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“In order to best support our financial advisors, our firm determined that we needed to centralize and automate the core processes that impact our field and home office staff every day,” said 1st Global President and Chief Operating Officer David Knoch. “We have equipped all of our CPA, tax, estate and financial planning firms with the tools to streamline business and improve back office efficiency. We chose Docupace because their document management and workflow solution offered everything we were looking for to seamlessly connect all our data, documents and systems.”

“Docupace Technologies, through their ePACS® workflow capabilities now supports the vast majority of 1st Global’s core infrastructure processes,” explained Docupace Executive Vice President Tom Embrogno. “It is pre-integrated with all the sub-systems necessary to move any piece of business through the firm.”

ePACS® is distributed so that field users and home-office users are virtually connected and experience the same functionality. The system kicks off the workflow early in the field so that business intelligence is applied during the capture process. “This drives NIGO rates down, reduces manual data entry and improves the quality of data being put into the system,” says Embrogno.

ePACS®, the next generation of the Docupace system, is the industry’s first Web-based electronic paperless application and check service. It transparently combines electronic data gathering, document imaging, e-signatures, forms processing, Check21 processing and workflow automation.

THE NEED
Williams Financial Group had a partial workflow solution. The home office/back office had employed a solution to help streamline workflow—but it was very segmented, not web-based, and did not extend to the field. Taking the system to the field would have been extremely expensive—due to costs in buying new software and hardware. Thus, as business increased, delays became inevitable:
The standard: paper documentation and “wet signatures” on applications taken in the field
• Physical paper copies were then manually transmitted to the home office, resulting in processing delays and increasing expenses for overnight mail and delivery services
• Any mistake, at any level, by any party resulted in delays—from a forgotten signature to a missing date or other seemingly innocuous piece of information
The solution had to be a more efficient way to process the firm’s growing business. WFG’s preference was to invest in a technology solution that would grow as the firm grows. They began a rigorous process of researching and comparing software and solutions providers, and settled on the Docupace model.

THE SOLUTION
Docupace was, in fact, one of the last companies that WFG took the time to review. WFG had explored the possibility of expanding the services offered by their current provider, and had reviewed several other options as well, but found them expensive and largely unworkable for two main reasons: they took a horizontal approach to the challenge, and used local resellers that didn’t know the business at all. Docupace offered a cloud-based solution with no upfront charges for new hardware; the easily integrated model worked with existing hardware and software that Williams’ Reps were familiar with. WFG was able to pay on a per-user basis, instead of committing to a hefty resource spend and then rolling out a solution that Reps might find difficult to use. And the solution was built expressly for financial services.

“We didn’t have to take the time to explain our business and our needs,” said Alan McCauley, VP of Technology. “The Docupace solution was built for financial services companies like ours, so the methodology and the process are an exact fit—we didn’t feel that they were trying to force a round peg in a square hole, to make a one-size-fits-all program try to adapt. After the first demo, we were sold on the Docupace solution.” One of the main points in Docupace’s favor: their extensive experience rolling out B-D specific solutions. Quite simply, they knew the challenges and the business.

THE PROCESS
WFG followed a two-step rollout process: deploying the Docupace solution to automate the back office, then rolling it out to the field. The home office spent two months learning and preparing for the field-wide rollout of the Docupace solution. They put their own legacy paperwork online, and got as close to “paperless” as they could (certain types of business still mandated paper files). WFG took a methodical approach—there was significant time invested in learning the system and preparing for the overall rollout, and they didn’t rely on a “big bang”, all-at-once deployment. After the home office felt prepared, the system was rolled out field-wide—first to several pilot offices, and then to all (the system is mandated at Williams Financial Group) through training by the Regional Management team.

Throughout the process, the team from Docupace was on hand to answer questions and assist in the implementation. “The Docupace team went above and beyond our expectations,” confirmed Gwen Rogers, VP of Client Services. “Any questions were answered immediately and they made a significant contribution in helping us rollout the solution within the 120 day window we had hoped for.”

Within four months, the entire field was using the Docupace solution. Reaction from the field was extremely positive. The Docupace solution is a part of every field office, and Representatives are taking advantage at various levels. Some have leveraged the tool to workflow-enable their own offices, beyond their interactions with the home office—others are taking small steps in that direction. But without exception, the speed and efficiency of business have been vastly improved.

