VSR Financial Services Partners with Docupace to Provide a Paperless Office Service for Advisors

Los Angeles, CA July 29, 2009 - Docupace Technologies has entered into a strategic partnership with VSR Financial Services to deploy a paperless office service for 250+ advisors. The on-demand service is SEC and FINRA compliant and allows a field office to capture, store and retrieve documents anytime from any internet computer. According to Chat Scruggs, VSR’s VP of Information Technology, “We work hard to give our field force the tools that allow them to minimize office work and spend more time prospecting and servicing clients. Docupace is a perfect fit as we were able to deploy the paperless office system very fast and economically without having to change our back office imaging system.” VSR’s advisors can enroll and be enabled on the system on the same day.

 
The paperless office service is a Java and Oracle (Nasdaq: ORCL) based SaaS cloud based application leveraging EMC’s Centera Compliance Edition Plus solution for SEC compliant storage. Docupace has filed letters on behalf of the three largest independent broker dealers in the US. In selecting a partner for a paperless office system, VSR closely tracked Docupace’s success in the IBD market over the past 18 months. In that time, Docupace has filed letters more than 100 letters on behalf of its broker dealer and RIA clients for books and record retention as well as is patent pending digital signature solution. Moreover, Docupace has a retention rate of over 99% of its financial advisors since inception. This along with the due diligence performed by the large broker dealer networks gave VSR confidence that Docupace was the right choice.

System setup is a breeze as most scanners and multi-function devices are compatible and users need only an internet connection to access the system. The system is designed to allow an advisor to store not only their Broker Dealer client documents but also their Non-Broker Dealer, or unaffiliated business in addition to their operational files. The Docupace security model can accommodate any structure within financial services. A powerful and unique hierarchical security design ensures that the advisor has access to all of their client’s documents while the OSJ/BD access is limited to broker dealer specific images. Assistants and administrators are provided access to the system at no cost to assure that all users have a unique user name for audit tracking.

The Docupace system is integrated with the most popular CRM applications and the LaserApp forms system. This integration allows an advisor to access the paperless system and forms directly from their CRM system only having to sign-in one time. The single sign-on feature combined with data integration completes the “first mile” for VSR straight through processing.

Docupace and VSR recently launched the service at VSR’s annual conference in late July and the service is now generally available for VSR advisors. The system is easy to administer and all requisite compliance features are standard in the system. “The same rules and regulations that apply to the largest broker dealers and RIA’s are the same rules that apply to the one person field office” said Tom Embrogno, Docupace VP of Financial Services. “Since the rules are one-size-fits-all, we have found a way to allow a one person field office to enjoy the same system and benefits that were previously only available in large enterprise systems.”

About Docupace
Docupace Technologies provides a state-of-the-art, web based integrated suite including document imaging, electronic document management, workflow, and records management. Docupace serves a wide business spectrum including broker dealers, financial advisors, insurance companies, and other organizations.  Docupace plays a vital role in helping companies of all sizes save money and improve productivity by managing the storage, organization and retrieval of relevant information through their simple desktop interface.

About VSR
VSR Financial Services, Inc. is a growing investment and advisory firm with headquarters in Overland Park. VSR has approximately 270 representatives with offices in 36 states and expected revenues of $70 million this year. The firm employs 75 in the home office in Overland Park including 48 licensed individuals.