Tracking incoming account transfers: how a small RIA keeps a new client's move on schedule
When a new client moves accounts to your firm, track each transfer as its own line: the account, where it's coming from, the date the paperwork went in, its current stage, and the next action and owner. Check the list a couple of times a week, chase anything that hasn't moved in several business days, and when an account arrives, link it to the client's household, set its strategy and discretionary status, and note any exclusions before the first trade or bill.
A new client signs with three accounts at another firm. The transfer forms go off on Monday. Two weeks later, the client asks how it's going. Two accounts have arrived. Nobody is sure about the third, and it turns out a form came back a week ago and sat in a shared inbox. The client's first impression of your firm is "they lost track of my IRA".
What should the tracker record for each account?
| Field | Why |
|---|---|
| Client and account type | So you can see a household's whole move at a glance |
| Delivering firm | Who to chase if it stalls |
| Full or partial, in kind or cash | Partial and non-standard transfers take longer |
| Date submitted | The clock starts here |
| Stage | Submitted, in progress, rejected, received |
| Next action and owner | So something always happens next |
| Date received | Closes the line |
How do you spot a stalled transfer?
- Check the tracker at least twice a week while transfers are open.
- Anything with no change in several business days gets a call to the custodian or delivering firm.
- Rejected paperwork goes back out the same day, with the reason noted.
What happens when an account arrives?
- Link it to the right client and household.
- Set its strategy and discretionary status.
- Note any billing exclusions, and the start date for proration.
- Check any positions that need special handling, such as a holding the client wants to keep.
- Tell the client it's arrived.
- Only then trade it to the model.
A worked example
Take the client above at a hypothetical two-person RIA that now keeps a tracker. The third account shows "rejected" with the reason "name mismatch" on day six. The paperwork goes back out that afternoon with the name corrected, and the client gets a two-line email explaining the short delay. The account arrives the following week, is linked to the household with its strategy and status, and joins the next rebalance.
What are the common gaps?
- Rejections sitting in a shared inbox.
- Arrived accounts traded before their strategy and status are set.
- Billing starting from the wrong date because nobody noted when the account arrived.
- The client hearing nothing until they ask.
When is this overkill?
For one account moving in, a calendar reminder may do. Once you have several clients moving at once, as you will after a custodian change or a busy quarter, use a tracker.
How Advorra fits
When your custodian's account files come in, new accounts that aren't matched yet show up as unassigned until someone links them to a client. Each account then carries its strategy, discretionary status and billing exclusions, so the arrival steps happen in one place. See the product page, or read about avoiding NIGO paperwork and prorating advisory fees.
One thing to do this week: list every open transfer, its stage and the next action, in one place.
An operations routine, not legal or compliance advice. Transfer timing varies; follow your custodian's process.
Questions advisors ask
How long does a transfer take?
Many full transfers between US firms complete within a week or two once the paperwork is in good order, but partial transfers, some account types and non-standard assets can take longer. Track each one rather than assuming.
What usually holds a transfer up?
Paperwork that doesn't match the old firm's records, missing signatures, assets that can't move in kind, and accounts with pending activity.
Who should own the tracker?
One person, usually whoever submits the paperwork, with the advisor kept informed.
When should the client be updated?
When each account arrives, and whenever a transfer stalls. A short note beats silence.
Is this compliance advice?
No. It is an operations routine. Follow your custodian's transfer process.
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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