The stakes are different

While Amazon has mastered physical logistics with warehouses, trucks, and drivers, account transfers are primarily digital. However, account transfers carry much higher stakes. While the average Amazon package is worth about $50, the average ACATS transfer is worth about $100,000 and often represents someone's life savings. This makes the reliability and transparency of the transfer process critically important. To understand how firms can enhance their transfer experience, let's examine each step of the journey.

Adding items to cart / Choosing account + assets to transfer

Amazon makes it super easy to find what you want and add it to your cart. Firms can apply this same principle to asset transfers. Whether clients want to transfer an entire account or select specific investments to transfer, the process should be smooth.

The process of choosing what to transfer differs for full versus partial transfers. For a full transfer, firms need the account number as the main identifier. For a partial transfer, firms also need to know which assets a client wants to move. There are three ways to get this information:

1. Manual asset entry by the client or advisor
2. Direct connection through APIs/aggregators like Plaid where a client logs in to the delivering account followed by asset selection
3. Client or advisor uploads an account statement from the delivering firm followed by asset selection

While manual entry can be quickest for full transfers where you just need an account number, connecting to accounts or uploading statements has advantages. For partial transfers with many assets, these approaches can reduce both time and errors that result from manual entry. The data verification you gain from connecting to the delivering account or from a statement upload can be especially valuable for high-value clients where firms may prioritize rejection minimization versus the cost of logging into an account or uploading a statement. Ultimately, the best firms will use a combination of all three options to find the best mix of speed and accuracy for each client or advisor.

For financial advisors trying to transfer multiple accounts at once, firms should enable bulk actions - particularly bulk statement uploads or the ability to upload reports from the delivering firm so that advisors can easily select which accounts to transfer rather than requiring separate entry for each one.

Checkout / Initiating transfer

Amazon's one-click checkout was a game changer for increasing orders. Firms can increase their inbound transfers by making them similarly frictionless. One of the best ways to do this is for firms to pre-fill information they already have on their clients like name, account type, and social security number. Firms should also thoroughly validate entered data before submission. For example, if a client or advisor tries to enter a 9-digit account number for a delivering firm that the firms knows only supports 8-digit account numbers, they should get a warning message.

Delivery speed

Amazon's speedy two-day and increasingly faster delivery is another element that’s made them so successful. Over the years, account transfers via the ACATS system have also become increasingly efficient, moving from about 10 business days in the late 80s and early 90s to 5-6 business days in 1998 to 3-4 business days in 2007. Typical transfers will drop to 2-3 business days in 2025. Even though ACATS can now process transfers in 3 business days and will move to 2 business days in 2025, clients rarely experience the same seamless experience they get with Amazon because most firms haven't prioritized optimizing the end-to-end client and advisor experience the way Amazon has.

Order tracking / Transfer tracking

Amazon excels at providing clear tracking information with expected delivery dates and package locations. Similarly, while ACATS offers a sophisticated tracking system for financial institutions, firms need to translate this technical information into customer-friendly updates. Since most people only transfer accounts a few times in their lifetime, clear communication is crucial. Firms should provide simple status updates (like "Transfer initiated" or "Under review by previous firm") and always include an up-to-date estimated completion date. This helps clients understand exactly where their assets are in the transfer process. For clients who want to learn more, firms should offer easy-to-understand educational resources about the transfer process, reducing the need to contact support teams for basic questions.

Customer support

When issues arise, Amazon provides seamless digital support without requiring phone calls. Financial institutions should modernize their support processes similarly. When information needs verification or correction – like mismatched names or Social Security numbers – firms should implement automated communications through email, in-app notifications, or AI-powered channels, reducing the need for manual intervention while maintaining service quality.

Post-delivery journey

While an Amazon delivery concludes when the package arrives, an account transfer often marks the beginning of a new investment journey. Forward-thinking firms should enable advisors to set up investment models and tax management strategies in advance, ensuring a smooth transition from transfer completion to portfolio management.

Looking ahead

We envision a future where account transfers are as seamless for financial advisors and retail clients as ordering a package on Amazon. Whether you want to make it easier for clients and prospects to transfer assets to your firm, streamline your transfer operations for greater efficiency, or both - we're here to help. Please reach out to learn more about implementing the kinds of enhancements we mention here.