The Ultimate Guide to Digital Onboarding for RIAs

Digital transformation is redefining the wealth management landscape, and nowhere is this more evident than in the client onboarding process. For Registered Investment Advisors (RIAs), digital onboarding is no longer a luxury—it’s a necessity for delivering a seamless, compliant, and scalable client experience. This guide explores why digital onboarding matters, how it enhances compliance (KYC/AML), and what RIAs should look for in a modern onboarding platform.

Why Digital Onboarding Is Mission-Critical for RIAs

Client onboarding is the gateway to your client relationship. It sets the tone for trust, transparency, and professionalism. Yet, 74% of asset management firms report losing investors due to delayed and inefficient onboarding processes1. Manual data entry, fragmented workflows, and paper-based forms not only frustrate clients but also drain resources and put your firm at risk of compliance failures.

Key industry stats:

• 31% of paper forms submitted by clients are returned as “Not In Good Order” (NIGO), causing delays and rework.
• Digital onboarding reduces NIGO rates to as low as 4%, dramatically improving speed and accuracy.
• Up to 40% of compliance budgets at large firms are spent on KYC/AML processes, often due to inefficiencies in manual onboarding.

The Compliance Imperative: KYC and AML

Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations are growing more complex every year. RIAs must verify client identities, assess risk profiles, and monitor for suspicious activity—all while keeping up with evolving global standards4. Manual KYC reviews can cost over $3,000 per institutional client and are a top operational pain point for US asset managers.

Digital onboarding platforms automate these critical checks:

• Identity verification: Instantly validate client identities and investor status using secure integrations.
• Document collection: Gather and store KYC/AML documentation with audit trails for regulatory exams.
• Automated risk profiling: Use dynamic questionnaires to assess and document client risk tolerance, ensuring suitability and compliance.
• Ongoing monitoring: Set real-time alerts for compliance breaches, enabling proactive risk management.

How Digital Onboarding Transforms the RIA Experience

Benefits for RIAs:

• Efficiency: Automate repetitive tasks, reduce manual errors, and cut onboarding time by up to 34%.
• Client satisfaction: Offer clients a fast, paperless, and mobile-friendly onboarding journey—no more endless paperwork or back-and-forth emails.
• Transparency: Centralized documentation, disclosures, and agreements, making it easy for clients to review and approve everything digitally.
• Seamless integration: Connect onboarding data directly to portfolio management, trading, and compliance systems for a unified workflow.

Benefits for Clients:

• Convenience: Open accounts, upload documents, and sign agreements from any device, at any time.
• Clarity: Receive clear explanations of investment strategies, risk, and responsibilities upfront.
• Security: Enjoy robust data protection and secure digital signatures, meeting the highest regulatory standards.

What to Look for in a Digital Onboarding Solution

When selecting a digital onboarding platform, RIAs should prioritize:

• Automated KYC/AML workflows: Ensure the platform can verify identities, collect documents, and run compliance checks without manual intervention.
• Customizable forms and dashboards: Tailor the onboarding experience to your firm’s branding and unique client segments.
• Integration with custodians and CRMs: Seamlessly connect to major custodians and your existing tech stack for real-time data flow.
• Performance and tax reporting: Generate detailed reports to keep clients informed and compliant.
• Audit-ready recordkeeping: Maintain secure, searchable records for every client interaction and compliance event.

Why ETNA Investor Advisor Platform Is the Right Choice

The ETNA Investor Advisor platform offers a turnkey digital onboarding solution purpose-built for RIAs and wealth management firms. Key features include:

• Automated onboarding and compliance: Streamline KYC and AML checks, document collection, and account setup.
• White-label customization: Brand the platform to match your firm’s identity.
• Mobile and web access: Give clients and advisors a seamless experience across devices.
• Integrated portfolio management: Manage trading, rebalancing, and reporting in one place.
• API integrations: Connect with custodians, CRMs, and third-party tools for a unified workflow.

Ready to transform your client onboarding?

Request a digital onboarding demo with the ETNA Investor Advisor platform and see how you can streamline compliance, boost efficiency, and delight your clients.