Firm admins can use the steps below to configure their DocuSign account with their dashboard. Please note you must have an existing DocuSign account for the below instructions to work. The below video is the same instructs written out below but in video format. use the video to learn how to set up DocuSign.
Setup your DocuSign before you set it up in Oranj!
To ensure your DocuSign integration works as expected, it is highly encouraged you review your current DocuSign setup by logging into your DocuSign account to make sure that the documents you want available in your Oranj application already reside within your DocuSign Library and a DocuSign folder. Depending on your DocuSign account, your firm can expect slight differences in the setup process.
Description of the different DocuSign account scenarios
Some firms will have their own DocuSign account that they have bought independent of any custodial relationship. In this case, when you set up the DocuSign integration within the dashboard, the documents you have already placed in your DocuSign Library will be available in the dashboard when you perform the setup process.
Some firms will have a DocuSign account provided by their custodian. In this case, some custodians already have all your account opening, transfer, funding, and service documents uploaded and ready to be shared within your DocuSign Library while other custodians leave it up to you to upload the documentation you want to use with clients and prospects. In fact, most custodian’s have your DocuSign library only partially completed. For example, they may include the account opening documents but not include service forms used for matters such as a change of address or change of beneficiary or your firm's client agreement forms.
Regardless, your custodian will have a resources where you can download these documents to your local computer drive and then either add them to your DocuSign Library through the dashboard or directly into your DocuSign account. Regardless, once uploaded, you will be able to use these documents with your clients and prospects.
There are some custodians that will not configure your DocuSign account at all. In this case, you will have to spend additional time uploading the documents you want to use.
Some firms have multiple DocuSign accounts from multiple custodians they work with. For example, TD Ameritrade and Pershing may have both provided you DocuSign accounts. You can only configure one of these DocuSign accounts to the dashboard. That being said, some firms may have to consolidate their documents into one DocuSign account to ensure all account opening and service documents are available. Using the below guide will walk you though on how to setup this integration no matter your situation.
What kind of documents should I have in my DocuSign?
The following documents are examples of some of the documents you may want to upload to begin using your DocuSign within the dashboard:
- Account Application
- Account Transfer Form
- 408(b)(2) Disclosure
- Beneficiary Designation Form
- Change of Address Form
- Check Request Form
- Electronic Funds Transfer Form
- IRA Deposit Slip
- Non IRA Deposit Slip
- Move Money Forms
Understanding the key functions and actions you take in DocuSign is essential in understanding how to use DocuSign in the dashboard. We will teach you how to take those actions while setting up the Oranj-DocuSign integration in the below steps. You can also refer to DocuSign training material to learn how to create templates and signing orders, add tags, and managing your account.
How do I setup DocuSign in the Dashboard?
The first step is to enter your DocuSign credentials. Go to the Admin tab and click Integrations. You will be prompted to enter your DocuSign username and password.
Once you have entered these credentials, you will need to spend time performing three key functions:
- Activating the DocuSign Library
- Creating funding options for each custodian you plan to use with the DocuSign integration
- Creating custom account rules whereby funding amount and account type determined which one of your custodians your contacts will be directed to and what paperwork to sign to open and/or transfer an account
What is the (“Document Sharing”) section for?
Share your existing DocuSign Library so advisers, clients, and prospects have the ability to send, fill out, and electronically sign documents for the open and transfer account features and for you to send documents in the vault.
Once you have activated your DocuSign Library folders, you will need to customize each form you add in the Custodian Funding Options and Custom Account Rules sections by designating which fields you need clients and prospects to fill out and where they need to sign, date, and/or initial fields. DocuSign calls this “tagging” a document. Tagging documents affords you the opportunity to pick which fields you need client and prospects to complete. We will describe how to tag a document below when we discuss each section. Do NOT skip tagging documents. Without tagging documents, the DocuSign integration will not work when clients and prospects use the open and transfer account features. You will also need to create a signing order when selecting a document to add to in the Custodian Funding Options and Custom Account Rules sections. Oranj have a very specific way you need to create the signing order. If you fail to follow the exact steps, your DocuSign will not work in the dashboard. Let’s review these tasks while reviewing each section. Let’s start with custodian options.
How is DocuSign used for Account Opening?
The account opening and transfer workflows can be enhanced with the use of DocuSign. It streamlines the process by allowing the firm admin to create custom account rules that guide their clients and prospects to sign the correct documents with the correct custodian depending on the account type and dollar amount the client or prospect funds the new account with. Not only are the documents directly available for the clients and prospects to sign, they can also be directly sent to the custodian after the client or prospect has signed. Let’s review how these advanced workflows are configured.
What are the (“Custodian Funding Options”) for DocuSign?
