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Advisor Questions - EDM 

I would like to have complete clarity on their new client/new account onboarding process. Such as, what exactly are we responsible for and what are they responsible for.  

  • TAMP- Symmetry’s account opening process is designed to reduce redundancies, reduce/eliminate NIGO’s and enhance the client experience.  The Symmetry Axiom platform has a streamlined account opening process which pulls in client data from the portal to populate the new account documents.  The advisor is responsible for choosing the account registration(s) and investment models.  Once the account paperwork is populated, a DocuSign envelope is created and sent directly to the client for signatures.  Symmetry receives the paperwork, checks for NIGOs, establishes the account at the custodian, and tracks the transfer of assets.  Once the funds hit the account, Symmetry will invest the assets as described on the account paperwork.  The advisor can track the progress through the Service Center within the Axiom Platform.    
When it comes to case tracking on Schwab, are they doing that will notify us of NIGOs and needs or will we need to track cases? If they are tracking them, how timely will we be notified of NIGOs?  

  • Symmetry will monitor for NIGO’s.  When a NIGO occurs, we will work with the advisor to rectify any NIGOs.  The advisor can track the progress through the Service Center within the Axiom Platform.    
What do we do about very large accounts? My fee is 25 bps on the largest accounts, but yours is on a basis point structure, which would eat up a good chunk of my fee. Versus my current setup is a % base. I'm wondering how we address the largest kinds of assets ahead of time.  

  • Please define a “large account”.  Symmetry’s fee schedule caters to larger households with our tiering which is calculated at the household level.  For UHNW opportunities, Symmetry will work with the advisor to customize the fee structure to help the advisor win the business.  Symmetry considers households of $5M in above as UHNW.       
With other TAMPs, we are seeing if we can get the fee bundled? More inclined to go with you guys if your TAMP fee is bundled with Orion and with the co-CIO fee. I'm noticing with others that I'm finding more and more fees the deeper I probe, and I'd rather know this now and not discover new fees later.  

  • Symmetry’s fee for the Axiom Wealth platform includes all back-office services including our recommended list of funds and ETFs, which we perform on-going due diligence.  If the advisor chooses to use a model portfolio (Symmetry Model or 3rd Party Model), SMA, Direct indexing or alternative investments; there may be additional charges for those strategies.  When using Symmetry’s Panoramic Mutual Fund models, there is no additional fee for the investments and the Axiom fee is reduced to a tiered fee schedule starting at 15 bps.  Custodial fees are also added to the total fee to the client.  All fees are mentioned on our IAA/addendums. 
Also, accounts down to 41.5M from 45M. I know you guys said the minimum is $50M, so I'm not sure you guys enforce at this level but I would prefer the contract minimum to be lower due to how much the market has pulled back.  

  • Symmetry does not have an AUM minimum to work with us.   
How do you guys process wires? What does the typical process look like? 

  • Wire requests are submitted through the Axiom Service Center and processed per the custodian guidelines.   
What are typical response times to advisors and inquiries?  

  • Symmetry takes pride in our level of service for our advisors.  Our goal is to respond to advisors in a timely manner, typically same day.  However, during periods of high-volume requests, we will respond to advisors within 24 hours.   
Can I speak to an advisor who is currently using you as a TAMP?  

  • Symmetry will put you in touch existing advisors for you to talk to.  We can also put your staff in touch with the staff of other firms so that they can get an understanding of our advisor experience.    
I need to know how much paperwork is involved in the move. What will the clients see and what will they sign? What does that look like? We would be going the sub-advisory route? Is this a TAMP LPOA only then plus biparty agreements? 

  • For existing Schwab – we can generate DocuSign bundles for your clients. Consist of LPOA, ABP Addendum, SIS, IAA,  
  • For Fidelity accounts transitioning Schwab, new account paperwork would be required. Application, transfer form, abp addendum, SIS and IAA. 
  • Symmetry has extensive experience when converting books of business and will make this process as seamless as possible for the advisor and the clients.  We have also helped advisors craft communications to inform the clients of the change in platforms.   
Can we do monthly billing or just quarterly? We bill in the arrears (up front for the days in the quarter) is that able to be continued?  

  • Symmetry only bills monthly in advance.  
How do you handle refunding or correcting fees?  

  • If a fee needs to be corrected, Symmetry will rebate the client the appropriate amount.   
How do you handle trade errors?  

  • Trade errors are infrequent.  However, when a trade error occurs, Symmetry works with the custodian to make the client whole.  Symmetry will take monetary responsibility for the error when it is our mistake.  If the mistake is on the advisor, we will work with the advisor on the payment structure.  
When new assets come on the platform, what is the time frame from assets landing and then billing those assets? 

  • Symmetry will trade an account within 24 hours of the account being funded.   Billing begins once the account is funded.   
What if I have a very complicated and large case, do you offer assistance when it comes to landing a significantly large client?  

  • Symmetry’s Case Design team is responsible for helping advisors win large cases.  We have a very high success rate in closing business when our research team is involved in the process.  We utilize a fact-finding document and ask for current statement from the client to begin the process.  We will work with the advisor on a custom investment strategy, create the proposal and we are willing to present with the advisor if the advisor would like us to.  
We are currently moving all Fidelity clients over to Schwab. This will take time. Once complete we will look to take action, but need more clarity on the above. 

  • Symmetry would recommend you work with us for the conversion. Better experience for your clients to go through the process once.