Glossary
Advisor Transition & Wealth-Management Glossary
Plain-language definitions of the terms that come up when advisors change firms and repaper their books — from NIGO and ACATS to the Broker Protocol and Reg BI.
Transitions & transfers
NIGO(Not In Good Order)
NIGO ("Not In Good Order") is a paperwork submission a custodian or clearing firm rejects because it is incomplete, inconsistent, or missing a required signature, date, or document — so the account action cannot process until it is corrected and resubmitted.
Read the definitionACATS(Automated Customer Account Transfer Service)
ACATS (the Automated Customer Account Transfer Service) is the DTCC’s standardized system for transferring a client’s brokerage account — positions and cash — from one custodian or broker-dealer to another, on a standard six-business-day cycle.
Read the definitionRepapering
Repapering is the process of re-executing a client’s account paperwork — new-account forms, transfer authorizations, and disclosures — at a new firm or custodian after an advisor moves, so the book can be transferred and serviced under the new relationship.
Read the definitionBroker Protocol(Protocol for Broker Recruiting)
The Broker Protocol (formally the Protocol for Broker Recruiting) is a voluntary agreement among member firms that lets a departing advisor take a limited, defined set of client contact information to a new firm without triggering litigation, provided they follow its steps.
Read the definitionTOA(Transfer of Assets)
A TOA (Transfer of Assets) is the movement of a client’s assets from one financial institution to another; in brokerage transitions a TOA is typically executed through ACATS.
Read the definitionTIF(Transfer Initiation Form)
A TIF (Transfer Initiation Form) is the form the receiving firm submits to start an ACATS transfer; errors on the TIF are a common source of NIGO rejections.
Read the definitionCompliance & regulation
OSJ(Office of Supervisory Jurisdiction)
An OSJ (Office of Supervisory Jurisdiction) is a branch office a broker-dealer designates as responsible for supervising the activities of registered representatives and other, often smaller, offices under FINRA supervision rules.
Read the definitionReg BI(Regulation Best Interest)
Reg BI (Regulation Best Interest) is the SEC rule requiring broker-dealers and their representatives to act in a retail customer’s best interest when recommending securities or account types, and to disclose and manage conflicts of interest.
Read the definitionPTE 2020-02(Prohibited Transaction Exemption 2020-02)
PTE 2020-02 is a U.S. Department of Labor prohibited-transaction exemption that lets financial institutions and advisors receive otherwise-prohibited compensation for fiduciary investment advice on retirement accounts — most notably rollover recommendations — when they meet its conditions.
Read the definitionFirm & advisor structure
Tuck-in(Tuck-in model)
A tuck-in is an arrangement where a smaller advisory practice operates under an existing RIA’s registration — adopting its Form ADV, compliance, technology, and back office — rather than running as a standalone firm.
Read the definitionBreakaway advisor
A breakaway advisor is an advisor who leaves a wirehouse or large broker-dealer to launch or join an independent RIA, taking their practice independent.
Read the definition