Docupace Helped Keel Point Get Up to Speed With Digital Client Onboarding

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About Keel Point

Keel Point is an advisory firm that provides experience in investment management, life planning, tax and estate design, guidance on giving and family management services. They help families, investors, and institutions identify and manage all aspects of their finances and investments according to their mission, vision, values, and goals.

Missed opportunities

Everything at Keel Point was being done by hand, including signature fields and document transfers. Documents were regularly faxed between offices, then manually scanned and uploaded into Docupace’s document management system.

“We were really only using Docupace to store documents,” says Mr. Montes.

No one was following the same process flow. A single document could be downloaded, emailed, printed, scanned, faxed, re-scanned, then re-uploaded over the course of a client onboarding lifecycle. That document could also be left out entirely during the manual bundling process, leading to a NIGO.

“The whole process was very inefficient,” says Scott Jenkins, Director of Information Technology at Keel Point.

Re-thinking the onboarding experience

Docupace undertook a high-level analysis of Keel Point’s document processing workflow, then broke the documents down by type of account. Using these account models, they set up bundles that contained every document a client would need to be onboarded in a compliant manner. That way, when a client sets up a new account, the necessary paperwork is already in place and ready to be filled out.

“Now, the service reps will go in, they set up the account, and they’re able to send the package to the client for an e-signature in a few clicks,” says Mr. Montes. “Then it comes back to me and I can review all the paperwork.”

The result? “It really cut down on our NIGOs, as you can imagine. A lot of times it was like, ‘oh, you don’t have all the proper paperwork.’ Well, now it’s all in a funnel, so we can’t miss it.”

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What was the experience like?

During the training process, Docupace provided a dedicated team to meet with Keel Point and help them overcome their challenges one-on-one. “Anytime we’d run into bumps in the road, Docupace has been reactive to whatever our needs were,” Mr. Jenkins says.

Docupace educated end-users at the firm on how to use the updated workflows using live video training seminars, with additional support to facilitate a thorough understanding of the new environment.

After training, Docupace stayed on board to provide support as Keel Point’s team got used to their new platform. “If we have questions, Docupace addresses them. They have a tracking system to ensure we get a response to our questions,” says Mr. Montes.

The result?

By using Docupace software more fully, Keel Point is saving a lot of time in the back office. Less time is spent managing physical copies of forms, and the downtime between sending a packet and processing the signed paperwork is reduced. In most instances, paperwork can be completed and reviewed in minutes, rather than days.

In addition, service reps have visibility into paperwork omissions — everything is in one place, so the likelihood of missing a form is next to nil. “Now, we can send these packets through to clients, and they e-sign — so the business can flow a lot faster,” says Mr. Montes. “I get an email whenever paperwork is ready to be reviewed.” The result? A reduction in NIGOs.

Digitizing paperwork has also enabled better documentation processes. “I can add notes now — which is another big thing. So if we ever go back to a client’s paperwork a few years later, we know exactly why we did something. Previously, I had no way to make notes and feel confident that I could go back and find those notes two or three years later. That’s another big benefit.”

“The Docupace team is first class, we really enjoy working with them,” says Mr. Montes.

Docupace is the wealth management industry’s leading digital operations technology provider. With the secure, cloud-based Docupace Platform, the Docupace team helps broker-dealers and RIAs digitize client onboarding, document management, advisor transitions, and other critical workflows while maintaining SEC and FINRA compliance. Wealth management firms that implement the Docupace Platform report increased efficiency, productivity, and profits.

Docupace has been developing paperless technology solutions from its Los Angeles headquarters since 2002. Since then, it has launched a robust array of service offerings including the Docupace SaaS platform, implementation assistance, development, and cybersecurity services – all with the aim of improving office workflows and promoting sustainable wealth management.  The Docupace team also works diligently to integrate its solutions with other popular technologies. For more information, please visit www.Docupace.com.

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