The digital age is here, but many advisors still find themselves surrounded by paper forms and traditional processes. Is that really the best way to do business?
Let’s compare digital workflows and paper-based processes to find the winner for firms and advisors in 2025.
Creating a Strong First Impression
In the competitive wealth management world, many firms compete on client experience. Anything that can improve processes or build trust between clients and advisors is a huge boost for the overall experience and can be a competitive advantage.
Clients want an easy, seamless experience. That comes through in a smooth digital workflow that doesn’t force clients to jump through hoops. Clients can enter their personal information in a form on their own time, and that information is automatically synced with other platforms and records. Clients are onboarded faster and start their relationship with the advisor on a positive note. A digital experience is a great way to build trust with clients, which ranks higher than any other attribute (including high returns) that clients look for in an advisor.
On the flip side, paper-based processes typically require clients to fill out numerous paper forms, often with repeated information. They then have to return the forms in person or scan them and wait for all information to be included before signing. The entire process can be long and frustrating, especially for new clients who are excited to open new accounts.
Paper-based processes are also more prone to errors and don’t leave much time for personalization. In many cases, advisors and back-office staff are so concerned with manually moving data that they can’t build a strong first impression. That’s no way to build a solid client experience.
The winner for client experience? Digital workflows. These tools reduce friction and automate repetitive tasks, allowing advisors to focus on client conversations rather than chasing paperwork.
Scalability
A recent survey by J.D. Power found that nearly one-third of advisors report not having enough time to spend with clients because of time-consuming administrative tasks. To grow a firm, advisors need to be efficient and adopt scalable processes.
Digital workflows eliminate busy work and automate mundane, repetitive tasks. Digital onboarding can reduce operational costs of paperwork, manual processes, and staff time. One of the biggest benefits of digital workflows is that they enable faster processes, which can allow firms to work with more clients at a fraction of the cost.
With paper-based processes, advisors are limited in the number of clients they can onboard or work with due to the time required to process each client manually. Paper-based processes are more prone to errors, which can be time-consuming to identify and correct.
The winner for efficiency? Again, digital workflows. These systems eliminate delays, errors, and rework, enabling advisors to achieve more with less and potentially experience incredible growth, as well as have more time for clients.
Compliance
Compliance should be top of mind for every firm and advisor, and it plays a central role in every process. Incorrect information, especially around things like KYC (Know Your Customer) and AML (Anti-Money Laundering) at client onboarding, can lead to serious fines and reputational loss.
Digital workflows seamlessly integrate compliance measures into every step. AI-powered tools can automatically verify client information and properly store all records. As part of KYC, advisors must verify client information. Searching through information manually is time-consuming and limiting. Docupace helps automate the process by searching through online record databases. Automated digital tools empower advisors to spend more time building client relationships than manually double-checking each piece of client information.
Conversely, issues with paper applications accounted for 60% of firms’ total NIGO rates across the financial industry. Paper-based processes create numerous opportunities for errors and compliance issues, both intentional and accidental. Paper forms can easily be lost or misplaced, which can put a firm out of compliance with record storage regulations. Similarly, information that is manually moved between forms can introduce inconsistencies and compliance challenges.
The winner? Digital workflows. Compliance can be overwhelming, but digital processes include it without a second thought. Pre-populated forms and built-in compliance checks reduce NIGO errors and eliminate manual rework.
New account opening doesn’t have to be time-consuming or stressful. Docupace’s New Account Opening solution reduces friction for advisors and clients to create a seamless and professional experience. Say goodbye to frustrating processes and hello to a scalable digital experience. Click here to learn more and schedule a discovery call.