This section is where you add the funding options (ACH, Wire, Check) available for each custodian. For example, if you want to allow clients and prospects to open accounts with TD Ameritrade, you need to include which funding options are available for clients and prospects to open accounts with TD Ameritrade. The same is true for account transfer. Perhaps ACH, wire, and check deposit is available. You need to upload each funding document for each institution that is needed to ensure the option is available when your clients and prospects use the account opening or transfer features. These funding forms ensure all appropriate forms are signed to authorize withdrawal from the account funding the new account with your custodian(s). Let’s make one together to review how this is done.
Adding a New Custodian Funding Option
Press + Add new custodian funding options.
When asked to Select custodian, select one of the options available. In this example, we will assume you chose Other. By selecting Other, you are deciding which funding options are available for this Other custodian. There are 4 options under Specify document for funding options: ACH, Wire, Check for IRA Accounts, and Check for Non-IRA Accounts. If this Other custodian has all 4 funding options available, you may want to provide the documentation for each funding option. But if ACH and wire are the only two options available for Other custodian, you will only need to upload documentation for those two funding options. Only add documents for each funding option offered by that custodian and the ones you want to be made available.
In this example, let's say ACH is the only funding option for Other. You can upload the required documents from your DocuSign Library or upload them from your local computer drive. Assuming you already have this document uploaded in your DocuSign, select Add from my DocuSign library. Upload the required document needed for account opening by ACH. Do NOT upload any additional documents like your client agreement. This section is only for funding documentation. You will be able to add additional documentation in the next section for Custom Account Rules. If Wire is another funding option, you need to upload the document that clients and prospects need to sign using wire transfer as the method for funding their new account. If the document is not in your DocuSign library, select Browse in computer and upload it from your computer. When you add a document from your computer driver, it is instantly added to your DocuSign Library.
What (“Custom Account Rules”) can I make for DocuSign?
Finally, you need to create the rules that direct clients and prospects to the preferred custodian given the account type they are opening and the funding amount established by the clients and prospects.
For example, if you want clients and prospects opening a Roth IRA between $0 to $1,200 to be directed to TD Ameritrade, you can make that rule and create the electronic envelope with TD's Roth IRA application paperwork and whatever else paperwork you need them to sign. If you want clients and prospects who open Roth IRA’s for $1,200 to $5,500 to be custodied at Charles Schwab, you can also set that rule and create the electronic envelope with Schwab's Roth IRA application and whatever else paperwork you need them to sign. If you want trust accounts opened under $500,000 custodied at a certain institution and trust accounts opened with amounts greater than $500,000 custodied at another institution, you can make the rule and create the correct electronic envelope. Let's make a custom account rule by pressing + Add new rule.
+ Add New Rule
First you select the account type you are making a rule for. The account types include: Traditional IRA, Roth IRA, SEP IRA, Simple IRA, Individual Brokerage, Joint Brokerage, UTMA/UGMA, and Personal Trust. In this example let’s select Traditional IRA.
You then select + Add new value range to make the custom rules to create the dollar amount range you want for this rule and which custodian you want the rule to be routed to. In this example let’s select $0 to $1,000 for the range and Other for the Custodian. Remember that we selected the funding rules for Other custodian. If you create an account rule for a custodian but fail to upload the funding paperwork in the Custodian Funding Options section, your DocuSign will not work when clients and prospects try to open or transfer an account. If you want to select a different custodian rather than Other that is more applicable to your situation, feel free to select that custodian to ensure you fully complete the setup process for at least one account type for one your custodians. But remember, without having the funding options available for a custom account rule, your users will not not be presented with all the needed documentation to complete the account opening or transfer workflows so be sure to go back an add them.
Once you have created the rule, you upload the actual documents you want in this scenario. You also need to make sure you upload one set of documents for clients and prospects using the Open an Account workflow and another set of documents for clients and prospects using the Transfer an Account workflow. You are asked to upload documents for each workflow since account opening documents may differ than account transfer documents. Many institutions will will have an account opening application and another for account transfer. Always make sure this documents are the correct ones for the particular custodian you are building the rule for. This is also where you can also upload your firm’s Client Agreement or any other documents you need signed that pertain to account opening or transfer.
Now it's time to tag all documents and create the signing order before using with clients and prospects by clicking the the pencil icon next to each document. Let’s start with creating the signing order.
Once you have clicked the pencil icon, you will see the document populate like in the image below. You will be asked to either Add Recipients or you may already see roles designated here.
If roles have already been designated, your custodian has already established the signing order. This means the document is protected. For firms who have DocuSign through their custodial relationships, documents may be protected and thus will already be tagged and have a signing order. Click Edit Recipients to review how this has been set up. These protected documents are unable to be retagged or have a different signing order. By protecting users from editing and retagging documents, your custodian is ensuring that your clients and prospects correctly complete the document to their compliance requirements. But what if these documents are not protected or you have to make the signing order yourself?
Role 1 is always the Client. The Role should be set up as such:
Role : Client
Name: Leave Blank
Email: Leave Blank
Make sure the role is set to NEED TO SIGN.
