Why RIAs Choose Docupace
Since our founding in 2002, our goal at Docupace has been to be the leader in operational efficiency for wealth management firms. As the RIA marketplace has grown and evolved in the years since we’ve made it our business to fully understand the scope and complexity of the RIA experience.
Indeed, RIAs’ need for scalable and efficient operational solutions is continually growing. From forward-facing client interactions to data-informed processes in the back office, RIAs have a myriad of operational opportunities that Docupace can help mitigate or streamline.
For example, a recent survey among RIAs found that:
- 71% of RIAs have a critical or moderate need for technology to support new client onboarding.
- 69% of RIAs have a critical or moderate need for more data analysis across the client lifecycle.
- 41% of RIAs strongly agree that their firm’s digital infrastructure is important for hiring and retaining top-tier talent.
Why do RIAs continually choose Docupace to help them with problems like these? As we’ll explore in this article, RIAs choose Docupace because our platform is constantly evolving alongside the varied needs of the industry, helping advisors reduce redundancy, wield data, and improve productivity for scalable growth.
Docupace’s Automated Platform Reduces Redundancy & Saves Costs
Automation is one of the top reasons RIAs choose Docupace to improve operational efficiency. Our platform allows RIAs to shift from manual form entry and document management to an automated system that fills in forms quickly — all while upholding regulatory requirements.
Automating simple but consuming tasks saves more than just time and mental energy. Organizations that utilize automation techniques will save up to 75% on process costs. Indeed, digital automation is expected to automate some 40%-60% of repetitive tasks for RIAs within the next five years.
RIAs choose Docupace to get a head start on cutting process costs and streamlining redundant tasks, such as:
- Rekeying data
- Using multiple platforms for client servicing needs
- Navigating a clunky digital experience with no scalable processes
With Docupace, RIAs know they’ll get the ROI from their tech spend. Plus, they’ll have the data they need to spur growth in the future.
Docupace Helps RIAs Apply the Power of Data & Technology Integrations
There’s natural growth alongside the market, and then there’s growth spurred by client and market insights gains. For the former, any RIA can ride the wave and experience marginal growth by doing what they’ve always done. However, a modern digital infrastructure that analyzes client and market insights in real time is key for the latter.
Firms looking to grow in the digital age need operations technology with the capabilities and capacity to grow alongside them, both now and in the future.
A recent Schwab Advisor Services report found that 75% of RIAs said growth makes operations more complex. How are RIAs managing those complex operations? By wielding data. The same report found that 69% of RIAs rely on data to improve their operational efficiencies.
This is one area where Docupace’s platform delivers for RIAs. Our RIA-specific platform includes automated, rules-based data validations with integrations across leading CRMs. RIAs choose Docupace because we deliver on their data needs.
Improve Productivity & Streamline Processes
Ultimately, RIAs choose Docupace over other platforms because of our dedication to providing for their needs. We created the RIA Productivity Suite specifically to help RIAs with key goals, such as:
- Reducing operational costs
- Improving efficiency
- Attracting top-tier talent
- Strengthening recruiting efforts
- Enhancing the client experience
We do this by offering a modern digital user experience and a robust operations and document management tool that includes a workflow engine with configurable and prebuilt flows, straight-through processing, a custodial forms library, and out-of-the-box CRM integrations.
So, what’s the Docupace difference for RIA firms? Michael Pinsker, Docupace’s founder and president, said it’s Docupace’s flexible approach that requires no customizations, keeps costs contained, and provides unique benefits to each RIA firm.
“We have leveraged key components of the platform, but also layered in our new integration architecture to allow us to seamlessly integrate with other systems at scale,” Pinsker said. “This means that we can easily adjust for the subtle nuances different RIA firms have, while preserving the consistency of the platform and the simplicity of the user experience.”
To learn more about the RIA Productivity Suite, get in touch with a Docupace representative today.