best practices in a new normal...agenda • service and processing updates and best practices •...

Best Practices in a

New NormalJuly 9, 2020

Agenda

• Service and Processing Updates and Best Practices

• Tips and Tricks others are Utilizing

• Features you’ll want to Incorporate into your Workflow

2Broker Dealer rules will be applied if applicable.

Jeff Shontz

SEI Wealth Platform

Education and Adoption Manager

Anne Eckerle

New Business Relationship Manager

3

Service Team (Middle Office)Lead by Anne Eckerle

Updates based on the Coronavirus

Service and Processing Updates


WFH Transition

• The objective was to maintain or improve quality and timeliness

Continued Focus on Client Experience

• Service teams focused on meeting your goals

Updated Phone Routing

• Smaller pool of Service agents to handle phone calls

Cross Training

• Increased volumes in certain areas created an opportunity for additional training

New Hire Training

• All new hire training has been conducted virtually, eLearning’s are being built to enhance training methods

AskSEI Improving Consistency

• Centralized source of information at our fingertips

Contact Us

Service Team


Hours of Operation

• 8:30 AM EST – 7:00 PM EST

1-800-734-1003

• Administrative Assistance (Option 1)

• Sales (Option 2)

• Technical Assistance – Log In & Password Assistance (Option 4)

• Transfer Service Team (Option 5)

• Managed Account Solutions (Option 6)

Authentication

• Last 5 digits of User ID

• Last 4 digits of SSN

• Benefits of Self-Authentication (faster service, efficient call routing, firm specific information is populated)

Operations & Service Structure

Service Team


Operations Team

• Teams and supervisors designated for specific transactions submitted to SPTC

• Account Opening and Review

• Cash Receipts

• Distributions

• Distribution Verification

• Managed Account Solutions (MAS)

• Account Opening

• Monetary Changes

• Maintenance/Non Monetary

Service

• Service team or liaison is used as first point of contact

• Supervisors designated to each region as point of escalation

Any Self Service action is completed straight though and will not be handled by a member of SPTC

Reference Guides

Service Team


• Help Menu in SEI Advisor Center > Resources tab > SEI Operating Guides

• Operations Guide (Guide to Asset Management)

• Advisor Desktop Action Guide

• Access My Portfolio Guides

• All Guides are typically updated on a quarterly basis - please check the SEI

Wealth Platform Resources tab under the help menu for the most recent

version.

Account Set-Up: AML

Service Team


Required AML information for an individual account type:

Investor Name

Physical Address

Date of Birth

Bank Affiliation

Source of Funds

Citizenship

Taxpayer Identification Number

Application Signature(s)

If further verification is requested

A copy of unexpired government issued identification

If any of these are missing or the processing team cannot read

the information, the information can be taken over SEI’s

recorded line

If either of these are missing or the processing team cannot

read the information, additional paperwork will be required

Account setup will not proceed until ALL missing info is obtained (both

phone confirmation and supporting docs if needed)

Operations

Service Team


Transaction Processing

• Same Day Trading

• Cutoff Times:

• Incoming

• Incoming Wires 1:30 pm EST

• Checks 12:00 pm EST

• Outgoing

• SEI Funds 2:30 pm EST

• SEI Money Market 1:00 pm EST

Be aware of possible earlier cut off times for Non-SEI Mutual Funds and Securities

Self Service transactions can be submitted up to 3:45 pm EST

Incoming Transfers

Service Team


Information Needed:

• Receiving & Delivering account information (sections 1 &2)

• Transfer Instructions (section 3)

• Full account liquidation or In Kind Transfer, Partial Transfers

• A copy of the most recent statement should be submitted with this form to ensure correct transfer of assets

• Payment instructions (section 4)

• Receipt Instructions (section 5)

• For Mutual Fund Strategy Accounts only

• Signature of account owner(s)

Dedicated Transfer Service & Processing Team:

• Call routing to service team

• Service communicates directly with firms for transfers that are NIGO or require additional action

• Follow-ups are done every 5 business days for the transfer until we either receive the funds in or close the request

• If needed from SEI, a Letter of Acceptance can be requested over the phone with existing account information

• Pending Transfers on SEI Advisor Center can be used to track updates on transfers

Account Funding Process

Service Team


In Kind Transfers:

