One of the easiest ways for wealth management firms to streamline their backend processes, improve relationships with investors, and meet compliance requirements is to implement e-delivery across their systems and processes.

It’s hardly a secret that going paperless is the way of the future. RIAs and investors alike have come to expect paperless delivery (or a paperless option, at the very least) wherever they do business. Indeed, only 8% of investors want paper copies of their investments sent through the mail.

In this article, we’ll break down the benefits of e-delivery including time, money, and compliance, and highlight how Docupace’s TRACKR™ can help wealth management firms adopt e-delivery even faster.

The Business Case for Adopting E-Delivery 

The best investor/advisor relationships hinge on good communication. Similarly, the best wealth management/regulatory relationships also depend on good communication. Without clear expectations, quick feedback and efficient communication, wealth management firms are less likely to have great relationships with their investors and stay compliant.

That’s where e-delivery comes in. Electronic processes improve communication capabilities by allowing advisors to spend more time with clients than on paperwork. Not only that, but clients are already comfortable with e-delivery.

In a recent survey of American investors:

• 85% are comfortable with default e-delivery for investor documents.
• 79% have already picked e-delivery for at least one type of investor document.
• 68% of investors between ages 55-75 are comfortable with default e-delivery.

If there was any lingering doubt, wealth management firms should consider the savings they can experience through e-delivery. Going paperless can reduce disclosure processes by 65%, allowing advisors to spend more time with clients. Additionally, firms can save $7.75 per electronic disclosure by cutting out the mailman.

The business case for adopting e-delivery is compelling. But staying compliant can offer even more savings.

How E-Delivery Cuts Down Compliance Costs

Compliance has become even more complicated in the last few years. Between Reg BI (Form CRS), Form ADV, and DOL Rules requirements, many wealth management firms have had to scramble to stay compliant. This inefficiency translates into real sunk costs.

Deloitte estimates that compliance costs companies at least 4% of revenues, with that number expected to jump to a staggering 10% for firms “unable to effect significant efficiency savings.” Indeed, nearly half of U.S. wealth management firms report that their systems and processes are under “severe strain” or need to be changed entirely in order to meet organizational objectives.

For companies facing compliance woes, e-delivery can turn things around. For example, Docupace’s TRACKR™ enables companies to:

1. Automatically generate disclosures based on customizable parameters that ensure the content in each disclosure is up to date.
2. Delivery disclosures electronically to investors instantly.
3. Store relationship summaries securely according to 17a3- and 17a4 compliance requirements.

E-delivery can create an environment where compliance is simple from start to finish.

Benefits of Docupace TRACKR™

When it comes to e-delivery, Docupace has over 30 years of experience helping companies stay compliant. Our technology was built specifically for RIAs, their customers, and the internal “back office heroes” who can benefit most from e-delivery.

Our platform was designed for wealth management, so there are no features you don’t need or want. Built with compliance oversight tools, we can help you reduce costs, store documents securely in the cloud, and provide a truly digital experience that clients will love.

Here are just a few of the many ways that firms benefit from our innovative TRACKR platform:

• Use automated workflows and CRM integrations to digitize Reg BI (Form CRS), Form ADV, and DOL Rules disclosures.
• Use a hyper-secure digital vault to store records in a FINRA/SEC-compliant way.
• Use on-demand audit trails and real-time reporting to stay compliant.
• Use time-stamped delivery of disclosures with our proprietary “digital first, analog second” client attestation process.

If you’re interested in unleashing the power of e-delivery with Docupace, explore our full platform or reach out to us here.