Platform Account Opening Standard

The transfer of accurate and complete customer, product, and investment information from adviser to platform is fraught with challenges that often hinder efficiency and reliability. 

Advisers face the burden of navigating varying platform requirements which lack standardisation, and result in:

• Inconsistent formats for submitting essential data;
• Errors during manual data entry;
• Incomplete or mismatched information;
• Delays in onboarding processes.

Additionally, the lack of seamless integration between practice management systems and platforms creates bottlenecks, as advisers must repeatedly input and verify information across multiple systems. These inefficiencies not only consume valuable time but also risk compromising the client experience, making the need for a streamlined, automated framework more critical than ever.

• Saves time: eliminates repetitive data entry by enabling consistent and automated information exchange. 
• Reduces training effort: advisers avoid constant staff training and retraining when platforms change, as they only need to focus on their own systems and processes, not multiple platforms.
• Improves accuracy: reduces the risk of errors in transmitting client details, investment choices, and compliance documentation. 
• Simplifies compliance: supports seamless transfer of anti-money laundering evidence, ensuring obligations are met with ease. 
• Enhances efficiency: streamlines workflows by standardising processes across multiple platforms. 
• Stronger client focus: frees up time to build and maintain client relationships rather than managing administrative tasks. 
• Reduces frustration: minimises the challenges of navigating varying platform requirements and inconsistent documentation formats.

• Faster onboarding: accelerates the onboarding timeline, enhancing client satisfaction and retention. 
• Operational efficiency: streamlines account opening processes, reducing delays and minimising administrative workloads. 
• Saves costs: reduced operational costs by automating processes and minimising the need for error resolution. 
• Enhances integration: facilitates seamless communication with advisers’ practice management systems, making platforms easier to work with. 
• Maximises ROI: each integrated journey can be implemented with multiple practice management systems, rather than having to build bespoke requirements for each.
• Competitive advantage: demonstrates leadership in innovation and collaboration, attracting more advisers and clients. 
• Scalability: supports future growth by aligning with industry Standards. 
• Improved adviser relationships: builds trust and loyalty by offering a streamlined and consistent user experience. 

If you would like to find out more about our PAO Standard or how you can become a member of the working group, then please get in touch with us at [email protected].