Leveraging Document Management to Improve Client Service for Financial Services Advisors

In today’s competitive marketplace, financial services advisors’ success is driven by more than just clients’ portfolio returns. Customer service, or a lack thereof, can make or break your firm. Of course, firms and advisors must also follow a myriad of regulatory compliance requirements at the same time. Finding ways to operate more efficiently and effectively can help advisors on both the customer service and the compliance fronts.

Leveraging Treeno Software’s Electronic Document Management (EDM) solutions can help financial services advisors build trust and improve client satisfaction. In doing so, the EDM solutions can increase overall client retention rates and lead to increased referrals – ultimately helping the firm reach its goals.

Client Retention: Improve the Quality of Client/Advisor Interactions
Most firms focus significant efforts on obtaining new clients and meeting growth targets. However, focusing on client acquisition without also paying attention to client retention can leave advisors feeling like they’re swimming against the current. Clients who feel under-appreciated, or who don’t feel they have a connection with the firm likely won’t feel any qualms about jumping ship to move their assets to a competing firm.

Client communication matters – both inbound (client initiated) and outbound (advisor initiated.)

Improve Responsiveness to Client-Initiated Inquiries

When clients contact their advisors with questions or to obtain information, they want to be heard. The mobile device-driven culture and nearly constant connection to email, social media and the internet have conditioned clients to expect fast responses to inquiries.

Advisors who rely on paper files or who simply scan and maintain electronic files can struggle when they need to pull documents or records to respond to client inquiries. Using Treeno’s EDM solutions gives financial services advisors instant secure access to their client files from anywhere with internet access.

What’s more, document management tools can allow advisors to easily escalate matters requiring their supervisor’s or the compliance department’s review and action. This can eliminate time-wasting inefficiencies and help build clients’ confidence and trust.

Anticipate Questions and Proactively Reach out to Clients

Financial services advisors who customize their communications to meet clients’ individual preferences can also build a client base that is more loyal and satisfied. That can be as simple as documenting whether clients prefer email or telephone calls and noting how frequently clients want to meet to review their portfolios (i.e. quarterly, semi-annually or annually).

By checking in periodically with clients on the phone or by email and leveraging periodic newsletters and other marketing communications, advisors can further expand on their relationships with clients. Firms that use Treeno’s EDM solutions have an advantage because clients’ information is always available at advisors’ fingertips. There’s no need to waste time hunting for information.

Meet Compliance Obligations More Easily

The SEC, FINRA and state securities regulators continue to focus on protecting individual investors from harm and are quick to hold firms and individual advisors accountable when something goes wrong. Using document management and storage solutions can allow both advisors and the firm’s compliance department to meet regulatory demands by automating record retention, simplifying reporting and creating audit trails.

In today’s digital age, financial services advisors can also be confident that Treeno’s EDM product is designed with security and data privacy in mind, helping firms meet compliance requirements with confidence.

Learn More About How Treeno Software Can Help Your Firm Improve Service, Retention and Compliance

Whether your firm is a retail broker-dealer or an institutional investment advisor, implementing document management solutions can help improve client service, helping you retain the clients you already have and obtain new ones. To learn more about Treeno EDM, contact us today.