistake isn't repeated.
A client is ready to move three accounts. The transfer forms go off on Monday. On Thursday, one comes back: the name on the form says "Robert" and the statement from the old firm says "Rob". Another week lost, and the client asks why it's taking so long. Most rejected paperwork comes down to a handful of small, checkable things.
What does "not in good order" mean?
It means the custodian can't process the paperwork as submitted and has sent it back for correction. Every rejection adds days to onboarding or a transfer, and each one is visible to the client.
What are the common causes?
| Cause | Example |
|---|---|
| Missing signature or date | One owner signed a joint account form; the other didn't |
| Names don't match exactly | "Rob" on the old statement, "Robert" on the form |
| Account details don't match | A digit wrong in the delivering account number |
| Outdated form version | A saved copy of a form the custodian has since updated |
| Missing supporting document | No recent statement from the delivering firm, or no trust paperwork |
| Registration mismatch | An individual account transferring into a joint registration |
A five-minute pre-submission check
- Current form version, downloaded from the custodian's site this week.
- Every required signature and date, for every owner.
- Names match exactly across the form, the statement and the ID.
- Account numbers and registrations match the delivering firm's statement.
- Supporting documents attached: recent statement, trust or entity documents if needed.
- A second person checks before submission.
A worked example
Take a hypothetical two-person RIA onboarding six new households a quarter. It starts a simple tracker: account, date submitted, accepted or returned, reason. After one quarter, three of four rejections were name mismatches and one was an old form. The firm adds "names match exactly" and "form downloaded this week" to its checklist, and has the adviser check what the assistant prepared. The next quarter has one rejection.
What should the tracker record?
- Client and account.
- Form type and date submitted.
- Accepted, or returned with the reason.
- Date resubmitted and date completed.
Review it monthly. The reasons repeat, and each repeat is a line to add to the checklist.
When is this overkill?
A firm opening a handful of accounts a year can keep the checklist in the onboarding file and skip the tracker. The check itself still takes five minutes and saves a week.
How Advorra fits
Advorra keeps clients and households with member details and their accounts in one place, and brings in your custodian's account files so new accounts can be matched to the right household once they open. Paperwork itself stays with your custodian's process. See the product page, or read the client onboarding checklist and the custodian move timeline.
One thing to do this week: look at the last three pieces of paperwork that came back, write down why, and add each reason to your checklist.
A practical operations checklist, not compliance advice. Follow your custodian's own requirements.
Questions advisors ask
What does NIGO mean?
"Not in good order": the custodian can't process the paperwork as submitted and returns it for correction.
What are the most common causes?
Missing signatures or dates, names that don't match exactly across documents, wrong or outdated form versions, missing supporting documents, and account details that don't match the delivering firm's records.
Who should do the pre-submission check?
Ideally someone other than the person who prepared the paperwork. A second pair of eyes catches what the preparer reads past.
How do I find the current form versions?
Use the forms section of your custodian's adviser site each time rather than saved copies, which go out of date.
Is this compliance advice?
No. It is a practical operations checklist. Follow your custodian's own requirements.
See it on a demo firm
Advorra is practice software for independent RIAs: clients, models, IPS, billing and compliance records in one place, on top of the custodian you already use. Built by The CollabHub.
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