Blog - Blue Technologies

Effective Document Management is Essential for Financial Advisors

Written by Blue Technologies Ohio | Dec 13, 2019 1:45:00 PM

Asset and wealth management firms control a lot of documents and personal records during their daily workflows. Managing a customer’s portfolio requires quick access to information and the fast and accurate resolution of any queries. As the entire industry is subject to financial and data security regulations, the cost of compliance remains a significant overhead for financial advisors. In this climate, firms need access to solutions that improve their workflows and drives down the costs by leveraging the latest technologies.

Document Management Systems (DMS) can help firms digitize their entire workflow and improve the way they manage and control vital information. While wealth management firms need to stay ahead of trends and developments in the market, they often still rely on paper-based processes. This adds overhead in both time and cost to the company. By moving to digital-first business models, firms can slash costs and ensure they provide a better, more transparent service to their clients.

Document Management System Benefits for the Best Financial Advisors

Traditionally, most companies thought of Document Management Systems as an enterprise solution that wouldn’t add value to their operations. Older solutions were expensive, hard to configure, and required application experts to maintain the system. Luckily, that’s no longer the case with advances in cloud computing and improved User Experience (UX) designs. A DMS can help organizations of any size improve back-office operations and increase customer engagement.

1. Improved Cost Reduction and Cost Control with a DMS

The printing and storage of physical documents can quickly run up the operational costs of a financial firm. The number of documents and records generated in the office requires a dedicated resource to ensure the accurate filing and routing of information. If anything is misfiled, finding the right document from a cabinet or storage facility will eat up an employee’s time, leading to an inefficient business process.

A DMS will reduce the number of physical paper copies needed and ensure documents are retrievable from a central, electronic repository. As the system includes configurable workflows and integrates with other existing office applications, the entire company’s processes can benefit from a DMS. Most DMS solutions also allow the company to access their documents from mobile devices, further improving the office’s efficiency.

2. Effortless Compliance with Financial Regulations

Auditing a paper system is a massive undertaking, not to mention how it increases the costs of operating a financial advisory firm. While regulations such as Sarbanes-Oxley and HIPAA require precise control of all personal and financial information, demonstrable compliance with these Acts remains a pain point for firms. Failing to comply is not an option, as that would open the company up to litigation, fines, and reputational damage.

Document Management Systems ensure the firm can demonstrate compliance by establishing detailed reports that track the handling of all information. A DMS keeps a record of every document generated, processed, accessed, and routed in an audit trail, thereby reducing the effort required to demonstrate compliance within the system. With a complete history of all the activities carried out by the firm, they can focus on core tasks and provide more value-added services to their clients.

3. Greater Personal Information and Data Security

DMS solutions include detailed access control models defined by document classification, type, customer, or user. As financial advisors deal with a lot of confidential information daily, they need to ensure they always protect their client information . If they rely on physical files and paper documents, this can be difficult, and if an unauthorized person does access a confidential document, it would be hard to prove.

An electronic repository encrypts all information and only grants access to employees with valid credentials. If anyone does access a confidential document without clearance, the system will keep a record, and the firm can easily investigate the breach. The firm can even set up alerts for specific access protection to notify critical resources in the event of a dubious attempt to access a confidential document. A DMS provides the best solution to prevent data breaches and mitigate the risks associated with uncontrolled disclosure.

Document Management Solutions from Blue Technologies to Streamline the Best Financial Advisor’s Workflows

For firms looking to modernize operations and move toward a digital-first strategy, Blue Technologies in Ohio can assist with finding the best information. A DMS keeps a record of every document generated, processed, accessed, and routed in an audit trail, thereby reducing the effort required to demonstrate compliance within the system. With a complete history of all the activities carried out by the firm, they can focus on core tasks and provide more value-added services to their clients.

3. Greater Personal Information and Data Security

DMS solutions include detailed access control models defined by document classification, type, customer, or user. As financial advisors deal with a lot of confidential information daily, they need to ensure they always protect their client information . If they rely on physical files and paper documents, this can be difficult, and if an unauthorized person does access a confidential document, it would be hard to prove.

An electronic repository encrypts all information and only grants access to employees with valid credentials. If anyone does access a confidential document without clearance, the system will keep a record, and the firm can easily investigate the breach. The firm can even set up alerts for specific access protection to notify critical resources in the event of a dubious attempt to access a confidential document. A DMS provides the best solution to prevent data breaches and mitigate the risks associated with uncontrolled disclosure.

Document Management Solutions from Blue Technologies to Streamline the Best Financial Advisor’s Workflows

For firms looking to modernize operations and move toward a digital-first strategy, Blue Technologies in Ohio can assist with finding the best solution. Different systems come with a range of features that help firms streamline their workflows and secure their information while making it available for quick and easy retrieval. Blue Technologies provides office technology and productivity solutions that reduce operational costs and increase staff efficiency. Having been working with companies in Ohio since 1995, Blue Technologies have access to experts in a variety of industries and fields to help develop a comprehensive strategy for customers.

To discuss your financial firm’s exact Document Management System requirements and start the digital transformation process, contact Blue Technologies today.