Best Broker/Dealer for 100% ONLINE ACCOUNT OPENING?

Jan 8, 2018

  1. RussPBG
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    RussPBG New Member

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    I am a CFP® Professional and am sick and tired of using paper applications to open up a simple brokerage account for my clients. Especially for long distance clients and smaller accounts. Seems to me the encryption of digital account opening and digital signatures is much safer for clients as well. Individuals can open up their own brokerage accounts online right now; I am just unaware of a B/D that has a streamlined online account opening process for their Financial Advisors.

    In a perfect world I would like to find a Broker/Dealer (or RIA Only) that allows me to open accounts online with 100% digital signatures.

    Also, I would like to construct my own risk-based portfolios of high-quality, low-cost mutual fund/ETFs. Additionally I would like to be able to make trades, distributions, and contributions on my clients' behalf. Do I need a B/D to do this or can I just work with an RIA Only firm?

    Currently I have use to a separate system (COMET) to request someone else do these maintenance-type things. Also, I have to use third-party money managers that have higher costs, higher betas, and benchmark underperformance. Oh and by the way, each of those money managers is a different account number. The client gets multiple confusing statements instead of one simple consolidated statement.

    Please help...
     
    RussPBG, Jan 8, 2018
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  2. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    I certainly understand the frustration, but your question might be better answered at AdvisorHeads rather than here. Although I'm sure a couple of people here might be of help to you.

    Financial Advisor Forums
     
    DHK, Jan 8, 2018
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  3. walthamny
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    walthamny Guru

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    Betterment. If you are a RIA, it would take a week to get you set up. You can merge your Investment advisory agreement as well to opening. So the client gets one email you get paid, and the client can also request rollover most times with an electronic signature. Account openings will take 2 minutes at most. However, you will have only couple portfolio options. If you want to customize portfolios, call me or message me, you need a Broker Dealer and there would be higher charges. Since you a CFP, have you looked into xypn network? I use some of the TAMP's, it is a give and take, no perfect solution. TradePMR and Shareholder Services Group serve this field, but before you sign up talk to me. There are also many disadvantages for both of them.

    With all the options, you have to look at whats best for clients and whats workable for you. No one wants to custody for a start up RIA, once you have 20 million under you, you will have better options. At 100 million, they will be chasing you.
     
  4. dpetey
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    dpetey New Member

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