8 Weeks Out

Meet Your Commonwealth Support Team

Time to meet your team! Your transition consultant and transition support partner will be your primary contacts throughout the process. They’re the first people you’ll call with questions, and they'll provide hands-on support until you’re fully on board.

• Consultant: Project manager, responsible for developing and overseeing the entire transition plan and ensuring that you and your office are where you need to be each step of the way

• Support Partner: Operational go-to, assisting you with the strategy and execution for client onboarding, as well as developing a customized training plan for your office

This team will get to know the ins and outs of your business, so they can create a personalized, interactive timeline to help you keep track of the steps needed to ensure a successful and seamless transition. 

You’ll have weekly check-in calls to review what's next, resolve outstanding items, and get answers to questions. We’ll talk about: 

• Reviewing transferability of assets

• Best practices for setting clients up with money movement plans and/or RMDs

• Strategies for resigning from your current firm and notifying clients of your move after you have affiliated with Commonwealth

• Building a customized training plan so you can learn how to access and use our systems and resources to support your clients and your business

8–5 Weeks Out 

Meet the Rest of the Commonwealth Community 

In addition to your consultant and support partner, you'll have access to a larger team of tenured individuals, representing virtually every Commonwealth department. They'll help you prepare for your move and settle in once you’re here.

From licensing and compliance to trading and technology, someone is shepherding your requests through each area and serving as your go-to source for any questions about Commonwealth policies, procedures, resources, or staff. 

During this time, you’ll become familiar with our many resources, including:

• Wealth Management

• Advisor Marketing

• Technology

• Business Solutions

5–2 Weeks Out

Prepare Paperwork and Notifications

Of all the moving parts of your transition, this one can be the most time-consuming. We strongly recommend that you give yourself at least five weeks before joining to organize your client data and prepare paperwork. Your Transition team will discuss your options, which may include doing it yourself, outsourcing to a third party, or a combination of the two. We'll also ensure that you are trained on the requirements for accounts held with National Financial Services (NFS), as well as direct with sponsor companies.

Our Master Services Agreement (MSA) and data collection forms will help you streamline the process of establishing new accounts. The MSA is an agreement between you and your client that allows you, in most cases, to set up accounts after transition without requiring new forms and signatures.

Using the MSA: 

• Takes the place of many standard account forms, certain NFS IRA applications, and Preferred Portfolio Services® (PPS) paperwork¹ 

• Reduces the need for additional new account paperwork for existing account holders who open subsequent accounts

• Allows you to change or modify information, services, or features of a client’s accounts with the client’s verbal or other consent (i.e., without requiring the client’s signature)

Remember that you shouldn't contact your clients, nor should they receive or sign any Commonwealth forms, until you are officially on board and have been approved to do business by FINRA and/or the state you conduct business in. Your consultant will call you when this occurs.

Your Join Day

As your join date approaches, you’ll need to prepare a resignation letter. We can give you a sample, or you can draft your own. You'll need to supply your consultant with a copy of your signed resignation letter, on your current firm’s letterhead.

Once you have officially resigned, we’ll transfer your securities registrations using FINRA’s CRD system. The Form U4 application is typically approved the same day you join us, but be sure not to engage in any client solicitation or transaction activities as a Commonwealth advisor until your licensing is complete. In addition, you may not open or service accounts in states where you remain unlicensed until registrations are approved. 

Once you’re officially approved by FINRA and/or the state, your consultant will provide you with your Form ADV 2B. At this time, you’re officially affiliated with Commonwealth and may begin contacting your clients. Welcome!

Weeks 1–6

Moving Your Book of Business

We understand the urgency of moving your book of business to Commonwealth. We provide tools and resources, as well as a support team committed to making this process as seamless as possible. 

• E-Signature: Powered by DocuSign, Commonwealth’s e-signature platform gives your clients the ability to sign forms electronically. Using this system will result in faster turnaround times. It will also save you from printing and shipping costs and help safeguard client data. 

• Case Workflow Tool: Every document we receive from your office is scanned and imaged within Client360° Documents. This creates what we refer to as a “case,” which is then dispatched to the appropriate operational department within Commonwealth for action. The workflow tool provides an "at-a-glance" view of the status of these cases while allowing you to correct any errors and communicate with department processors along the way.

Crediting Transfer Fees to Client Accounts

You may wish to credit your clients for any fees charged as a result of the transfer. Fees vary among firms and should be discussed with your transition support partner. Client accounts will be credited, up to the transfer fee charged, every month. These credits will be viewable to your clients on their monthly NFS statements.

Please note: We may require a copy of a statement for fees that cannot be confirmed through the ACAT system.

Weeks 2–12

Learning the Ropes

Training sessions, customized for your office, are designed to help you manage your day-to-day business effectively. After the completion of operational overviews, your consultant will begin additional, higher-level training with you, based more on the practice than on operations. 

All advisors and staff in the office are strongly encouraged to participate in these overviews.

Nearing the End of the Transition

Most practices are ready to graduate from transition and integrate with the rest of the firm after 90 days. The overall timeline is customized to fit your practice—it ends when your assets have moved, your office is trained on our tools and resources, and you are comfortable navigating across the firm.

We’ll ask you to participate in a feedback session that covers each aspect of your move to Commonwealth. Your experience and input will help us continually improve our transition process. 

Week 12 

Graduating Transition 

Once you're officially out of transition, you'll work directly with our Service Center, your one-stop shop for all operational needs. You'll also continue to have access to consultants from Business Consulting, Wealth Management, Technology, Advisor Marketing, and more—all to help you serve your clients and grow your business in the way that works best for you.