Industry Analysis from Docupace Technologies Discusses Available Products that can Help Broker-Dealers & RIAs Achieve a Secure ‘Paperless Office’ and Prepare for DOL Fiduciary Rule Compliance

Docupace Technologies, LLC, the financial services industry’s leading provider of Straight-Through Processing solutions, has released an industry white paper to educate broker-dealers, registered investment advisors (RIAs) and other financial services companies about document processing and cybersecurity products they can use to create paperless workflows that are efficient, compliant and safe. The adoption of solutions that enable secure, paperless Straight-Through Processing to complete transactions and archive documents has taken on a new urgency in today’s evolving regulatory environment.

The white paper, “Technologies that are Driving Turnkey Straight-Through Processing for the Financial Services Industry,” is available free of charge at:

“The Department of Labor’s Fiduciary Rule goes into effect in four months, but many financial services firms remain mired in legacy systems that prevent them from modernizing,” said Michael Pinsker, Founder, CEO and President of Docupace Technologies. “Only a handful of technology products today facilitate effective data management, secure end-to-end processing and tracking of account-opening and maintenance workflows, and they weren’t created equal. Time is of the essence for broker-dealers and RIAs to get ready for the regulatory changes. Firms can utilize our white paper to learn about the compliance and cost-saving benefits that Straight-Through Processing can deliver, and the systems they can harness to achieve those advantages.”

In 1975, an article published in BusinessWeek introduced the term “paperless office” and predicted that all office processes would become completely digitized by the mid-1990s. However, as Docupace’s white paper points out, while many companies and industries have embraced digital communications, the prediction made in 1975 is still far from becoming a reality—and financial services is lagging behind almost every other industry in its efforts to go paperless.

Functional paperless processing has been available for the past decade, but, driven by rising regulatory compliance demands and historically low operating margins, the financial services industry is only now beginning to embrace it. In addition to providing an overview of Straight-Through Processing, the white paper explains how it can help broker-dealers and RIAs comply with new DOL rules, manage their high-frequency workflows more efficiently, protect and securely archive account data and documents, and, ultimately, create a more seamless experience for their advisors and clients.

“The financial services industry has already begun the journey toward the ‘paperless office’ by transitioning to electronic document storage, digital workflows and e-signatures. The next step is the adoption of a Straight-Through Processing value chain that integrates all of these features, and others, to create end-to-end, cyber-secure processing and tracking of transactions and documents,” said Mr. Pinsker. “This white paper explores the solutions available to help broker-dealers and RIAs maintain SEC/FINRA compliance and take necessary steps towards modernization.”

About Docupace
Docupace Technologies, LLC pioneered and implemented SEC/FINRA-compliant Straight-through Processing technology for financial services companies. Docupace’s cybersecurity and document management and workflow solutions simplify the process of capturing, organizing, routing and accessing information for broker-dealers and registered investment advisors (RIAs) that, under new government regulations, must keep thorough, secure records of documents that explain how they formulated recommendations that are in the best interests of investors. Docupace’s innovative products have been proven to significantly reduce not-in-good-order (NIGO) conditions on document processing submissions for financial services companies.

Docupace currently services over 1 billion stored documents from more than 500 Broker Dealers and RIAs. For more information, please follow @docupace.