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How Docupace took the stress out of advisor client transitions over half a million times

This week, Turnkey transition program for Docupace advisors has reached an important milestone since its launch in 2017.

The California-based fintech, which focuses on helping on-the-go finance professionals “re-type” all client accounts at once, has successfully transitioned more than 500,000 clients from advisors to new new wealth management providers.

Docupace CEO David Knoch


David Knoch, CEO of Docupace and industry veteran, who joined the company in 2020 After stepping down as Chairman of Blucora’s Tax Smart Institute, he said he was honored that so many advisors trusted his team to guide them through one of the most important business decisions they’ve ever made.

He adds that the most satisfying part of reaching the milestone has nothing to do with the power of the platform or the fancy technology under the hood. It’s the peace of mind and sense of calm that comes with every successful transition.

“I think something that’s missing from our transition solution (is that) it’s being looked at through a technology lens. I realize that comes from the fact that we are a technology organization and technology is what creates the scale in this process,” Knoch said. Financial planning. “But the part that I think is missing about this, which I think is the most valuable part of it all, is the human advisory or concierge service that comes with this transition.

“The counselor’s promise to (their client) about why it would be better on the other side has probably come true. And we’ve done it half a million times. It’s awesome. For me, that’s the most exciting part of it all, just thinking about the very real human impact it probably had.

Since its creation in 2017, the Transitions Advisor Docupace Program has executed over 1,300 financial advisor transitions. The company says six of the top 16 independent brokerages in America are leveraging this program to attract new advisors and businesses to their communities.

Knoch, who has more than a decade of experience running an independent brokerage, says the impact of such a resource cannot be underestimated. Knoch spent more than 18 years at 1st Global, a tax-focused IBD.

He served as president of the company from 2008 until its sale to Blucora in 2019. Under his leadership, Knoch grew assets under management by 154% and increased revenue and profit margins by more than 50%.

“I got a direct view of the impact on clients when financial advisor transitions took too long. Customers lose access to their money. If you’re in a tough market environment like the one we’re in today, you don’t want clients to be separated from their accounts for too long and you don’t want to put financial advisors in the position of not being able to earn came back for a very long long time,” he said. “I think customers deserve something a lot easier than what our industry tends to give them around transitions. So for us, that’s a lot of people who were able to stay in the market and stay close to their financial advisor without worrying or worrying about market volatility because their account was quickly transitioned. »

Knoch said the process of “re-upholstering” client accounts during a move can increase stress levels for advisors and clients. It is essential that the proper sequence of steps be followed, and SEC/FINRA regulations mean that an advisor’s new firm cannot access client information until their affiliation is terminated.

Preparing new account documents has always been a manual, labor-intensive process that can disrupt advisor business and client relationships. Knoch said Docupace’s process combines e-document delivery, e-signature and premium service to digitize and streamline the move.

He added that the extra time given to wealth managers through this streamlined process means more time can be spent connecting with clients and delivering high-quality work.

According to Docupace, transitions typically take up to six months or more. But Docupace touts its ability to transfer 68% of customer accounts in 30 days or less. About 93% of transitions handled by Docupace in 2021 were completed within 60 days, officials said.

For Knoch, that speed is more than an impressive stat to share. It also speaks to the human-centric nature of their solution.

And while the proprietary technology behind Docupace’s transitions program speeds things up, Knoch considers the team of in-house transition specialists that powers the program to be the “secret sauce” that makes it all work.

Team members serve as expert guides, sounding boards and stress relievers throughout the transition process, giving advisors time back and providing emotional support. Knoch recalled being in the Des Moines, Iowa office at Docupace and overhearing an end-of-day conversation between a counselor and a transition specialist that exemplifies this.

“I hear the transitioning person say to the financial advisor they’re talking to, ‘I know this is a very stressful time for you. I’m here to make sure everything goes well. When we hang up the phone, go have a glass of wine with your wife. When you come back in the morning, I’ll get everything ready for you,” Knoch said. “You know how good it felt for that person to know that someone had their back in that environment?

It is not a technological solution. It’s a human solution… and we’ve seen half a million times that the human part is what counts.

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