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Originally Posted by schooner
I have not heard that before. I work for one of the big banks. Excluding the time I take to understand the client and set the investment strategy, I can complete the processing (account opening, investment purchase, grant and bond application) in 5 to 10 minutes. Everything is computerized and automated so maybe some of the smaller firms are still using a manual process?
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They're definitely more work than a 'normal' investment account. Also because of the limits involved and things like that the account values are generally smaller, so its more work for less money to be totally honest. It doesn't bother me because I have a different view and run my practice a little different, but there are definitely advisors and firms that flat out refuse to set them up.