How to Move $150M in Client Assets to a New RIA: A Step-by-Step Technology Guide

Here's the thing nobody tells you before a breakaway: the custodian is the easy part.

Schwab, Fidelity, Altruist — they've got ACATS down to a science. Under FINRA Rule 11870, transfers validate within one business day and complete within three. Altruist can even initiate digital ACATS in under 60 seconds, no statements required.

The 60 days before ACATS? That's on you.

When you're moving $150 million in client assets — hundreds of households, dozens of institutional accounts, multiple custodians, complex securities, tax lot records — the work that precedes the wire transfer is where most breakaways get buried. Client data collection. New account form population. Compliance documentation. Custodian coordination. All of it, before a single dollar moves.

That's the gap FastTrackr was built to close.

Moving a book of $150M to a new RIA is absolutely achievable. But the advisors who do it in 21 days instead of 90 aren't working harder — they're working with better technology from day one.

Here's the step-by-step.

Part 1: Pre-Move Technology Assessment

Before anything moves, you need to know exactly what you're working with — and what you're building toward.

Audit your current tech stack. What CRM are you on? What portfolio management system? What client portal do clients log into today? Every platform you're leaving has an export format, a data migration path, and a set of contacts who can help you extract what you need. Pull that list now.

Choose your custodian for a $150M+ book. This is the biggest decision of the pre-move phase, and it deserves honest analysis:

• Schwab offers white-glove transition support and the deepest institutional account infrastructure. If your book has complex trusts, partnerships, or alternative investments, Schwab's size and experience matter.

• Fidelity brings Wealthscape integration and established ACATS coordination. Reliable, but legacy systems mean the advisor-side experience can feel slow.

• Altruist is purpose-built for breakaway speed — digital ACATS in seconds, modern integrations, 111.7% YoY growth suggests the platform is scaling fast. For a $100M–$200M book of primarily liquid accounts, Altruist deserves a serious look.

Plan your target tech stack. Your new RIA needs a CRM (most advisors land on Salesforce, Redtail, or Wealthbox), portfolio management (Orion, Tamarac, or Black Diamond for this AUM range), and a client portal. Map these integrations before launch day — you don't want to be troubleshooting CRM data migration while accounts are in transfer.

Part 2: Preparing Client Data — The Real Bottleneck

Ask any advisor who's done a $150M breakaway what surprised them. Almost every one will say: "The data prep took way longer than I expected."

This is the phase that breaks timelines.

Extract your client data from your current custodian. Every custodian has a process for this. Most advisors underestimate how messy the exports are — misformatted fields, missing beneficial owner data, institutional account structures that don't map cleanly to new account applications.

For $150M across 300–500 households, you're dealing with:

• Retail brokerage accounts (joint, individual, TOD, UGMA)

• Retirement accounts (IRAs, Roth IRAs, SEP, SIMPLE)

• Institutional accounts (trusts, partnerships, corporations, foundations)

• Accounts with complex securities or alternative investments requiring special handling

Build your master client file. Before any new account form gets populated, you need a clean, consolidated data record for every client. Name, SSN, DOB, address, contact info, investment objectives, risk tolerance, account type, current holdings, tax lot information. Missing any single field creates a NIGO at submission — a rejection that costs you days.

Document your institutional accounts separately. These require additional paperwork: trust agreements, partnership documents, corporate resolutions, foundation charters. Gather these now. They're the most common source of delays in large-AUM transitions.

With FastTrackr, the data collection phase is automated. The platform pulls from your existing custodian's export, maps fields to your new account applications, and flags missing data before you submit anything. What used to take six weeks of client outreach and manual data entry takes three days.

Part 3: Compliance Documentation

A $150M RIA launch triggers compliance obligations that most wirehouse advisors haven't handled personally before.

ADV filing. Your new RIA needs a Form ADV on file with the SEC (for AUM over $100M) or your state securities regulator. Filing typically takes 45 days for SEC registration — plan accordingly. If you're in transition now, you needed to start this process yesterday.

Investment advisory contracts. Every client relationship needs a new advisory agreement with your new RIA entity. These need to be executed before you begin managing assets under the new firm.

Client notification. Under broker-dealer protocol agreements, you can notify clients using their name, address, phone number, and the name and type of account they hold with you. You cannot use client data beyond what protocol allows — and you must resign before mass solicitation begins. Get legal counsel on the specifics.

OSJ review requirements (if applicable). If you're moving through an independent BD rather than launching a full RIA, your Office of Supervisory Jurisdiction is responsible for reviewing and approving new account applications before submission to the custodian. Factor this into your timeline.

Part 4: The ACATS Process

Once client data is clean, compliance docs are executed, and new account applications are submitted and approved, the actual asset transfer begins.

