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FAQ

TRANSITION OVERVIEW

Your chief responsibility during the transition is to be the point of contact for your clients. The OMNI team will handle all of the logistical support behind the scenes. Is there a contact list I can reference for the OMNI Corporate Headquarters? OMNI can provide a list of contacts for each department; however, the best practice is to contact your transition coordinator first, as they will be the most familiar with your situation and are better positioned to help you.
Our transition team tracks each client account listed on your Broker Protocol spreadsheet and will update the Service Ticket with periodic updates. We also send personalized weekly tracking reports to gauge where you are in the process.
Depending on the size of your book of business, transitions typically last 60 to 90 days. Our goal is to have most existing client accounts moved in the first 60 days, with any residual accounts wrapped up during the last 30 days.
The OMNI Transition team assigns a coordinator to assist you with all the aspects of your transition. That person is your main point of contact for any issues or questions that arise.
Independent RIAs are purely in the advice business, while their clients’ assets are held with various institutional custodians who provide transactional and back office services. If your portfolio requirements or preferences differ, we can place your assets with other major firms. Whichever custodian you utilize, your account will enjoy many benefits and the strength and financial stability of a large firm.
OMNI Wealth Management is a Securities and Exchange Commission (SEC) Registered Investment Advisor (“RIA”). OMNI Wealth Management is an independent firm with multiple locations on the West Coast and close to a billion dollars in assets under management. The firm’s approach begins with a plan to organize, understand, and address the financial needs of each client. To this end, our clients have full access to a wide array of services and solutions to assist in meeting their financial goals.

 

TRANSITIONING CURRENT CLIENT ACCOUNTS

Typically, all account maintenance and closing fees associated with the transfer of an account from one custodian to another will be reimbursed to the client. There are certain situations where this may not be the case, so check with your transition coordinator for details.
OMNI and your custodian will cover specific costs such as account fees associated with moving your account, shipping costs for your new account paperwork, and mailing expenses for any forms required for your individual client needs through the transition period of 90 days.
Overall transition costs will vary depending on the complexity of your situation and the resources you use. Check with your transition coordinator regarding your specific situation.
Your main point of contact is your transition coordinator. This person is a dedicated resource to help you with all aspects of your transition.
Any account in good order, with an ACAT transfer, typically takes 7 to 10 business days to move from receipt of the account. Accounts not in good order or with a non-ACAT firm take longer due to the manual nature of the process.
During your pre-transition meetings with our team, you will be given extensive system training to familiarize yourself with the Omniscient CRM system. Part of the training includes the process for submitting client documents to our operations department. See Terms and Conditions for additional details.
Your best resource for information throughout your transition is your transition operations team. They can answer most of your questions or work with your custodian to answer those questions.
Each of your clients will have a dedicated folder that you can access through OMNI omDocs. You will be given access to this folder upon registration with OMNI.
Yes. OMNI provides a dedicated transition coordinator to assist you in all aspects of your transition. It is your responsibility to ensure the accuracy and completeness of the Broker Protocol information provided, as this will be the only information you will be allowed to keep to build your new business.
The Broker Protocol was established to allow representatives of one protocol member firm to retain a list of clients and solicit the clients when joining another protocol member firm. When a representative moves from one firm to another and both firms are signatories to the protocol, the representative may take the following account information: Client Name, Client Address, Client Phone Number, Client Email Address, and Client Account Title, for clients that the representative served while at the firm. Representatives may not take any other documents or information. Upon resignation, the representative must provide their branch management with a copy of the Client Information that the representative is taking. The information delivered to the branch also must include the account numbers for the clients served by the representative; however, the representative is not allowed to take the account number information.
Yes. The Broker Protocol information will be your only source of contact information for your clients. This spreadsheet will be used to create your client database and perform performance reporting and billing functions. It is your responsibility to ensure the accuracy and completeness of the Broker Protocol information, as this is the only information you will be allowed to keep to build your new business.
All client forms required for account opening or transfer can be found either within the custodian platform or from your transition team.