THE SUCCESS
The delays caused by paper processing and overnight mail, which had seemed almost an unavoidable annoyance, have been virtually eliminated. Certain business can go directly to NFS, WFG’s clearing firm. Through the Docupace solution, the NIGO resolution process has been cut down by at least a day; the operations group is no longer taking the labor-intensive step of having to contact and reach Reps and assistants for simple issues. Instead, through the automated process, an email is sent out which the field; by prioritizing those communications, NIGO issues are quickly handled and the business is more efficiently on its way.

With secure access controlled through a dynamic entitlement system, compliance and supervision have been simplified. The Docupace file-cabinet system offers increased access to the right people in the field, eliminating the time spent searching for paper.

Other specific successes:
• New accounts are opened at least one day faster, and with documents scanned in the field, by the field, there is far greater accountability and virtually no lost documentation.
• An “MVP” setting, with entitlement driven by the home office, allows Williams to hand-select top producers who qualify for expedited service.
• Accountability is vastly improved; turnaround times are trackable, and OSJ’s are able offer valid timetables for workflow and work processing
• A recent FINRA audit was virtually pain-free; instead of searching through stacks of paper after waiting for hard-copy files and boxes to be delivered, every requested document could be quickly accessed and retrieved, online

THE NEXT STEPS
The team at Williams Financial Group eagerly anticipates the next phase of the rollout—Starting Point, a suite of integrated smart forms. They will no longer be paying for an outside forms solution—Starting Point offers cloud-based access to every form they use to transact business, including their own proprietary forms. And because of the integrated functionality, the forms are largely pre-populated with data. Gwen imagines that NIGO business, as a result, will be virtually eliminated—because a missing signature or date will be caught even before the business is electronically transmitted. Integration with SalesForce is eagerly anticipated, as well—the firm will likely move away from their intranet site, as all important information and tools (from CRM, to forms, to workflow) will be housed within the cloud-based Docupace solution. The cost savings are tremendous, but even better—the level of service has vastly improved. And Williams has been able to allocate HR spend as they prefer: on resources to help Reps grow their business.

Williams has continued to grow as well; they have added an additional 45 Reps, or 15% growth, without having to hire additional staff—because of efficiencies realized through the Docupace solution. They predict their growth will continue and really see no impediments—they also view the Docupace workflow solution as a significant recruiting advantage.

THE CONCLUSION
True straight-through processing—starting the process in the field with secure electronic signatures and the ability to virtually plug a document into the approval system—is both a huge benefit for WFG’s existing field, and an attractive proposition for new recruits. They have seen several significant recruiting “wins” as a result of the integration of the Docupace solution, and they consider themselves extremely pleased with the overall result.

Docupace has allowed WFG to continue to grow—profitably and efficiently—while providing the top-tier service they pride themselves on.

This exclusive arrangement will bring turnkey, straight-through-processing solutions to advisors through institutional relationships with some of the nation’s largest independent broker/dealers, clearing firms and custodians. Docupace will leverage ETI’s Quik! enterprise forms automation service through the Docupace ePACS system. This will include an up-to-date library of proprietary industry and customer forms.

“This partnership represents a new standard in our industry. Quik! forms are an integral part of ePACS and are offered at no additional cost,” says Docupace CEO Michael Pinsker. “Why pay extra to fill out forms that don’t integrate or work within your process? With ePACS and Quik! our customers get everything they need for opening accounts and processing transactions in real-time, all for a low price, in a turnkey solution.”

The ePACS(R) cloud-based account opening service coupled with the Quik! forms library gives advisors the ability to seamlessly perform any transaction necessary. Over the past 10 years, Docupace has developed a set of best practices rules and operating procedures. These rules and procedures enable the ePACS system to be turned on rapidly and to deliver immediate reductions in errors, costs, shipping, paper, phone calls and labor.

“We have reviewed the ePACS concept, and believe it offers the ability to process both brokerage and direct business on a single electronic platform at an enterprise level. Broker/dealers have been seeking this capability to significantly improve their operational efficiency” says Gwen Rogers, Vice President of Client Services at Williams Financial Group, an independent broker/dealer based in Dallas, Texas. “Integrating the catalog of Quik! forms within the ePACS solution, should enable advisors to pre-populate the data; any solution that reduces the need for redundant manual data entry provides real value to both investment professionals and the broker/dealer’s back office.

“Based on an online subscription model, the ePACS service is priced competitively,” says Richard Walker, CEO of Efficient Technology Inc. “From start-to-finish, it is customizable and adaptable to organizations of any size. ePACS value now even greater thanks to the seamless integration of our enterprise forms automation service. Through our partnership with Docupace, we are pleased to provide a real-time, paperless straight-through-process that is cost-effective and easy to use.”

