An integrated customer relationship management (CRM) and documentation management tool is the best way for wealth management firms to set themselves up for lasting success.

Having disparate tools, technologies, and systems that don’t play well together is a recipe for disorganization, compliance disaster, and dissatisfaction from end users — clients and advisors alike.

Why? Your CRM is the one-stop shop for customer information like contact details and historical interactions. CRM data is key to indicating customer needs, tracking sales performance, and staying organized around business efforts. Bringing that data into your documentation management tool is key for a seamless digital experience.

At Docupace, we understand just how important it is that CRM data and documentation management go hand-in-hand. In this blog, we’ll break down how integrations benefit wealth management firms when it comes to having a fully digital ecosystem, staying compliant with automation, and improving the user experience across the board.

Your Digital Ecosystem Depends on Integrations

Whereas digitization was a smaller priority in years past, wealth managers today see the value of digitizing to meet consumer expectations and needs. Indeed, having faced numerous digital challenges at the onset of the COVID-19 pandemic in 2020, 75% of global wealth managers now see going digital as a priority.

Couple that with the fiscal pressure of shrinking margins in the financial services industry, and there is a renewed focus on technology to drive down operational costs as much as possible. Finding areas where technology can move the needle and save costs — like integrations between a CRM and documentation management platform — is key to the success of this approach.

How can businesses focus on integrating their digital tools? By adopting an end-to-end, complete digital ecosystem that brings their CRM, documentation management, and other software tools together. Indeed, Francisco Uría, KPMG International’s Global Head of Banking and Capital Markets, said that digital transformation is a crucial area where wealth managers can make a difference.

“Through a wide range of digital capabilities, wealth managers have the potential to grow market share,” Uría said.

Eliminate Human Error with Compliance Automation

Compliance is a crucial consideration when it comes to integration. For example, having automated checks for potential errors like duplicate data entry or missing data fields can reduce human error for data transfer from a CRM to a documentation tool.

Reducing the cost of compliance fines and advisor time through automation and integration is huge. At a time when regulations are only increasing, cutting costs where you can is the best way to mitigate long-term risks.

Indeed, half of asset managers say they expect regulatory spend to increase in the next two years. This is significant because compliance costs already make up at least 4% of revenues — a number that increases to 10% for digitally-naive companies.

At Docupace, we’ve seen companies reduce disclosure processes by 65% and save an average of $7.75 per electronic disclosure with automation. Reducing these costs is a great way integration and automation can work to close the gap on more regulatory spend.

Engage Clients and Advisors with a Great User Experience

Last but not least, integrations between your CRM and document management tool offer a better user experience not only for internal advisors, but also for external clients who are on the receiving end of your internal processes.

Take onboarding, for example. A whopping 52% of global wealth managers are worried about losing clients due to poor onboarding experiences. Onboarding new advisors is also a common hassle for firms.

Integrations help keep the back office running smoothly. Better user experiences with an integrated CRM and document management tool mean fewer headaches when it comes to client engagement, risk mitigation, and compliance management.

If you’re interested in learning more about our platform and how we integrate with other software, learn more about what we do here.