• Mutual Fund Strategy

• Fill out receipt instructions on Account Transfer form (section 5)

• If no selection is made assets will be posted to asset transit portfolio and will remain in kind until further instruction

• If SEI strategy is selected assets will be posted to that portfolio and will sit in kind until scheduled rebalance date

• Ability to initiate an immediate rebalance through online action

• Can only select one SEI strategy

• Managed Accounts Solutions

• Assets received for initial funding will be liquidated and invested into strategy unless told otherwise on application

• Assets received after initial funding are posted to asset transit portfolio and will remain in kind until further instruction

Cash Receipts:

• Checks, Wires

• Posted to current strategy

• Submit an Additional Investment form if instruction deviates from current strategy

• ACATs

• Posted to current strategy

Account Closing

Service Team


• Disburse Cash action can not be used to close an account

• If more than 95% of the portfolio value is being disbursed, the distribution

will fall into exception

• Distribution form is needed

• Closing Instructions section added to first page of distribution form for both

Mutual Fund Strategy and Managed Account Solutions

Exceptions

Service Team


Dollar Cost Average

• Overdraft Validation Failed

• Exception occurs when the DCA portfolio is not funded when DCA is scheduled to start

Distributions

• Invalid Raise Cash: Pro-Rata Across Mutual Funds Only

• Exception occurs when the portfolio holds no mutual funds

• Invalid Raise Cash: Do Not Use Cash

• Exception occurs when the portfolio does not have distribution amount in asset MV to liquidate

• Investment Compliance Fail

• Exception occurs when funds being sold/purchased are restricted by Broker Dealer

Rebalances

• Account has Closed Status

• Exception occurs when a firm attempts to transact on accounts in a “closed” or “pre-close” status

Electronic Signature

• Expiration

• Exception occurs when a client fails to sign an e-signature document within a set timeframe

Exceptions Monitoring

Service Team


• Can be found under Activity Tasks

• Click on the plus sign for Filters & Options

• Filter the status to Exception

• In some scenarios your office may need to Cancel an activity

Sample Client Name

Sample Account Name

Best Practices

Form Submission


These best practices will help ensure your Forms-based requests are processed accurately and timely:

Use Current Version of all Forms• SEI Advisor Center Manage Forms action or BusinessBuilder Forms Library

Avoid Handwritten Forms• Robotics can read some handwriting but not all

Upload Forms vs Faxing• Uploaded forms route directly to the processing queues and the form is saved within the Client and Account’s Document section

Scan Quality no less than 300 dots per inch (DPI)• If scanning is required at your firm, please ensure highest scanning resolution

Provide Account Specific Information• When communicating with service team about required forms, provide an account number to ensure you are directed to the correct form

Best Practices

Managed Account Solutions


These best practices will help ensure your Forms-based requests are processed accurately and timely:

Full Account Liquidation• MAS Monetary Change form

Single Portfolio Liquidation without Terminating Management• MAS Change in Investment Strategy form

Terminating Management• MAS Monetary Change form

• Final pro-rated management fee will be taken

• All funds are moved to an advisor guided portfolio

• Must be terminated across entire account• Option to liquidate and terminate or terminate in-kind

• Option to liquidate some portfolios while terminating others in-kind through special instructions

Distribution & Liquidation Timeframes• Set appropriate expectations with clients on turn around time

• Takes longer to raise cash depending on specific manager vs. Mutual Fund Strategy

FOR FINANCIAL INTERMEDIARY USE ONLY. NOT FOR PUBLIC DISTRIBUTION.

CARES Act

• 2020 RMDs

• Cancelling a Scheduled RMD

• Rollover Relief Notice

The Coronavirus Aid Relief and

Economic Security Act

Best Practices

2020 RMDs


IRA Compliance Dashboard

• Discontinuing of RMD services for 2020

• Clients can opt into RMD Services for 2021 by using the Auto RMD: Disburse Cash action from the IRA Compliance Dashboard

Scheduled RMDs

• Will remain scheduled as is unless canceled or modified

• RMD Cancellation Form has been created to cancel RMD services distributions for 2020

