Know Your Client

Consistently satisfy KYC and KYP requirements with technology designed for advisors

Investors are seeing an increasing number of choice for advice, but advisors have a natural advantage in delivering a direct and personal experience. However, without the right tools, advisors spend less time applying that advantage with prospective investors, and more time dealing with the complexities of administration and compliance. For optimal results and minimal risk of compliance issues, advisors should ensure that they’re thoroughly familiar with all the details of the products they’re selling, and that the products fit the specific needs of the clients they’re selling to; in other words, they are correctly adhering to the KYC and KYP models.

Technology can be advantageous in these scenarios. It automates the manual elements of client prospecting and discovery, and simplifies the entire process to bring people, products and process together. Combining the steps of a Risk Tolerance Questionnaire, Model Portfolios and an Investment Policy Statement, the right tools enable advisors to complete the discovery process with a focus on what they do best, developing the relationship with their client.

Below, we list how an effective solution can be beneficial to advisors.

A Better Way to Know Your Client

A configurable questionnaire and intelligent scoring algorithms automatically deliver standardized evaluation of an investor’s profile and investing strategy. Instead of manually calculating results, advisors can spend that time helping investors better understand concepts of risk and the elements of their investing strategy. The solution also records this KYC information automatically, creating audited, documented evidence that makes it easy to satisfy compliance requirements.

Help Articulate Know Your Product

Robo alternatives typically present limited investment options to investors. Advisors, with their expert knowledge and expanded access to the product shelf, can offer greater choice and a more personalized fit with investors’ needs. An effective solution is one that allows an advisor to showcase this ability by presenting a curated list of model portfolios matched to an investor’s profile. Details of the investment products held in each model portfolio, including their Fund Facts, enable an advisor to explain differences between the choices and guide investors to an informed decision. Advisors can even design their own model portfolios, configurable with images, descriptions and automatically linked to Fund Facts documents to ensure pre-sale delivery.

Help Investors Know Their Advisor

An Investment Policy Statement connects the results of the discovery process with the next steps in the advice relationship. It not only serves to record that initial engagement between the investor and advisor, but sections like ‘Implementing Our Solution’ provide details to an investor of how their advisor will work with them going forward. The best solution generates this document automatically, enhancing the professionalism of the advisor and reinforcing the value of advice.

Advisors should be equipped with the right prospecting and discovery technology, and have the advantages needed to consistently satisfy KYC and KYP requirements. ClientXPRESS is Univeris’ easy-to-use and highly configurable prospecting and discovery solution, designed to assist advisors with this and provide a competitive edge. As part of Univeris’ industry-leading suite of onboarding solutions, ClientXPRESS along with AccountXPRESS and OrderXPRESS, make it easy for advisors to help clients start investing.