Upcoming COMET Enhancements
Upon login this week Friday (10/11/19), all COMET users will see various changes to COMET in preparation for the upcoming eSignature implementation. A list of the updates are listed below with a short description of each item in an effort to set expectations.
- Custodian codes available for Starting Point paperwork bundles: when utilizing Starting Point Advisors and Assistants will now be able to select the appropriate custodian code for the documents, helping to reduce NIGOs for incorrect codes.
- Ability to copy client information to multiple documents: users will now see light blue arrows on forms after creating a work item using Starting Point. These arrows will allow the user to copy the client information from one form to another, therefore eliminating repetitive data entry.
The Regal/Regulus team will also be updating the review of new business slightly, in order to help Advisors prepare for eSignature as well as to make the review and processing of the new business work items more efficient. The new process will include the designation of ‘Incomplete Work Items’ before the principal review step of processing new business.
Any work items that fall into any of the categories below will be deemed an ‘Incomplete Work Item’ and be send back to the Advisor for correcting.
- Missing documents or the Government ID in the work item
- No documents attached to the work item
- Inconsistent document image quality
These ‘Incomplete Work Items’ are different from NIGOs as they may not always require client interaction, the cause is due to incomplete documents not necessarily incorrect information. If a work item is categorized as such, it will not be sent through for principal review until it the issues are corrected. The Advisor office will receive an automated email from COMET stating that the work item is incomplete along with details on how to correct the work item. This will prepare Advisors for eSignature as there will not be an option to submit an incomplete work item through the eSignature platform.
A best practice to avoid an ‘Incomplete Work Item’ is to utilize the Starting Point tool inside COMET. This tool will allow you to create a client folder/subfolder, populate documents, create paperwork bundles and create the work item. Starting Point will create a document placeholder for each document necessary (with the exception of the Government ID and Vendor statement for transfers) as a double check that all required documents are attached to the work item.
To learn more about the Starting Point tool inside COMET please attend our training webinar as part of the Monthly Technology Training on Wednesday (10/9/19) starting at 1:30pm EST.
The Start Point training webinar will include systematic instruction on how to utilize this tool when creating a work item. Attendees will submit a work item from start to finish, implementing the Starting Point tool in order to display the process and its capabilities. By attending the webinar, Advisors will not only be able to get information on best practices but to also ask questions and gain a better understanding of efficiencies with this tool.
The Regal/Regulus team is excited to get all offices up to speed with the upcoming changes and look forward to improving overall productivity! We will continue to keep you updated as changes go into effect.
Thank you for your business and affiliation!