How a transfer works
The receiving firm submits the client's signed transfer initiation form, and the delivering firm has one business day to validate it or take exception. Once validated, a full transfer normally completes within a few business days, though assets that cannot move in kind need separate paperwork.
What it does not cover
Funds held directly with a fund company, most insurance products and workplace plans such as a 401(k) generally do not move through ACATS. They need a rollover or a non-ACATS transfer, which takes longer and fails more often.
Where the work is
Most delays come from paperwork: a registration that differs slightly between the firms, a missing signature or a trust or estate account that needs extra documents. Each rejection restarts the process, and the client sees the new firm as slow.
Where automation helps
Automation drafts the transfer form from the client's latest statement and checks it against the receiving custodian's requirements before the client signs. Rejections can be corrected the same day, with the operations team reviewing each package before it is sent.