Digital Client Onboarding for Wealth Managers: How to Streamline and Improve the Process
Is your digital onboarding process optimal? Find out here.
Onboarding sets the tone for every client relationship. It is the first real test of how easy you are to work with, and the point where expectations are either met or broken. In wealth management and financial advice, it is also the stage where firms face the greatest risk of losing prospective clients.
For advisers, this stage doesn’t have to be a weakness. By embracing digital client onboarding software and embedding compliant onboarding workflow automation, firms can save time, improve compliance, and build the trust that underpins long-term relationships.
Why manual onboarding holds firms back
For too long, onboarding has been the slowest and most frustrating part of the client journey. Multiple data entry points, signatures across different systems and endless document chasing eat into adviser time while draining client patience.
The costs are more than inconvenience. Lost business during onboarding is estimated in the hundreds of millions annually across UK wealth management, with inefficiencies like platform transfers alone costing advisers up to £517 million. Paper packs, duplicated forms and unclear status updates create unnecessary attrition. Without a seamless adviser onboarding process, firms risk losing both revenue and reputation.
How digital onboarding changes the experience
Digital onboarding for financial advisers replaces inefficiency with clarity. Clients can upload documents securely, complete a fact find on their phone, and e-sign agreements in minutes. For advisers, compliant onboarding workflow automation reduces rekeying, builds in checks, and provides a clear audit trail.
Moneyinfo’s Digital Fact Find is one example of how the process has changed. Instead of exchanging emails and scanning paper, clients review and complete data securely online, giving advisers accurate information to work with from the start.
Beyond efficiency, digital onboarding shapes long-term engagement. Tools such as progress bars, alerts and secure messaging act as client onboarding retention tools, helping clients feel informed and supported from the outset.
The Wealth Mosaic has shown that digital engagement is now a baseline expectation, not a differentiator. Firms that provide it from the very beginning stand out immediately. Security strengthens this further. Microsoft reports that multifactor authentication can prevent the vast majority of account attacks. Embedding authentication and compliance controls inside an onboarding repository for audit trails protects both clients and advisers.
The FCA has reinforced this by making clear that firms must evidence outcomes under Consumer Duty. Embedding these checks within a digital workflow makes compliance part of the process, not an afterthought.
What best practice looks like
Real-world examples show what’s possible when firms commit to change. Moneyinfo’s partnership with Jigsaw Tree demonstrated how automation could cut onboarding time by a third, improving adviser productivity while giving clients a smoother start.
At Hymans Robertson Personal Wealth, workflows within the portal have been a game-changer, with 95% of client-initiated journeys completed without any chasing. This has freed the team to spend more time coaching clients rather than tracking paperwork.
Digital fact finds also turn static data into living profiles. Instead of snapshot questionnaires, advisers have access to continuously updated client information, aligned with onboarding compliance digital platforms that require accurate records to evidence Consumer Duty outcomes.
The impact of engagement is clear too. Wealth Mosaic highlights that poor onboarding is responsible for up to two-thirds of client dropouts, proving that technology-led retention is just as critical as adviser expertise.
Practical steps to get started
If you are reviewing your adviser onboarding platform, here are the actions to take:
Select a compliant onboarding workflow automation platform that integrates with your current tech stack.
Map your process and replace manual tasks with template-driven onboarding workflows.
Enable a zero-paper onboarding adviser portal with client self-serve options.
Build an onboarding repository for audit trails to meet compliance requirements.
Personalise workflows to different client segments so every journey feels relevant.
Measure adviser onboarding software efficiency by tracking time saved, reduced attrition and improved satisfaction.
By following these steps, onboarding shifts from being a bottleneck to becoming a growth driver.
Making platform moves painless
Even with good processes, switching platforms has always been one of the most stressful parts of onboarding. Automated workflows now remove much of this risk. With secure client consent capture, and reduced data duplication, Moneyinfo can support advisers to migrate clients faster.
Moneyinfo’s approach to platform migration has enabled firms to onboard 90% faster than before, turning a potential challenge into a positive experience.
The opportunity ahead
Advisers and wealth managers who invest in digital onboarding now are doing more than solving a pain point. They are building an advantage. With template-driven onboarding workflows, personalised client journeys, and portals for client self-serve onboarding, firms can deliver a seamless adviser onboarding process that is compliant, efficient and built for scale.
Onboarding will always be the first test of your relationship with a client. The question is whether you allow it to be a risk, or turn it into a strength.
