For a new client:
Begin the onboarding process by clicking on 'Applications' in the top toolbar, followed by 'Add New Client' on the top right. The option to include a transfer is embedded within this onboarding process.
After completing the steps—which include entering the client's email, selecting the portfolio, pre-filling client information, and choosing account types—you will reach the 'Application Review' page (as shown below). Here, you can select 'Add an Account Transfer'. This enables the inclusion of an account transfer form, which the client can sign along with the account opening documents."
Next you will come to the page shown below to enter in the information of the transfer.
Select the account type you wish to transfer and provide the full account number.
Begin typing the name of the institution from which you'd like to transfer. Note that some institutions, especially larger banks, have different divisions. Please specify the division (e.g., Mutual Funds, Direct Investing, Branch).
A Deferred Sales Charge (DSC) is a fee charged to mutual fund investors if they redeem their investments before a specified period.
Transfer In-Kind: We will transfer your investments as they are to ModernAdvisor. Once received, we will sell all investments except for those with DSCs, and then reinvest according to your investment plan. Transfer In-Cash: Your institution will sell your investments and transfer the funds to ModernAdvisor. With this option, you might incur trading or DSC fees. If you're uncertain about DSCs, we recommend choosing the In-Kind transfer option.
Transfer All: We will move all of your investments to ModernAdvisor. Transfer Some: You can decide which investments to transfer and which ones to retain at your current institution.
Please provide an estimated amount for the transfer, so we can monitor and track its arrival more effectively.
You can Download on your computer to send to the client or print out if they are in your office. Otherwise the more common and easier option is to click to Email to Client to Sign and the client will receive an email to the one on file to E-sign. This gets automatically returned to us to process.
For an existing client:
Click into the specific client from your client list. Then Transfer Account shown on the top right.
You will then come to the same Transfer an Existing Account page as shown above to enter in the information described in numbers 1-6.
Status
You can look at the status of account transfers under the ‘Transfer Requests’ on the top tool bar, and then ‘Account Transfers’ tab.
Key status updates to take note of are:
Waiting for signature = transfer form has been sent to client and awaiting them to sign.
Pending Review = client has signed and it is in our queue. *Note if there is no account number showing yet we are waiting for this to be assigned. Once assigned we can send the transfer form off.
Sent for processing = ModernAdvisor has sent the transfer request. Please allow 2-4 weeks.
Complete = funds received.
The time required for account transfers varies depending on the relinquishing institution, the speed with which they process transfer requests, and the method of initiation. If everything is in good order for processing and assuming there are no rejections, the transfer could take anywhere between 2-4 weeks.