New RMD Requests

• Will be set up for 2021 since RMDs are not required for 2020

• If intent is to take an IRA distribution for 2020, a non-RMD distribution request should be submitted requesting a specific $ amount by

using the Disburse Cash action

• Recurring distribution requests for 2020 will be in the same amount each year until updated

• 2021 RMD requests will be processed as normal

IRA Compliance > RMDs


Best Practices

Cancelling a Scheduled RMD


RMD Cancellation Form

• Created as a result of the CARES Act to cancel 2020 RMD distributions

• Found in Advisor Center under the Manage Forms Action

• Can be launched and submitted online

• Does not require a client signature

• There is no bulk process to cancel RMDs, each account will need it’s own form

Best Practices

Rollover Relief Notice


Returning IRA Distributions that were taken as a RMD

• Clients who took a distribution between 1/1/2020 and 5/16/2020 may roll their money back into their IRA by 8/31/2020

• Inherited IRA and Inherited Roth IRA RMD Distributions are now also included in rollover relief

Normal Indirect Rollover Rules Apply

• The return must be submitted with a client signed IRA Additional Investment form

• Only one indirect rollover is permitted within a 12 month time frame

• All distributions are able to be rolled back, if monthly distributions were taken ALL

are now eligible for rollover

• A letter of indemnity is required to reverse State or Federal withholding

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Tips and Tricks others are UtilizingLead by Jeff Shontz

How many of you had to change a process?

Are you looking for a way to start to document your process?

Workflow Changes


Melissa at Magis Financial Partners used to have a processing folder on her office desk to hold all of the items

uploaded or processed on seiadvisorcenter.com. Each day she would confirm the prior days activities then file the

paperwork away. Now that she is working from home, everything has become digital and she creates files on the

office’s server to track the activities. Once confirmed the PDF documents are then moved into the client’s digital file.

Grace at Ascendor Wealth has gone through the process of establishing Holding Money Market portfolios for all

clients in the event of sudden market opportunities/volatility. In the scenario when a strategy may need to be

liquidated, the cash can easily be transferred to the Holding Money Market portfolio and in the future moved back

into the strategy either all at once or over time. Going forward, all new accounts will have the Holding Money Market

portfolio established at the time the account is set up.

What type of Workflows are you using?

What are the three types?

• In your head – you’ve been doing this for so long you don’t have to think about it.

• Checklist – a little more formal whether you are using a Word Document or Flowchart.

• Automated – Using a system based workflow that allows you to assign items and displays the status. This may

be in a CRM system like Redtail.

In your head

• You know it, but what if someone else needs to

• Be prepared to share

• Get it out of your head and into a repeatable process

Workflow Changes



Checklist

• Create a word document or flowchart that’s easy to follow

• The are customized to how your office does business

• Yes, it takes a little time and effort to set up, but in the long

run it will save you time

What we have heard

• For vacations and out of office time

• Training a new hire or intern

• To share when you are not able to be together in person

Workflow Changes


Not sure where to start… SEI has templates that can be customized. The SEI Workflow Library is

available from the Resources tab of the Help Menu.


Automated

• If you are using your CRM system to create Workflows, then you have taken your

office to the next level

• By completing a step, your system will automatically move to the next step

• This makes it easy for assigning that step to the right person

What we have heard

• Streamlines any process you create a Workflow for

• Easy to assign the next step to someone else

Workflow Changes


Are you using Redtail? The SEIAdvisorCenter.com actions can be integrated

into your Redtail workflows. Review our February 20th webinar, found within

the Best Practice Series tab of the Help Menu, covering the Redtail Integration.

Client Experience Changes


What has become a priority?

Are you making changes to promote a great Client experience?

What we have heard

• Standing Instructions – Eliminates the need for a Client signature

• Householding – Brings all of the Accounts associated into one easy to view Household level

• Utilizing AccessMyPortfolio.com – Helps you to answer account questions

Grace at Ascendor Wealth makes it a priority to gather the First Party Standing

Instructions for both Distributions and Receipts as a part of the Application

process, which saves time for when it’s needed in the future. Plus, with these

on file, no additional Client Signatures are needed.



