“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.

Portability Options for Docupace Users

Option One:         Request a backup DVD

DVD backups are for backup purposes and not intended to be imported into a third party system. DVD backup disks contain all the images and indexing information in an encrypted, zipped file. In order to extract the images, there must be at least 5GB’s of free space per DVD on the local hard drive. End users can then extract the files to their local drive, and once extracted, contact Docupace for a password to complete the process. This stringent process assures security and confidentiality and provides the best protection for sensitive client files.

Due to the sensitive nature of the information contained on the disks, all disks are encrypted, password protected and delivery requires a signature for receipt. The recipient of the backup disk shall be solely responsible for the security and privacy of the data after Docupace delivers the data on the applicable media via the courier. Backup disks should be stored in a safe deposit box at a bank or a similarly secure location. For this reason, we recommend that you rely on the Docupace system and only request a backup DVD if you decide to terminate your service. The Docupace system is the official system of record for your images and is fully compliant with SEC and FINRA rules.*

Advisors can submit the request for a DVD through your Broker Dealer or RIA, or the request can be submitted directly to Docupace at support@docupace.com.

DVD Backup Pricing

Setup and first DVD**                                 $155.00

**Each DVD holds approximately 4GB’s

Option Two:        Request an export for import into another system

This option applies when converting to your new BD or RIA’s system and they are capable of accepting an export of your images and indexing information. Docupace will engage directly with you and work with the receiving firm to build a data set that can then be mapped, imported into the new system, tested, and reported against. Docupace images are not proprietary and can be converted into most common image file formats. Pricing for this option depends on the requirements specified by the receiving firm.

Confidential and Proprietary

*Additional information about the Docupace storage system

The  Docupace  system  utilizes  the      “Gold  Standard”  for  secure,  compliant  document  storage.  EMC  Centera® Compliance Edition Plus is designed for the most stringent of regulated business environments. The Docupace EMC environment captures and preserves original content and ensures complete, reliable integrity for the life of your archived information. Most importantly, this system coupled with the Docupace application satisfies SEC/FINRA for Books and Records as well as the Federal E-sign laws governing the legal admissibility of electronic documents. The Docupace architecture utilizes redundant EMC systems in primary and secondary data centers in separate locations satisfying disaster recovery requirements and backing up the primary data center in the process.

Docupace has filed letters on behalf of its clients with the SEC and FINRA for Books and Record Keeping as well as Electronic Supervision. A FINRA Access Letter was submitted to regulators and guarantees immediate access to images upon request. Representation letters are also on file and describe in detail how the Docupace system satisfies SEC Regulations 17a-3 and 17a-4.

The first step is to look up the indexed document that needs to be updated in Docupace. Once found check the blank box next to the document and then click on “Barcode” located right above the document fields inbetween the “New” and “Merge” as shown in the diagram below.

Once the “Barcode” button is selected you will be presented with barcode sheet. There will be four separate barcodes on the barcode sheet and they represent that exact location for the document selected. Below is an example of the barcode sheet with four separate barcodes.

Next print the barcode sheet and then place it on top of the new version of the document.  Then scan and upload the package to Docupace. Once the upload is complete go back to the document in Docupace and click “edit” to view the document in the indexing menu. In the indexing menu, the document that appears on the right of the menu will be the new version that was just uploaded. On the indexing side of the menu you should have the field  “Version”  located toward the bottom of the fields. You can select any of the previous versions to view them.

In regards to the indexing fields you do not need to fill out the all the fields however the more you fill out the easier it will be to identify the particular document in a later date. At the very least you do need to fill out the Subfolder, Client Document Type, and Business fields to file the document to a specific client account as shown in the diagram above.

We will first target the document to a specific client account. Click “Add” next to subfolder which will bring up the “Search for Client Account” menu. You can search by account if you have the account number in the account field. If you do not and want to search by the client’s name instead, change the predefined search to “Subfolder By client” also shown below. This will change the search fields around allowing you to search by name.

Once you search up the account you can select the right account you wish to index the document to by clicking on the radio button shown below.

Once you have selected an account you will once again be brought back to the indexing menu, this time the subfolder field will not be blank. Next you will want to select the document type in the “Client Document Type” field and then choose the “Business Type”. Once all three fields are filled out you had done the minimum to index the document into an account and you can click submit at the bottom of the menu to file the document to the account selected. Once index the document will no longer be held in the Unindex domain and instead filed to a client account.