What Is a Repapering Specialist?

Repapering is a time-consuming, but necessary step for advisors who are making the transition to a new firm or going independent. If you’d prefer to have professional help in navigating the process, you could consider working with a repapering specialist. Finding the right service to work with begins with understanding what repapering specialists do.

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What Is a Repapering Specialist?

A repapering specialist is an individual or firm that assists with the repapering process. Repapering involves reviewing client contracts, updating them and obtaining new signatures from clients. This undertaking may be necessary if you are:

• Making a career move to a new advisory firm
• Transitioning to an independent RIA model
• Switching to a new RIA custodian
• Merging with another advisory firm
• Updating your firm’s operational policies
• Implementing new guidelines for compliance

Repapering can be complex and time-consuming. You’ll need to update documents for each account you manage, which can quickly bog you down if you have a larger book of business. For many advisors, it makes sense to work with a repapering specialist to handle the bulk of the work.

What Does a Repapering Specialist Do?

Repapering specialists work with advisors to streamline the repapering process. You provide the repapering specialist with details about each client account in need of an update, and they do the rest.

That can involve:

• Verifying client information
• Reviewing client contracts and other documentation in need of an update
• Drafting new contracts and documentation
• Opening new accounts, if necessary
• Completing the transfer of client assets to a new custodian, if necessary
• Providing support and updates to advisors on the status of the repapering process

You still have a role in the process, but it’s much less burdensome.

For instance, you’d need to share details for each client account requiring review with the repapering specialist and inform your clients of the change. You’d also need to be available to answer questions your clients might have about the process and return signed documents to the repapering specialist. But overall, you might deal with fewer headaches than if you were to try to do everything yourself.

Repapering specialists aren’t exclusive to the financial services industry, either. They can also work with other professionals that deal in client contracts, including attorneys and corporate entities.

Benefits of Using a Repapering Specialist

Is it worth it to hire a repapering specialist? There are some convincing arguments for doing so, such as:

• Repapering specialists have the expertise and know-how to handle each stage of the process as efficiently as possible.
• Specialists who work exclusively in financial services understand the complexities involved and can provide support to advisors who may have questions about what to expect throughout the transition.
• Working with a specialist may provide a better experience overall to your clients. This is an important consideration if you’re worried about them being scared off by a transition.
• You’ll have more time to dedicate to serving your clients since someone else is handling the behind-the-scenes work of repapering.
• Hiring a repapering specialist can leave less room for error or potential compliance violations, which could be costly in the long run.

If you need to repaper because you’re starting an RIA firm, you might view hiring a repapering specialist as an investment in future growth. It’s easier to hit the ground running when you’re confident that your paperwork is in order and client accounts were transitioned correctly.

How to Choose a Repapering Specialist to Work With

Choosing a repapering specialist is just like choosing any other service provider for your business. You’ll need to do some research to understand what a particular provider or platform has to offer.

Here are some helpful questions to ask:

• What type of services does the provider offer? Is there any aspect of the repapering process that they don’t assist with?
• How much does the provider charge for its services and how are the fees structured?
• What level of support can you expect from the provider if you have questions or concerns?
• Is there any type of follow-up support offered once the transition is complete?
• What’s the provider’s reputation like? What do other advisors have to say about their experiences with a particular repapering specialist?

Once you find a repapering specialist you’re interested in using, you can ask additional questions so you know what to expect. For example, you may want to know how long repapering will take.

The short answer is that it can take weeks or months, depending on the specifics of your situation. A repapering specialist may be able to give you a more targeted answer if they’ve had time to review the details of what needs to be updated and for how many clients.

Frequently Asked Questions (FAQs)

What Does It Mean to Repaper an Account?

Repapering an account means updating client contracts and other relevant documents, and obtaining new signatures from clients. In financial services, repapering may be necessary if you’re moving to a new advisory firm, starting an RIA, merging with an existing financial advisor business or updating operational/compliance policies.

Do Advisors Need a Repapering Specialist?

You’re not obliged to work with a repapering specialist if you need to make changes to client contracts or documents. However, it could make sense to do so if you’re undertaking a large-scale transition that requires hundreds or thousands of new documents to be created and signed.

How Much Does a Repapering Specialist Charge?

Repapering specialists charge fees, but the cost to you can depend on several factors, including the number of client accounts that need to be transitioned, your location and the firm you’re working with. A specialist may be able to provide you with an initial estimate of what you’ll pay, though that number may not reflect the final cost.

Bottom Line

Making a change, whether it’s updating policies or launching a new firm, always requires some adjustment. A repapering specialist can handle some of the more tedious aspects of reviewing and updating client contracts so you’re free to focus on serving your clients.

Tips for Growing Your Advisory Business

• When you’re ready to grow and attract new clients to your firm, a solid marketing strategy is a must-have. If you’re looking for ways to expand your reach, you might consider partnering with an advisor marketing platform. SmartAsset AMP (Advisor Marketing Platform) is a holistic marketing service financial advisors can use for client lead generation and automated marketing. Sign up for a free demo to explore how SmartAsset AMP can help you expand your practice’s marketing operation. Get started today.
• Repapering specialists increasingly rely on tech tools to get things done. When vetting a specialist, you might ask whether they incorporate artificial intelligence into their services. Understanding which AI tools they use, if any, can help you decide if a particular service is right for your firm’s needs.

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