During this time, advisors have to meet with their clients in order to acquire all the necessary documents. They also do not get pay until their accounts have been fully transferred. Among the items that must be addressed include transferring adviser licenses and client accounts, both of which entail a load of paperwork. Once they obtained all the documents with signatures, advisors upload paperwork into Salesforce. Salesforce is a cloud based Customer Relationship Management (CRM) that stores client related information to help better manage the relationships between advisors, customers and home office employee. After the documents have been successfully uploaded, the transition department reviews each document, establish accounts, and initiate account transfers. If any of the submitted document is NIGO (not in good order), the status of the document is labeled as reject or incomplete depending on the situation. Some of the main reasons why documents get rejected include, missing documents, incomplete client information, wrong account information and transfer information, and infective use of the CRM tool. As soon as the document is identified as incomplete or rejected, it is the advisors responsibility to resubmit the corrected paperwork. This process of waiting for updated paperwork slows down processing time while having negative impact on the business performance. .
In order to ensure a smooth transition for Woodbury's financial advisors, it is important to analyze performance regarding the 90 days transition period. Though the advisors are given 90 days to successfully transfer their accounts, in most cases they stay more than 90 days, some even up to nine months. This is mainly due to the issue of NIGO items, as missing a single important client or account information can hinder the entire process. Managing NIGO is a tedious work and requires extra attention. The time spent on going back and forth between the advisors, clients and Transition Department in attempt to resolve the NIGO issue has negative consequences on overall performance.