“Our representatives have been asking for a paperless office solution, and we were actively seeking ways to streamline our business and improve back office efficiency,” said Lance Reihl, President of Equity Services, Inc. “We went through a process of defining our own firm’s needs, and then went to the marketplace in search of a solution. We were surprised to find that most of the available solutions only addressed a portion of our needs. ePACS^®, provided by Docupace, was the most complete solution in the marketplace.”

In early November, ESI implemented Docupace ePACS in the home office and is currently in the process of implementing the new system in several Pilot Offices. ePACS, the next generation of the Docupace system, is the industry’s first web-based electronic paperless application and check service. It transparently combines document imaging, document and check scanning, signatures, Quik! Forms, Check21 processing, and workflow automation, allowing all parties to communicate electronically and streamlining the business process.

“To date, the implementation process has surpassed our expectations. The Docupace team has been very responsive and nimble,” said Heather Lyon, SVP of Operations for ESI. “The Docupace team spent several days in our office, and during several working sessions, configured their core workflows to ESI’s business model. Docupace has extensive industry experience which has allowed them to anticipate and quickly solution our processing requests. ESI is excited to bring this forward looking solution to its registered representatives.”

Equity Services clears through National Financial Services, LLC (“NFS”) and through partnerships established between Docupace and NFS, many of the business processing steps will be electronically workflow-enabled. This means shortened business processing times and less paper. ESI’s direct check and application business will also be processed through Docupace. Docupace is supporting the field rollout with onsite and web-based training.

The implementation of Docupace’s ePACS solution ensures that ESI has the technology and resources necessary as the financial services industry continues moving toward electronic acceptance of direct mutual fund applications. The firm expects the Docupace system to be implemented and operational in the field offices by the third quarter 2012.

About Equity Services, Inc. (“ESI”)

Equity Services, Inc., Member FINRA/SIPC, is a broker/dealer and registered investment adviser affiliate of National Life Insurance Company, Montpelier, VT. Docupace and NFS are independent of ESI. TC65773(1111)

Click here for more information about Docupace Technologies, Inc.

StartingPoint offers one more layer of increased efficiency and automation to the ePACS system. ePACS is the industry’s first web-based electronic paperless app and check service that transparently combines document imaging, document and check scanning, signatures, eForms, Check21 processing, and workflow automation. This groundbreaking solution satisfies operations, compliance, and risk management. ePACS allows broker-dealers and advisors to achieve true straight-through processing, communicating electronically no matter their location, with every step of the process workflow-enabled to eliminate holdups and expedite new or ongoing transactions.

ePACS is the only solution that accommodates all lines of business for an office, and with the robust catalog of forms now integrated within the ePACS solution, advisors will benefit from the ability to pre-populate data—which saves time and reduces errors—without having to pay for a separate desktop forms solution. In addition, because the solution is a part of the ePACS process, all forms are immediately entered into the workflow queue.

“Getting information efficiently, and correctly, into the appropriate form is a critical step to achieving true straight-through processing,” says Michael Pinsker, President of Docupace. “Our forms are smart: business intelligence is built right into the form and is the starting point for workflow. It is also the gathering point for information that gets fed to other systems; that’s why we are calling this tool StartingPoint, powered by Quik!®. We feel that this integration within our ePACS system is a no-brainer.”

From start-to-finish, the ePACS service is priced competitively, based on an online subscription model. It is customizable and adaptable to organizations of any size, and with the seamless integration of enterprise forms automation, the ePACS value becomes even greater.

“Quik!® was designed to free advisors from the mundane task of filling out forms and enable them to do their best work—meeting with and serving clients,” says Richard Walker, CEO of Efficient Technology, Inc. “We’re thrilled to partner with Docupace to help drive straight-through processing as a part of the ePACS Software as a Service model.”

About Docupace Technologies, Inc.

Docupace, a privately-held company based in Los Angeles, is an industry leader in delivering SEC/FINRA compliant paperless processing systems to financial services firms. With ePACS®, Docupace allows broker-dealers to connect systems, documents, and data seamlessly for cost savings, efficiency, and overall better business. Over 300 clients, including some of the largest broker-dealers in the marketplace, are using Docupace and the ePACS solution to streamline their business workflow, store hundreds of millions of documents, and make efficient straight-through processing a reality. For more information, visit www.docupace.com.

