The Conversion Process
At Trust, we understand one of the biggest barriers to switching custodians is the conversion of assets. We make this process as easy for you – and your clients – as possible. We strive to be the top custodian for Registered Investment Advisors, we do this by providing focused customer service, and one of the best trading platforms.
Dedicated Conversion Manager
For your first six to nine months at Trust you have a dedicated conversion manager who works directly with you to allow for a smooth transition of your business.
Your conversion manager works closely with you so they can understand your business: how you trade and how you organize your operational processes. With this knowledge, they help you optimize the use of our system and services.
Your conversion manager will train you and your staff on how to use the account management and trading system. They will also familiarize you with our policies and procedures.
One of the most important aspects of your conversion manager’s job is to help make the asset transfer as painless as possible for you. As your single point of contact, they complete or coordinate all of our internal processes that take place during your conversion.
The Conversion Process
At Trust, we strive to make the conversion process as easy as possible for you.
We use client information you provide to populate all applicable forms (new account applications, transfer forms, and withdrawal forms) needed to complete the establishment and transfer of your accounts. If you choose, we can even mail the paperwork to your clients for you. We work closely with you to determine the best approach for your firm and work within those guidelines and timeframes.
In addition to paperwork, we ensure your client accounts on our system are ready to receive the transferred assets.
Your job is only to reach out to your clients, notify them of the change, and facilitate signatures on their paperwork.
When all the accounts are coming from one custodian, you may have the option of completing the transfer as a block transfer. Trust can assist you in coordinating a block transfer with your current custodian and help determine the best way to complete the transfer. When all parties agree, this process has allowed us to convert advisors of practically any size in a matter of days.
While there are many details involved in the process, the general workflow includes paperwork for each client, a single asset transfer of the entire combined assets of all clients, Trust booking the appropriate assets to each client’s new account, and then reconciling the new accounts with the prior custodian’s data.
Historical Data Integration
To ensure correct tax and performance reporting at Trust, we will upload historical data from your prior custodian regarding cost basis, market values, and cash flows for each client account for you.
Data integration can happen at the time of the transfer or any time prior to the end of the first year. We provide reconciliation reports and other information you need to make sure the data integration accurately reflects the information in your client accounts