How a financial services firm fills HTK rollover and annuity packets in under 5 minutes instead of 2–4 hours
1847Financial is a national organization of financial services firms affiliated with Penn Mutual Life Insurance Company and its broker-dealer and RIA, Hornor, Townsend & Kent (HTK). Its more than 1,400 financial professionals serve 180,000 investors across the United States. A client rolling retirement savings into an IRA with an annuity needs HTK account paperwork, a rollover attestation and a carrier's annuity application, each completed to broker-dealer and carrier rules before business can be placed. With Instafill.ai filling the whole set from one source, the paperwork that took 2–4 hours per client now takes under 5 minutes.
At a glance
- Company 1847Financial
- Industry Financial planning, advisory and insurance
- Location United States
- Forms HTK Recommendation and Attestation, HTK Account Agreement, EquiTrust annuity applications
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Results
Under 5 min per client, down from 2–4 hours
5–10 min of compliance review per application, down from 30–60
5–10 forms per client relationship, filled from one source - Catalog forms HTK Recommendation and Attestation Form (H9156), HTK Investment Advisory Agreement (H9105)
- Form categories Rollover forms, Annuity forms, Investment advisor forms
The challenge
A client relationship often needs 5–10 different forms with hundreds of fields: the HTK Account Agreement for brokerage and advisory accounts, the Recommendation and Attestation Form that documents a rollover or transfer under PTE 2020-02, the HTK Investment Advisory Agreement for third-party asset management, an annuity application with a financial needs analysis, such as EquiTrust Life's Certainty Select, and Regulation Best Interest questionnaires.
The same name, address, Social Security number, date of birth, employment details and financial holdings go into every one of them. A single client opening an IRA with an annuity investment can mean more than 30 pages. An incorrect Social Security number, a transposed date or a mismatched account type can delay an account opening by weeks or trigger a compliance review.
Some fields must not be filled at all. Signatures, dates and attestations are completed by the client and the financial professional themselves, and a form that arrives with them already filled is a compliance issue and has to be redone.
The solution
The financial professional uploads what the client already has, such as an account statement, earlier 401(k) documentation or a completed data collection form, and selects the forms the case needs: the HTK Account Agreement, the rollover attestation, the Investment Advisory Agreement, the EquiTrust application and the financial needs analysis. Through filling from documents, Instafill.ai completes them in under 2 minutes, placing the client's personal details, income range, net worth, liquid assets, investment experience and risk tolerance, employment, account types, beneficiaries, tax elections and investment objectives in the right fields of every form.
Early on, 1847Financial found signature fields being filled. The team flagged those fields as ones that must never be filled, and Instafill.ai's team set the client, joint owner and financial professional signature fields and their dates on every HTK and EquiTrust form to be skipped. Attestations such as "I have read and understand the disclosure" are skipped too.
On forms where some fields take data and others must stay blank, ignored and prepopulated fields decide which is which, field by field, without rebuilding the form.
The results
| By hand | With Instafill.ai | |
|---|---|---|
| Paperwork per client, across the forms | 2–4 hours | Under 5 minutes |
| Compliance review per application | 30–60 minutes | 5–10 minutes, a spot-check |
| Signature and attestation fields | Tracked by hand | Left blank on every fill |
| Client details across forms | Prone to discrepancies | The same in every form |
Financial professionals spend the time on planning, advice and client relationships instead of paperwork, and the firm can grow without adding administrative staff.
