As a financial advisor, your clients entrust the organization of their numbers to you. The right digital document management solution means better organization, which means better numbers. Below are just a few of the advantages you gain with the right document management solution.
Increase information security.
Security and professionalism in finance go hand in hand. Reducing the opportunity for human error protects your clients from the legendary misplaced decimal point (that can literally misplace millions of dollars). Your IT security also improves as you reduce redundancy and precisely direct the placement of every record you have on file.
Streamline compliance with SEC retention guidelines.
Document management does not automate compliance, but you certainly gain leverage when trying to keep up with ever-changing rules from multiple regulatory bodies. Along with the SEC, document management also promotes compliance with FINRA and other financial regulators.
Expedite audits by quickly producing records on demand.
Dealing with audits takes precious time away from serving customers and growing your business. Speed through external audits with precision as your document manager allows you to put your finger on every paper trail in your business. You also protect your business through more precise internal audits that help to organize your interdepartmental efforts – a very important aspect of success in the industry of finance.
Reduce the costs of document storage and retrieval.
Storing and retrieving documents has a cost that quickly adds up over time. The faster that you find financial documents, the more quickly your customer service ranking moves up. People expect to be able to access a financial paper trail on demand, and a document management solution allows you to keep up with this trend.
Simplify compliance with business continuity directives.
You do not have to wait on the curve to play catch up with financial regulatory bodies. Turning to a philosophy of continuous improvement will place your business in a powerful position of anticipating new regulations and responding instantly to those few unexpected or emergency changes. The right digital document management solution simplifies compliance procedures, moving your business forward at the same time as you protect it from regulators.
Transform compliance from a cost center into a competitive advantage.
In most cases, financial companies scramble to keep up with new compliance measures. They will set themselves back reorganizing documents and workflows to correspond with the wishes of industry regulators. However, companies on the cutting edge of document storage and management turn this narrative around. Tighter regulations become nothing more than checkpoints, prompting a company to shore up the initiatives it has already started of its own accord. The tweaks that regulators introduce into your document organization and accessibility programs will be quickly implemented and lead to more optimal internal and customer facing workflows.
In short, digital document management means better numbers for your financial services company. Document management for financial advisors is quickly becoming the standard practice, not a luxury. It is one thing to aggregate the data of your clients and industry watchdogs; it is quite another to be able to access this data on demand. The more quickly that you can pinpoint the financial documents that you need, the better your overall business. Your customer facing and internal business operations will constantly change to remain compliant with legal standards and industry markers. You will save money on the administration of your documents, which will naturally lead into better opportunities to serve your customers and grow your business.