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“Docupace is a welcome addition to our technology platform, allowing us to continue to provide our independent Financial Professionals with a competitive edge in a fast paced and regulated industry,” said Wilson Williams, Founder and Chief Executive Officer of Williams Financial Group. “Our goal was to create immediate operational efficiencies, reduce costs, improve service and streamline office workflows for our affiliated field of Independent Financial Professionals.” WFG now has the flexibility to retrieve their documents anywhere they can get on the Internet, turn their office paperless and achieve critical redundancies.

Click here to read the full press release.

DALLAS, June 28, 2011 — Williams Financial Group, based in Dallas, Texas, is one of the fastest growing independent companies in the country through its broker-dealer subsidiary, WFG Investments Inc., member FINRA and SIPC (recently named to Financial Planning magazine’s top 50) with over 6.5 billion in assets under management. Selecting Docupace (SEC/FINRA compliant workflow and imaging solution) has propelled Williams Financial Group into a highly sought-after position within the broker-dealer industry.

“Docupace is a welcome addition to our technology platform, allowing us to continue to provide our independent Financial Professionals with a competitive edge in a fast paced and regulated industry,” said Wilson Williams, Founder and Chief Executive Officer of Williams Financial Group. “Our goal was to create immediate operational efficiencies, reduce costs, improve service and streamline office workflows for our affiliated field of Independent Financial Professionals.” They now have the flexibility to retrieve their documents anywhere they can get on the Internet, turn their office paperless and achieve critical redundancies.

WFG Investments, Inc. is one of the first firms in the industry to submit business directly to its clearinghouse, National Financial Services. National Financial worked closely with Docupace to help deliver this capability.

“Working with firms such as Williams Financial Group to integrate this type of technology is a reflection of our service-driven philosophy and commitment to helping our clients deliver an exceptional user experience to their brokers and advisors,” said Bobbi Masiello, Executive Vice President, Relationship Management, National Financial.

“Integrating our firm’s front and back office workflow using Docupace’s patent-pending ePACS® Solution, an SEC/FINRA compliant paperless processing system, provides the affiliated independent Financial Professionals of Williams Financial Group with the ability to start a paperless transaction in the field and flow it to all required parties,” said Gwen Rogers, Vice President of Client Services, Williams Financial Group. It is an end-to-end solution that reduces the account opening process and facilitates every step of our business processing while increasing the quality of services provided to our Independent Financial Professionals.”

By September of this year, when the system is fully deployed, the field and the home office will be seamlessly connected, allowing Financial Professionals to view the real-time status of their clients’ business throughout the process.

In 2010, Williams Financial Group faced a common scenario: how to continue to provide top-level securities, brokerage, advisory and investment services to our growing field of over 250 affiliated independent Financial Professionals who each face heavy regulation and require speed to market. Like many broker-dealers, our back office was partially workflow-enabled, but this did not extend to the field.

“Our firm wanted a more efficient way to process the firm’s growing business,” said J. Michael Perry, Executive Vice President of Business Development at Williams Financial Group. “WFG’s preference was to invest in a technology solution that would scale and keep the existing home office team focused on helping the field to succeed.”

Williams Financial Group selected Docupace Technologies because they are an industry leader in delivering SEC/FINRA compliant paperless processing systems to financial services firms.

“The ePACS solution offers WFG the ability to connect systems and documents effortlessly and decreases the delays caused by paper processing and the costs of overnight mail,” said Alan McAulay, Senior Vice President of Information Technology, Williams Financial Group.

“From a compliance perspective, the ePACS solution provides a secure and dynamic entitlement system which increases access to the right people in the field, eliminating the time spent searching for paper and allows us to drastically reduces Not-In-Good-Order business (NIGO),” said Dagny Young, Chief Compliance Officer and Executive Vice President of Williams Financial Group.

About Williams Financial Group

Founded in 1988, Williams Financial Group is a privately held Dallas-based financial services firm with over 6.5 billion in assets under management. We provide a broad range of securities, brokerage, advisory and investment services to over 250 independent Financial Professionals, giving them the ability to independently serve their own clients who are primarily individual investors and select institutions. For more information visit www.williams-financial.com.

About Docupace Technologies, Inc.

Docupace, a privately-held company based in Los Angeles, is an industry leader in delivering SEC/FINRA compliant paperless processing systems to financial services firms. With ePACS®, Docupace allows broker-dealers to connect systems, documents, and data seamlessly for cost savings, efficiency, and overall better business. Over 300 clients, including some of the largest broker-dealers in the marketplace, are using Docupace and the ePACS solution to streamline their business workflow, store hundreds of millions of documents, and make efficient straight-through processing a reality. For more information, visit www.docupace.com.