 

MARKETING SERVICES

OMNI offers complete strategic marketing consulting and branding services to its advisors. We have dedicated people that will work with you to define and shape your business to your personal tastes. See the marketing brochure for more information.
Yes. OMNI will create a personalized email blast and/or postcard that will be sent to your entire database as soon as you become registered with OMNI. This announcement can be tailored to your specific needs and will be reviewed by our Compliance Department before sending.
OMNI encourages advisors to create their own websites. We maintain a relationship with a marketing and design firm that will help you create the site to your vision for a nominal fee. See the marketing brochure for more information.
OMNI will assist in the initial announcement of your change to your clients with an email and postcard (if necessary) when you resign from your current firm. Ongoing marketing campaigns are the responsibility of the advisor.
The OMNI cWeb page will be your primary source of updates and offerings from our corporate offices. It is highly recommended that you bookmark this page and visit it frequently to stay current with the changing environment. The webpage is https://omweb.omnisrv.com/. You will be granted access upon registration with OMNI.

 

BROKER DEALER BUSINESS

OMNI does allow for the registration with a Broker Dealer. Please consult with your transition coordinator to determine the best course of action for your business. There are additional compliance steps and restrictions that apply with dual registration.
OMNI Wealth Management is a Registered Investment Advisor and as such does not hold any commission-based accounts. All accounts must either be rolled into fee-based accounts, or you must register with a Broker/Dealer to hold those accounts. Please consult with your transition coordinator to determine the best course of action for your business. There are additional compliance steps and restrictions that apply with dual registration.

 

OFFICE LOGISTICS

If you currently have staff supporting your business, let your transition coordinator know and we can provide you with the information needed to keep your staff in place to assist you.
Yes, OMNI will provide for all your shipping and mailing related to your transition. After your transition period is over, you are responsible for your own shipping and mailing needs.

OMNI does not provide you a workstation but will provide you with IT consulting and a detailed list of the basic requirements needed to get up and running on your own and within your budget. In order to maximize your efficiency, you will need a computer, phone and all-in-one printer/fax/scanner. See the Appendix of your advisor package for a copy of workstation requirements.
OMNI has access to many existing office locations across the country and can assist in helping you relocate. OMNI can help you coordinate furnishings and signage requirements should you open your own office. Expenses are the responsibility of the advisor.

 

BILLING AND REPORTING

Yes. OMNI provides detailed reports for all accounts through the Omniscient CRM system. Access to these reports will be covered in your CRM training. See the Appendix of the advisor package for a copy of the sample report.
Reports can be customized with some basic data choices in order to give you the best look for your reports. A logo can be added as well if you are using your own brand. See Terms and Conditions for details and the Appendix of your advisor package for a copy of a sample report.
Your reports will begin showing up on your accounts approximately 30 to 45 days from when your accounts are moved to OMNI.
OMNI provides periodic billing calculation, billing statement generation, deduction from client accounts, and payment to the advisor's account. In addition, we deliver a preliminary billing report for you to review for accuracy prior to pulling fees, and we provide a final billing statement for you to deliver to clients if you choose. Billing is calculated from the date the funds in the account are moved from your previous firm to OMNI. We offer advisors several billing options:
 ◦  Calendar quarterly billing
 ◦  Monthly billing
 ◦  Asset class-based billing
 ◦  Flat annual, quarterly, or monthly billing
 ◦  Direct billing from client accounts
 ◦  Engagement-based billing
 ◦  Manual billing (extra fees apply)
 ◦  Billing in advance
 ◦  Billing in arrears

 

