Why Your Advisory Firm Needs a Document Management Strategy
Are you looking to improve your firm’s client experience? Try creating a digital document management strategy.
Technology is always changing, and client expectations are shifting along with it. Today’s investors want easily accessible digital portals, data visualization tools and customized investment advice. Many firms agree that improving clients’ digital experience is important, but few believe technology will drive their firm’s growth. When you use technology as a growth strategy instead of just a means of doing business, you can reinvent the traditional client experience.
One of the simplest ways to take advantage of technological solutions is to reconsider your document management strategy. Document management software can connect your clients to accessible information, simplify clients’ in-office experience, and provide reassurance that clients’ data is safe with you.
Access Client Information on Demand
As wealth transfers to new generations, clients’ wealth management expectations also shift. Unlike previous generations, younger clients are accustomed to finding information themselves. Although they may need your guidance and experience, they want to become active participants in creating their own financial futures.
When you provide them access to their financial information, you are empowering them to make decisions. In a recent survey, 73% of consumers said they would find value in a portal to access their accounts. Well-organized digital documentation facilitates access so your clients can see relevant information at-a-glance.
Customizable investment strategies are another key component of client satisfaction. In the same survey, a high percentage of respondents said they would value more personalized financial services and more coordination between financial accounts.
Document management software can help your clients access several accounts at the same time.
Improve Efficiency by Slashing Processing Time
Many firms use different products to track and manage information, but these systems often don’t work well together. This makes document retrieval difficult and slows client interactions as you switch from one application to another.
Clients are busy, and their time is valuable. If you require your clients to fill out too much paperwork or it takes you too long to locate their documents, you’ll make a negative impression.
Digital document management software allows you to locate information quickly so you don’t have to keep your clients waiting. When your software is easy to use and integrates well with multiple platforms, it streamlines burdensome processes and reduces the time clients have to wait as you fill out the same information in multiple places.
Best Practices for Security, Accuracy and Compliance
Clients expect your firm to be trustworthy, accurate, compliant, and secure. Security and compliance may go unnoticed by some clients unless there’s a problem, but most firms agree that cybersecurity is a top concern.
Mistakes, security breaches, and federal scrutiny are some of the fastest ways to lose clients. With global increases in malware attacks, it’s no wonder advising firms are worried.
Document management software can help you keep client information safe. Some of Docupace’s unique features include individual document encryption, tamper analysis and audit trails so you can confidently promise your clients their information is secure.
Document management software also helps with compliance. Federal disclosure regulations can make the client disclosure process a time-consuming burden. With Docupace’s compliance tools, you can reduce your disclosure process time by as much as 65%. You can also simplify Reg BI (Form CRS), Form ADV and DOL Rule requirements with Compliance TRACKR™.
Additionally, document management software can improve your accuracy. Human errors are common in any firm, but document management software can help you maintain consistency. Let’s assume you have a document stored in several folders.
With version control, making changes to a document in one place automatically creates a new version of the document. Version control saves earlier versions of the changed documents and triggers automatic updates in all the folders where the same document is stored. This permits you to not only prevent errors and maintain consistency but also to review earlier versions.
To recruit new clients and retain current ones, you need to stand out from the competition. Technological solutions should be an integral part of your growth strategy to help your firm meet the demands of the future. As you implement document management tools, you can deliver a uniquely customized, well-managed, and stress-free experience to your clients.
Thinking about implementing a technology strategy to transform your client experience? Contact firstname.lastname@example.org to learn more about how Docupace’s document management software can help you to provide your clients with a personalized, efficient, and secure advising experience.