Alternative investment subscriptions continue to be manual and paper-laden. Errors are very common on paper documents – up to 60% of subscriptions are considered NIGO (not-in-good-order)1 and must be corrected before the investment can be completed.
Tracking down and correcting NIGO documents results in advisors spending more time on administration and less time selling.
Business rules, data validations, and e-signatures can significantly decrease the number of NIGO errors and time spent correcting them. Automating the subscription process with Altigo can reduce cycle time, which results in more timely commission payments.
1 Kevin McCormack-Lane (Assistant VP of Trading and Operations within the Alternative Investment Trading Area for LPL Financial), AltsEdge Broker-Dealer Series: The Long and Winding Road to Straight Through Processing [Webinar] (Feb. 2019), Institute for Portfolio Alternatives, https://www.ipa.com/events/altsedge-broker-dealer-series-the-long-and-winding-road-to-straight-through-processing/.
When entering client information in Altigo, advisors are only presented with relevant fields, eliminating the need to comb through complicated documents to determine what information needs to be entered. A pre-filled subscription package can then be sent for electronic signature by investors. This means less time wasted on administrative tasks and more spent with clients.
Advisors can track investments through a convenient transaction activity dashboard, which provides the ability to see subscription activity and status. The dashboard is customizable and filterable, allowing advisors to quickly and easily track down individual investments and avoid a series of follow up phone calls and emails to determine status.
Thanks to business rules and data validations, subscriptions entered into Altigo can be completed in a fraction of the time that manually processed investments take. With shorter cycle time and reduced administrative backlog, commission payments are able to be processed in a timely fashion.