Situation

Transferring funds between banking and brokerage accounts for IRA customers was encumbered by the need for multiple department involvement, a lack of process documentation, and general confusion about policies, roles, and responsibilities.

Team Engagement Strategy

Representatives from brokerage, pension services, and retail banking as well as compliance and legal were brought together to improve the funds-transfer process using Rapid Action, a team engagement toolkit for accelerating results.

Rapid Action Project Charter

How can we streamline the transfer of IRA funds between the frontline staff , back office, and specialized service teams in order to reduce delays, diminish processing burden, and reduce customer complaints while simultaneously meeting regulatory requirements?

Sample of Solutions Implemented

1. Redesigned the IRA Funds Transfer Request Form to reduce confusion about proper use, prevent common errors, and simplify completion.
2. Eliminated internal checks for transferring funds between Retail IRA and Brokerage IRA Accounts.
3. Worked with the Compliance Department to eliminate redundant bank signatures on IRA Funds Transfer Request Forms.
4. Created an “Online Document Deficiency Notice” directly accessible by retail bankers and brokers to keep them informed about missing or incorrect information identified by the Pension Services Department.