TECHNOLOGY SERVICES

OMNI provides advisors access to several systems to assist in servicing existing clients and growing your business. These include email, database management, portfolio reports, document archiving, and the OMNI Intranet.
OMNI systems work on all major technology platforms including Apple Mac OS and Microsoft Windows. OMNI will provide you with the information needed to log in and set up your devices. However, it is your responsibility to find IT support for your individual workstations and devices if you have trouble with set-up. See Terms and Conditions for additional details.
Your OMNI email and calendar can integrate with the CRM system and contacts. The CRM system can also sync with Microsoft Outlook to create and manage notes, meetings and tasks. Our unique CRM system maintains time-stamped records of all meetings, tasks, service ticket, alerts and manually entered notes for future retrieval.
At this time, the CRM system only allows clients to receive secure documents. This is currently only one-way communication.
If you are having trouble accessing or using the CRM system, let your transition coordinator know and they can help you.
To create a CRM service ticket, select “Tickets” from the main menu. Then click the “Add Ticket” button.
Your log-in IDs and web access permissions are handled by our transitions team and communicated to you immediately upon registration with OMNI. This includes access to your custodian, OMNI Intranet, and the Omniscient CRM. See the Appendix of your advisor package for a sample of the log-in template you will receive.
For any advisor that chooses to have their own unique website, OMNI will not provide support or design assistance. We do have a third-party that we can refer to you for that support. All advisor websites must be hosted on the OMNI servers and be approved by the Compliance department prior to activation. See Terms and Conditions for additional details.
Upon registration with OMNI, you will provide us a detailed copy of your Broker Protocol spreadsheet. We will use this information to upload your contacts into the CRM database for you to access and manage. All of your client documents will be stored in our document management system (omDocs) for you to access as well. See Terms and Conditions for details.
OMNI offers a CRM manual that is accessible through the CRM by clicking on the “ ? ” button at the top right-hand side of the home page.

 

HUMAN RESOURCES

The OMNI TriNet Benefits Platform is a comprehensive collection of group benefits that include medical, dental, vision, term life insurance, and a variety of other options. This benefits program is voluntary so you are not obligated to participate. The technology used in our benefits platform, HR Passport, provides you with extensive self-service benefits assistance, as well as discount purchasing features.
The cost of your benefits will vary depending on the whether you are covered as an individual or include dependents, and on the specific benefits that you choose. The cost of participation can either be covered by an offset against collected advisor fees or by payment in advance. OMNI benefits experts are available to help walk you through your benefit options and potential costs.
As an advisor partnered with OMNI, you will be eligible for benefits as soon as you have commenced as either an IAR (Investment Advisor Representative) or as an independent RIA (Registered Investment Advisor) with OMNI.
If you have experienced a life change such as marriage or the birth of a child, you can make changes at any time. Otherwise, you are allowed to make changes to your benefits each year over a 6-week time period between mid-August and September.
If you are a U.S. citizen who lives and works abroad, you are still eligible to participate in the OMNI TriNet Benefits Platform. In this case, you should contact your OMNI representative for additional details on how to enroll in the benefits program.

There are two options for payroll administration:
 [1] TriNet payroll administration is part of the TriNet benefits platform and is included in the $175 monthly platform cost.
 [2] Intuit-assisted payroll is available to advisors that do not participate in the TriNet benefits platform for a monthly cost of $100.
OMNI offers assistance in helping you find a human resource and benefits solution for you, your family, and employees on a case-by-case basis. We work with different affiliates to provide you a variety of choices for your unique situation. See the Appendix of your advisor package for more information and possible HR and benefits solutions.
You will be considered a Contractor with OMNI and accordingly will receive a 1099 form.
As an independent advisor and business owner, you will have the flexibility to sponsor your own retirement plan and structure as you see fit.
Advisors are paid as 1099 contractors of OMNI Wealth Management, Inc. Their revenues are direct-deposited to their corporate account, and the firm can support the enterprise with bill payment, payroll, and bookkeeping.

 

OPERATIONAL SUPPORT

OMNI provides all advisors with complete back-office support functions, including
 ◦  A dedicated operations specialist
 ◦  A dedicated relationship manager
 ◦  Establishment of new accounts in CRM and performance reporting systems
 ◦  Handling uploads and downloads, data maintenance, and account reconciliation
 ◦  Aiding with the production of documents required to carry out client requests
 ◦  Setting up and maintaining RMDs and other distributions
 ◦  Communicating with custodian(s) about client requests (transfers out, restriction notices, etc.)
 ◦  Following up on activities that require attention
 ◦  Serving as a liaison to the custodian(s), creating a central point of contact for quality control and assigned tasks
 ◦  Providing status updates via the CRM system
 ◦  Following up and following through on transfer requests to make sure assets are delivered and received
 ◦  Coordinating with custodian(s) to resolve issues
 ◦  Working with the advisor to use OMNI's technology to automate workflows
 ◦  Informing the advisor about any requests received by the custodian
The advisor is required to submit tickets through the CRM system to request back-office service support functions. See Terms and Conditions for complete details.

"Helping Advisors succeed by empowering them to focus on their clients - Independence Redefined" - Felipe Luna, CEO