You need a document management platform with all the security and compliance bells and whistles built-in to the system. With so many options on the market, your search can feel daunting. To aid in your research, we’ve put together some considerations to keep in mind as you review and evaluate practice solutions.
1. Security and Compliance
Securing sensitive documents and files (images, recordings of conversations, etc.) should be a given to protect client data and ensure regulatory compliance. The platform should have robust encryption and multi-factor authentication for peace of mind.
It needs to be compliant with financial regulations such as FINRA or SEC requirements, as well as GDPR depending on the region. Automated audit trails can fulfill compliance requirements without the extra leg work.
2. Seamless Collaboration
Financial planning is inherently collaborative, requiring secure document sharing among advisors and clients. Parties and stakeholders can be within your team or external. Either way, a reputable document management system will make sharing and working on documents simple and secure.
You should be able to turn permissions on and off, to control who can view, edit, or comment on sensitive data. Look for solutions that provide version control and document history. Practically speaking, cloud-based platforms are best because they allow real-time collaboration from anywhere.
3. Customizable Organizational Tools
It’s common for financial planners to handle a wide variety of document types, ranging from client reports to investment portfolios. To that end, you should look for platforms that have advanced search capabilities, tags, labels, or folder customization, and intuitive templates for recurring document types.
4. Integration Capabilities
Any solution you add to your technology stack should make your job easier, not create complexities. Your document management platform should work with your existing workflow and financial tech stack. To minimize frustration and maximize productivity, the software should integrate with the tools you already use, such as customer relationship management (CRM) software, financial planning tools, or email platforms.
5. Scalability
Your needs might reflect one version of reality right now, but that doesn’t mean that a year from now, your situation will be the same. All of this to say: your document management platform should grow alongside your practice. You might have an influx of new clients or expand your team. Your technology solution should be nimble and be able to adapt to additional document volumes, users, features, and storage needs.
6. User-Friendliness
You need a solution that’s intuitive and has a shallow learning curve. Unnecessary complications may dampen productivity and user satisfaction. The platform should require minimal training and be backed by customer support. This is why a free trial may be your saving grace. You can see how it functions before committing.
7. Cost and ROI
Last, consider the cost vs. value proposition. Calculate the platform’s return on investment to inform your decision. You’ll need to take into account the time and effort saved on administrative tasks, improved security, and a boost in client satisfaction.
Don’t just compare monthly costs. That’s short-sighted. Look for long-term savings as a result of shortcuts and reduced compliance risks. You should also be mindful of transparent pricing with no hidden fees. You might inquire about scalable plans to suit your practice’s size. Trial periods or demos are a great way to test features in the wild.
Try Docupace Today
Not all document management platforms will work for your current and future needs. The best choice will be dictated by your specific needs, including security requirements, how you collaborate with clients, and the tools you rely on to serve them effectively.
Keeping factors like ease of use, compliance, organization, integrations, and scalability top of mind will help you find a solution that supports your team’s productivity and simplifies workflows. Docupace is built specifically for financial professionals and RIAs so they can do just that. Sign up for a discovery call today.
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