Standing Instructions

Standing Instructions Form for First-Party Distributions

• Once signed, you can submit a distribution using a Distribution form or through the

Disburse Cash action without a client signature

• You also have the option to fill in the Pay To section of the application

Standing Instructions Form for Automatic Investment Program (AIP)

• Once signed, you can submit a cash receipt request using an Automatic Investment

Program (AIP) form or through the Schedule Cash Receipt action without a client signature

SEI is working to allow for this form to be electronically signed and available on the application

Austin and Rachel at Everhart Advisors stress the importance of

Householding clients and business accounts.



Householding

Benefits of Households

• New Households are immediately created and searchable

• View all associated accounts together at the Household level

• All documents (Tax forms, Statements, Submitted forms) are available for viewing

• View Account level performance as of end of previous month

• All associated RMD, Contributions, and Beneficiaries

• Automatically grouped for viewing within the Advanced Client Reporting website

Creating Households is very easy and can be done online through the Manage

Household action. If you have any questions, the Action help is available at anytime.



AccessMyPortfolio.com

Grace at Ascendor Wealth has found it very helpful to use the External Links tab to access the End Client Experience

website when talking with clients who have questions about online access. A lot of times clients will say, “well I haven’t

been able to view my accounts online” and instead of asking questions that may confuse them, she can easily search

by Client Name and see if they have a User ID set up or when their last Login was. She has also been able to emulate

the client and walk them through the website.

What questions are you receiving?

• Need to confirm if the Client has access?

• Need to add an email address to provide access?

• Need to emulate their account to help with questions?





• Need to confirm if the Client has access?

• Client Website Information can be found

on the Profile page at the Client level

• Here you will see the Client’s User ID, the

last log on date, and their account status

Sample User ID

Sample Client Name





• Need to add an email address to provide access?

Easily launch the Modify Contact Information action and add an Email

Address. The Client will automatically receive a welcome email to register.





• Need to emulate their account to help with questions?

As of our March 9, 2020 release, you can emulate any client whether they have registered or not

Export All of your clients to view a full list of who is registered

Sample User ID [email protected]

Sample Firm Name

Jackson, John

Jackson, Jane

Jackson, Bob

SAMPLE

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Features you’ll want to Incorporate into

your WorkflowLed by Jeff Shontz

Submit Transactions Online – Launching a Form

What if a Client Signature is Not Required and an Online Action is not an option?


• The Manage Forms action allows you to Launch Forms into

LaserApp, fill out the required information online, and submit

it directly to SEI for processing (Send to SEI).

• This will save you time, since you do not need to print out the

form to fill it out.

• Most popular forms for launching are:

• Portfolio/Overlay Creation and Maintenance Form

• Additional Investment Form

• Monetary Change Form

• Cost Basis Update Form

• Required Minimum Distribution Cancellation Form

SAMPLE

Submit Transactions Online – Electronic Signatures

What if you have access to your own DocuSign, OneSpan, or SIGNix?


• SEI will accept Client Electronic Signatures from Third-Party

Electronic Signatures in almost all scenarios

• The Electronic Signature Requirements guide provides answers

to what is and what is not accepted

• SEI requires that Distribution requests to follow SEI’s DocuSign

process for electronic signatures

Stay Tuned: SEI is making SEI forms that you are accessing

through LaserApp, Electronic Signature eligible. This means you

will be able to send those forms directly to your clients utilizing

one of the three Third-Party Electronic Signature providers.

Submit Transactions Online – Approval Routing

Be mindful of the cutoffs!


• If your firm is utilizing transaction approvals it is important to approve those transactions prior to cutoffs

• If your Broker Dealer requires approvals they will need to approve transactions prior to the cutoff as well

• Submitted forms will need to be approved prior to 2:30pm EST

• Online Actions will need to be approved prior to their scheduled date

• If you are an approver, make sure to have the ‘An activity has been

assigned to me’ email notification turned on

• Monitor the Activity Summary page for the Approval Status

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What’s Next

2020 Enhancements


Make sure to register for the July 30th webinar covering major enhancements being released

in the second half of 2020!

• Updates to Activity Management

• New Model Management feature

• New Client Acquisition and Review

(Account Open) feature

• Direct Ranking for 2021 releases

For Financial Intermediary Use Only. Not for public distribution.

Information provided by Independent Advisor Solutions by SEI.

Thank you

for your time today!


For any other questions please reach out to the SEI Service Team!

best practices in a new normal...agenda • service and processing updates and best practices •...

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