We are excited to share that Docupace was selected as a finalist in the WealthManagement.com 2020 Industry Awards (the “Wealthies”) within the Document Management Category for our Regulation Best Interest (Reg BI) solution. The awards program received 625 entries from 221 companies this year, and 155 organizations were selected as finalists.

The industry awards honor outstanding achievements by companies, organizations, and individuals that support financial advisor success. Congratulations to all the firms and people that were selected as finalists and thanks to our amazing customers for their partnership and support.

Here’s the list of the 2020 finalists.

All the major in-person activities will all be held as virtual events—including the September 10th awards presentations traditionally held in New York City. The virtual events will open up attendance opportunities to a much broader audience, and with it bring more transparency to the industry.

WealthManagement.com Awards Application Details

Often, companies get nominated, and the details of award submission get left out. I want to take the opportunity to share the details of the application. If you have any questions, please feel free to contact me. I’d love the opportunity to speak with you about how we can help your firm succeed.

Category: Technology Providers – Document Management

Nomination Title: Reg BI Integrated Tool (Tracker BI)

New Initiative Description:
Customers of Docupace’s Document Management solution can leverage the integrated capabilities of Reg BI tool called Tracker BI per below.

• Docupace’s Tracker BI allows financial advisors to simply and quickly send and track delivery of Form CRS and other regulatory disclosures to investors by mail, electronically, or in-person.
• Tracker BI provides end-to-end processing, tracking, storage, and audit functionality to meet Regulation Best Interest (Reg BI) requirements.
• With a centralized and secured cloud-based product for managing Reg BI compliance, broker-dealers, RIAs, and advisors can simplify Reg BI requirements with electronic delivery, workflow automation, compliant storage, digital experience, and acknowledgment capabilities.

New Initiative Goals:

• Provide a simple and cost-effective Reg BI solution for advisors and firms to distribute, track, and store disclosures, including Form CRS and other disclosure, including eDelivery consent.
• Provide a mobile experience.
• Solve a complex and regulatory requirement for all SEC firms with a simple and cost-effective solution.
• Provide advisors and investors with the ability to send and review disclosures remotely.
• Accelerate the ability of the financial advisors to close new business by providing the ability to immediately deliver the required disclosures.
• Reduce the cost of compliance auditing by providing centrally managed Reg BI system.

New Initiative Results:

Using Tracker BI:

• Advisors, on average, will spend 65% less time processing disclosures.
• Investors can receive disclosures instantaneously with a better digital experience.
• Advisors and investors both will save time and effort by sending and reviewing disclosures remotely.
• Advisors will save about 85% of their time per disclosure by processing electronically vs physically.
• Advisors will have on average savings of $4 per disclosure (electronically).

Impact and contribution to the success of the financial advisor community:

By using Tracker BI, the financial advisor community can:

• Minimize the increase in the time and effort needed to meet Reg BI compliance.
• Reduce the overhead needed for compliance by simplifying the process and providing robust tracking and audit capabilities.
• Reduce manual processes in order to track their activities, therefore getting more time to serve their clients.
• Reduce expenses associated with printing, mailing, faxing, filing, records maintenance, and data entry.
• Keep an audit trail to prove that they are in compliance with the distribution and tracking of regulatory disclosures.