How ACATS works. The Automated Customer Account Transfer Service moves assets between DTCC member firms. Under FINRA Rule 11870:

• The receiving firm submits an ACATS validation request

• The delivering firm has 1 business day to validate

• If approved, transfer completes within 3 business days

• Cash and DTC-eligible securities transfer automatically

• Non-DTC assets (alternatives, annuities, certain bonds) require manual transfer outside ACATS

Can you transfer everything simultaneously? For $150M, most advisors transfer accounts in batches — not because ACATS requires it, but because your new firm needs time to open each account before initiating the transfer. Well-organized data prep means you can open accounts in larger batches with fewer delays.

Managing parallel transfers. The most common mistake in large-AUM transitions: waiting for each account to complete before starting the next batch. With proper pre-staging, you can submit accounts for opening in parallel across multiple household groups — significantly compressing total transfer time.

Part 5: Post-Move Technology Integration

The accounts are transferred. The work isn't over.

Client communication cadence. The 30 days following a transfer are when advisors lose clients. Not because the transition failed — because the experience felt chaotic. Proactive, frequent, simple communication ("Your account is now open at [new custodian]" / "Your assets have transferred") is what separates advisors who retain 98% from those who retain 85%.

CRM data migration. Your client data needs to be in your new CRM — with all the notes, relationships, account history, and planning data you've accumulated. Don't attempt this manually. Use the CRM's built-in migration tools or a professional migration service.

Performance data. If you're bringing performance history from your old firm, you'll need your prior custodian's data in a format your new portfolio management system can ingest. This is another place where data standards matter — plan ahead.

Frequently Asked Questions

How long does it actually take to move $150M in client assets to a new RIA?

With proper technology and planning, 21–30 days for the advisor-side workflow, followed by 3–5 business days per account for ACATS transfer. Most advisors who do this without automation spend 60–90 days on the pre-ACATS phase alone.

Which custodian is best for a large-AUM ($100M+) RIA breakaway?

There's no universal answer, but the key variables are account complexity (Schwab handles institutional accounts best), technology preference (Altruist is fastest for liquid retail accounts), and long-term platform roadmap. Many $150M+ advisors use two custodians to diversify.

How do I extract client data from my current custodian for the new firm?

Request a full account data export from your current custodian's operations team. Under industry protocol, you're entitled to basic client contact and account information. The export will need cleaning and reformatting before it can populate new account applications.

What are the steps of the ACATS process for large account transfers?

1. New account opened at receiving firm, 2. ACATS validation request submitted, 3. Delivering firm validates within 1 business day, 4. Transfer completes within 3 business days for DTC-eligible assets, 5. Non-DTC assets require separate manual transfer.

How do I avoid NIGO errors when moving institutional accounts?

Trust documents, partnership agreements, and corporate resolutions must be current, complete, and match the account title exactly. Review each document before submission — a single field mismatch (e.g., "The Smith Family Trust" vs. "Smith Family Trust") triggers a rejection.

Can I move all accounts simultaneously or must I do them in batches?

You can initiate multiple simultaneous ACATS transfers — custodians don't limit the number. The constraint is your own new account opening capacity and data preparation quality. Better data prep = larger simultaneous batches.

How do I coordinate technology integration (CRM, portfolio management) during the move?

Assign a dedicated integration project alongside the transition. CRM migration, performance history import, and new client portal setup should be in parallel with account transfers — not sequential. Most advisors who run them sequentially add 2–3 weeks to their timeline.

What compliance documentation do I need for a $150M RIA launch?

Form ADV (Parts 1 and 2), investment advisory agreements with each client, Form U4 registration filings, custodial agreements, and your compliance policies and procedures manual. If your AUM exceeds $100M, SEC registration is required (vs. state registration).

How do I minimize client disruption during a large asset transfer?

Communicate early, often, and specifically. Clients tolerate complexity if they feel informed. What they don't tolerate is silence. A brief, direct update every 48–72 hours during the transfer window dramatically reduces attrition.

The 60-Day Problem Has a 21-Day Solution

The custodian handles the last 3 days. FastTrackr handles the 60 before it.

If you're planning a $150M breakaway, the technology decisions you make in the next 30 days will determine whether your launch takes 3 weeks or 3 months. Data preparation, form population, compliance documentation, parallel account opening — these aren't tasks you manage with a spreadsheet. Not at this AUM. Not in this market.

FastTrackr compresses the advisor-side transition workflow from 60 days to 21. For a $150M book at a standard fee rate, 60 days saved is roughly $600K in additional revenue captured.

Every day in transition is one more day for your client to change their mind.

FastTrackr AI is purpose-built for advisor transitions at every AUM level. Learn more at fasttrackr.ai.

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