Questions to ask
Investment Portability.
Account Transferability
Not every account moves cleanly. Advisors should understand which accounts can transfer, which require repapering, and where client friction may appear.
- Which account types in my book can transfer through standard ACAT, and which accounts will require manual paperwork or repapering?
- Are there account types, custodians, registrations, or legacy relationships that may create transfer delays?
- How will retirement accounts, trusts, corporate accounts, estate accounts, 529s, annuities, and direct-held positions be handled?
- What percentage of my book should I realistically expect to transfer within the first 30, 60, and 90 days?
- What process exists to identify transfer problems before clients are asked to sign paperwork?
Product Restrictions
Product restrictions can create hidden portability problems. Advisors should identify unsupported products before committing to a transition.
- Which products in my current book cannot be held, serviced, traded, or transferred at the new firm?
- How will annuities, alternatives, non-traded REITs, private placements, 529 plans, UITs, insurance, and proprietary products be handled?
- Will any clients need to liquidate, exchange, surrender, or repaper products to move with me?
- Are there compensation or servicing limitations on legacy products after the transition?
- Who will review my book in advance to flag restricted, unsupported, illiquid, or operationally complex products?
Cost Basis & Legacy Data
Legacy data issues can create client frustration long after the transition. Advisors should pressure-test cost basis, history, and documentation before moving.
- Will full cost basis transfer for taxable accounts, including older positions, gifted shares, inherited assets, and legacy holdings?
- How will missing, unknown, or inaccurate cost basis be identified and corrected?
- What account history, performance history, tax-lot history, beneficiary information, and document records will transfer?
- Will my team have access to prior statements, confirmations, notes, beneficiary forms, and historical client documents?
- What is the escalation process if clients discover missing cost basis or legacy data after the move?
Client Consent Process
The client consent process determines how much friction clients feel. Advisors should know exactly what clients must sign and when.
- What forms, advisory agreements, transfer paperwork, disclosures, and account documents will each client need to sign?
- Can clients complete the process digitally, or will wet signatures and paper forms be required for certain accounts?
- What communication can I send before and after resignation, and what restrictions apply to client outreach?
- How will the process differ for advisory accounts, brokerage accounts, retirement accounts, trusts, entities, annuities, and direct-held business?
- What client-facing support is available to reduce confusion, missed signatures, NIGO paperwork, and transfer delays?
Revenue Portability
Assets moving is not the same as revenue moving. Advisors should understand what revenue continues, stops, delays, or changes after transition.
- Which advisory fees, trails, commissions, renewals, insurance compensation, and direct business revenue will continue after the move?
- Are there products where I can service the client but no longer receive the same compensation?
- Will billing cycles, advisory agreements, fee schedules, or client authorizations need to be reset before revenue resumes?
- How much revenue disruption should I expect in the first 30, 60, 90, and 180 days?
- Which parts of my current revenue may be delayed, reduced, forfeited, or permanently non-portable?
Custody / Platform Gaps
Custody and platform limitations can force uncomfortable client conversations. Advisors should identify what cannot be held before moving.
- Are there securities, share classes, account types, or investment vehicles that cannot be custodied on the new platform?
- Will any clients need to change custodians, open new account types, liquidate holdings, or move into a different advisory program?
- How does the platform handle cash, margin, lending, trust accounts, retirement plans, alternatives, fixed income, and legacy assets?
- Are there differences in available investment menus, model platforms, SMA access, fund access, or fixed income capabilities?
- What custody or platform gaps could create client objections or prevent certain relationships from transferring?
Transition Timeline
A transition timeline should be based on the actual book, not a generic estimate. Advisors should understand expected timing and bottlenecks.
- What is the realistic timeline for transitioning my specific book based on account types, product mix, household count, and client complexity?
- What should be completed before resignation, during the first week, and by days 30, 60, and 90?
- Which accounts or products are most likely to delay the transition?
- How often will I receive reporting on transfer status, missing items, rejected paperwork, and unresolved cases?
- Who owns each part of the timeline: my team, the transition team, operations, product teams, compliance, and the client?
Non-Portable Red Flags
The worst transition mistakes usually come from ignored red flags. Advisors should identify non-portable or high-friction relationships early.
- Which parts of my book are most likely to be non-portable because of proprietary products, employer plans, institutional relationships, or firm-owned relationships?
- Are there illiquid products, direct business accounts, missing data issues, or restricted accounts that could create major transition friction?
- Could any client relationships be affected by non-solicit restrictions, protocol limitations, team agreements, bank/channel rules, or institutional ownership?
- What percentage of my book should I assume may not transfer cleanly, even under a well-run transition?
- What should I do before signing to avoid being surprised by non-portable assets after I resign?
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