Managing Retirement Asset Transfers in Varicent

Overview

When advisors retire, does it feel like everyone is scrambling to calculate their piece of the pie? During this time, asset transfers can present a whole host of challenges.

What seems like a simple process of one advisor paying another actually involves account valuation, revenue data, payment calculation requirements, contract creation, change management, and communication. And if some of the accounts generate less revenue than expected, the advisors who acquired them may petition for revaluation and updated contracts, starting the whole process all over again.

Challenges of processing Asset Transfers:

• Data may be stored across multiple sources and systems that may require cleanup or manipulation.


• Complex payout calculation requirements may change over time; change history must be tracked for auditability.


• Multiple parties; each advisor may have their own account transfer contract to negotiate, as well as individual eligibility criteria, team splits, and time frame for payment.

Best Practices for automating Retirement Transfers:

• Centralize: create a single-platform solution by managing Retirement Transfers alongside regular ICM processing, to house data, calculation parameters, and workflows.


• Automate: set up the “proposal - contract - approval” process to flow with minimal administrative oversight; requests for recalculations and parameter changes can kick off corresponding automated tracks. All history should be stored and audit-proof.


• Communicate: support end users with intuitive interfaces and reports like account summary, asset distribution, contract inputs and approval, payment plans, and inquiries.

Is your organization experiencing similar challenges?

From selecting the initial book and crafting contracts, to evaluating accounts, distributing assets, calculating payments, and handling recoveries, WorkCentive streamlines the entire asset transfer process into a single, integrated solution. With WorkCentive, what once required multiple platforms now consolidates into a one-stop shop for managing all facets of asset transfers. This simplification makes meeting complex stakeholder requirements effortless.

And that’s just on the administrative side! We at WorkCentive can also work with you to build beautiful, user friendly, and intuitive reports that your end users will love. Give your advisors valuable insights into the status and history of their assets, both old and new, and manage any inquiries along the way.

Find a trusted partner

Ready to automate your asset transfer process?

Asset transfers and compensation can be complicated, but it doesn’t have to be. We can work with you to create a flexible, powerful, streamlined solution - Contact us today to learn more!