Role 2 needs to either be Joint, Adviser, or Custodian in that order. For example, if you want Joint account holders to be able to sign, the role should be set up as such:
Role : Joint
Name: Leave Blank
Email: Leave Blank
Make sure the role is set to NEED TO SIGN. If you do not want Joint owners to have ability to sign for this account type (individual brokerage would be an example), use Adviser or Custodian as in this role.
Role 3 Assuming we used Joint as Role 2, Role 3 needs to either be Adviser or Custodian in that order. For example, if you want Adviser to sign or view, the role should be set up as such:
Role : Adviser
Name: Leave Blank
Email: Leave Blank
Make sure the role is set to NEED TO SIGN if adviser needs to sign. If not, chose one of the others options that is most appropriate.
Role 4 can be added as well. However, you MUST include something in the Name and Email fields. For example, if you want Custodian to receive a copy, the role should be set up as such:
Role : Custodian
Name: Enter name of custodian
Email: Enter email of custodian
Make sure the role is set to RECEIVE A COPY or whatever other option is the most appropriate.
Rules to Remember for Signing Order
- The Client role is always the first role and it must be listed first [ 1 ].
- The Joint role is almost always the second role (because you usually want the option for a Joint owner to sign) and it must be listed as [ 2 ].
- The Adviser roles is almost always the third role (because you usually want the option for a Joint owner to sign) and it must listed second [ 3 ].
- All three roles (Client, Joint, and Adviser) require an action.
- The Client role is always NEEDS TO SIGN.
- The Join role is always NEEDS TO SIGN.
- You can designate the Advisers role as whatever action is required. If the Adviser needs to sign, select NEEDS TO SIGN. If the adviser needs to view the document, select NEEDS TO VIEW. If the adviser needs to simply be cced, select RECEIVED A COPY.
- If you add Custodian as a fourth role, it must be listed as [ 4 ] and it also must have an action. Usually the action is always RECEIVES A COPY and an email must be included in the EMAIL field. If you do not include you Custodian email, your DocuSign will not work for your clients and prospects to open or transfer an account.
- Keep in mind, when you are creating this signing order, it is for your entire firm. Do NOT include any specific customer details in any fields with the exception of the Custodian role. The system uses the words "Client", "Joint" and "Adviser" to know who the Client and Adviser is in every account opening. Leaving these spaces blank will ensure the documents can be sent to any given client or prospect using your DocuSign.
Once you have completed the signing order, you are ready to tag the document.
Now that you have created the signing order, you need to tag the document to establish what fields need to be filled out and what fields need to be signed. You will see the left hand sidebar with the tagging tools that you can use to tag the document. For example, when you select Signature, a box will pop up that you can drag in the document as to where a signature needs to be entered. If a date needs to populate, you can use the Date Signed tag to make the date the document is signed automatically populate like in the image below.
Keep in mind, if multiple recipients were created in the signing order, make sure you have selected the recipient for whom you are tagging for. For example, make sure the bar has the Client role select when you are tagging the places you need the client to sign or text fields to fill out like in the image above this paragraph. Switch to the Adviser role when you need to tag the document for the adviser. Be sure you are always on the role for which you want to tag for to ensure your document is being tagged correctly. Forgetting to tag for certain roles or forgetting to switch roles to tag for another one can definitely lead to mistakes being made when the time comes for clients and prospects and you to sign and fill out the forms in the electronic envelope.
Once this signing order and tagging is completed, click Save and Close. You are now ready to use these same skills to tag the account opening and transferring documents in the Custom Account Rules section. Repeat these steps for all account types and rules you want to create.
Make as many rules as you want!
You can repeat the above steps by creating additional business rules for all selected account type: Traditional IRA, Roth IRA, SEP IRA, Simple IRA, Individual Brokerage, Joint Brokerage, UTMA/UGMA, and Trust. You are also not limited in the amount of rules you want to create per account type. Just make sure the dollar amounts do not overlap. For example, you can make two rules for Joint Brokerage accounts. You could make one for Joint Brokerage for the situation where Joint Brokerages opened with funding amounts between $0 and $3,000 go to TD Ameritrade and another rule where Joint Brokerage accounts with funding amounts opened between $3,001 to $100,000 go to Charles Schwab. The max total amount you can enter is $10,000,000,000.
Once you have completed the tagging and creation of the signing order for each rule, you are ready to use the integration with your clients and prospects. Creating these rules provides your clients and prospects with the correct documents to sign and to direct them where their accounts will be custodied when using their dashboard to open or transfer an account.
How can I use DocuSign in the Vault?
DocuSign templates can also be shared in a client or prospect’s vault. If a change of address form needs signed, you can send the electronic envelope asking for a signature through Oranj. Any service related document in need of a signature can be shared and executed, saving you and your clients the time it can take to manually sign a document at your office. Where several needed tasks are required to configure DocuSign to work in the account opening and transferring workflows, only signing order and tagging is required for using DocuSign in the vault.