New Customer Onboarding Checklist for Financial Advisors

Determine if the caller is reaching out due to a retirement, inheritance, or job change so you can tailor your response.

Quickly confirm if the prospect meets your minimum AUM requirements, such as a $250,000 or $500,000 threshold.

Set up a service like SkipCalls to capture leads after hours so you don't lose a $5,000 financial planning fee to a faster competitor.

Immediately text your contact info and links to your ADV Form and privacy policy to establish professional credibility.

Record the lead source and initial notes in tools like Redtail or Wealthbox to ensure no follow-up falls through the cracks.

Have the prospect complete a risk assessment using tools like Riskalyze before your first face-to-face meeting.

Ask for the last three months of brokerage statements, recent tax returns, and current 401k plan summaries.

Send an automated reminder 24 hours before the meeting to protect your billable time.

Tell them exactly what will happen during the 60-minute session so they feel comfortable sharing sensitive money details.

Clearly explain if you are fee-only, fee-based, or commission-based to meet fiduciary and compliance standards.

Document specific targets like retiring at 62 or funding a grandchild's 529 college savings plan.

Analyze their current portfolio to find overlaps, high-fee funds, or unnecessary market risks.

Agree on how often you will talk, whether it is monthly updates or quarterly formal reviews.

Submit Automated Customer Account Transfer requests to move their money from their old brokerage to your custodian.

Finalize the Investment Policy Statement that governs how you will manage their money on a daily basis.

Ensure all accounts have updated primary and contingent beneficiaries to avoid probate issues for the client's family.

Walk the client through their login for performance reporting so they can see their balance 24/7.