Nearly one-third of wealth managers take more than four weeks to onboard ‘standard’ high-net worth clients, a survey has found.

More than half (52 percent) of the firms that took part said they were concerned about losing clients due to their onboarding process.

The survey, commissioned by technology firm Fenergo, asked 82 wealth firms about their procedures in April 2019: 55 percent said they suffered ‘serious cross-border compliance pain’, while a third had not integrated anti-money laundering or know your customer rules into their onboarding process.

Fenergo said in a statement that while firms were...