Duplicate client records: a cleanup routine for small RIAs
A small RIA can clean up duplicate client records by listing likely duplicates (same name, same address, same account numbers), deciding for each pair which record is the one to keep, moving notes, documents and accounts from the other onto it, and recording the merge. Then add one check at onboarding: search before you create. Do it before a billing run, a software move or a records request depends on the data.
A firm with 80 households runs a client list and gets 94 names. Some are spouses who should sit in one household. Two are the same person, once as "Robert" and once as "Bob". One was entered again when a new account showed up in the custodian file. Nobody did anything wrong. Each was a reasonable choice on a busy day. Together they make billing, reviews and any records request harder than they need to be.
Where do duplicates usually come from?
| Source | Example |
|---|---|
| Spelling and nicknames | Robert and Bob, a missing middle initial |
| Spouses and family | Each spouse set up as a separate household |
| New accounts | A new IRA creates a new client instead of joining the old one |
| Imports | A spreadsheet loaded twice, or a CRM export with old records |
The cleanup routine
- List likely duplicates: sort by last name, then check addresses, phone numbers and account numbers.
- Confirm each pair: same person or same household? When unsure, ask the advisor.
- Pick the record to keep: the most complete and current one.
- Move everything across: accounts, notes, documents, communications.
- Record the merge: which records were combined, by whom, and when.
- Mark or remove the old record once nothing is left on it.
A worked example
Take the firm above. Sorting by last name finds sixteen likely duplicates. Nine are spouses who belong in an existing household. Four are the same person entered twice. Three turn out to be different people with the same surname. The operations lead merges thirteen records over two afternoons, notes each merge, and the list settles at 81 clients in 80 households, with one household of a parent and adult child that the advisor confirms should stay separate.
What are the common gaps?
- Deleting the duplicate before moving its notes.
- Merging two people who only share a name.
- Bills run on both records for the same account.
- No search before creating a new client, so duplicates come back.
When is this overkill?
If your client count matches your household count and you know everyone by name, a quick sort once a year is enough. Do the full routine before any software move.
How Advorra fits
Advorra keeps clients grouped into households with their accounts, and shows accounts from your custodian's files that aren't yet assigned to a client, so a new account joins an existing household instead of starting a new one. We'll help you migrate your data from your existing CRM; there isn't a direct live connection yet. See the product page, or read about structuring households and accounts and migrating CRM data.
One thing to do this week: compare your number of client records with your number of households.
An operations routine, not legal or compliance advice.
Questions advisors ask
How do duplicates happen?
Usually at onboarding: a spouse added as a new client, a name spelled two ways, a client re-entered after a custodian file arrived.
Which record should we keep?
The one with the most complete and most current details, then move everything else onto it.
Should we just delete the duplicate?
Not before its notes, documents and accounts are moved, and the merge is recorded. Some firms keep the old record marked inactive.
How do we stop new duplicates?
Search for the person and household before creating a new record, every time.
Is this compliance advice?
No. It is an operations routine.
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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