Wealth Management Account Closing Process Workflow Template

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Overview: Wealth Management Account Closing Workflow Template

This workflow template illustrates the customer-initiated closure of private wealth management accounts, including the collection of all information required to close the account, the disbursement of any remaining funds and any required post-closure reporting. Purchase and download this template in PDF, PowerPoint (PPT) and Visio (VSD) formats. You can customize it to fit your own organization, or simply use it to better understand Wealth Management Account Closing processes.

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Process Details and FAQ: Wealth Management Account Closing

What is included in the Wealth Management Account Closing process?

The Wealth Management Account Closing process involves coordination between existing private wealth management customers, financial advisors, and client services (accounting and reporting) staff members to terminate customer accounts and produce all required post-closing documentation. When an account closure request is received from a customer, financial advisors and client services staff members work to ensure that the account closure is approved, and that any remaining funds are transferred to the correct location.

Which KPIs, or metrics, are typically used to measure this process?

The following metrics may be used to measure the Wealth Management Account Closing process:

  • 1.Average Length of Customer Relationship (Wealth Management)
  • 2.Customer Retention Rate (Wealth Management)
  • 3.Cycle Time: New Wealth Management Account Closure
  • 4.Lifetime Customer Value (Wealth Management)
  • 5.Revenue per Account: Wealth Management
  • 6.Wealth Management Revenue as a Percentage of Total Revenue
  • 7.Unit Cost: New Wealth Management Account Closure

Which employees and/or departments are involved in this process?

The following parties are typically involved in the Wealth Management Account Closing process:

  • Customers
  • Financial Advisors (for Retail Clients)
  • Client Services Staff (Back Office)

What is the purpose of these workflow templates?

Broken business processes pervade companies, large and small. Manual workarounds, downtime, errors and other waste is thought of as "the cost of doing business." Use our workflow templates as a starting point to document your own processes. Customize them to fit your business and add "call outs" for improvement opportunities.

How are these workflow templates created?

These workflow templates are the product of over 20 years of hands-on management consulting experience, as well as research performed by the OpsDog team. All of our workflows are mapped using the BPMN 2.0 specification.

How do I download a workflow template?

Simply click the "add to cart" button and follow the process to purchase and download this workflow template. You can use any major credit card, or a PayPal account, to pay. After you have completed the purchase, you will receive a link to immediately download the workflow template in PDF, Visio and PowerPoint formats. If you aren't a registered OpsDog user yet, create a free account! New users get $20 off of their first purchase.

Questions?Call: 844-650-2888Email: info@opsdog.com
  • Workflow Template


    Wealth Management Account Closing

    - Instantly download files
    - Includes PDF, VSD, PPT file formats
    - Customize PowerPoint, Visio versions
    - Mapped in BPMN 2.0 format


    Call: 844-650-2888

    Email: info@opsdog.com

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