It’s no secret that back office digital operations platforms are essential to the way wealth management firms operate today. While we might be just a little biased, the data supports it. In 2021, 85% of wealth management business leaders reported that partnering with third-party providers was important for their company in the next 12 to 18 months.
Indeed, going digital is a priority for 75% of global wealth managers. Automating back office operations is one essential way that advisors eliminate wasted time, free up additional resources, and streamline the customer experience.
Here are five ways that Docupace’s platform makes life easier for financial advisors and their goals.
1. Reduce the Headaches of Onboarding New Clients
I absolutely love doing the paperwork to onboard new clients, said no financial advisor ever. Onboarding is a lengthy process that, in the old world of paper forms and fax machines, took days — if not weeks. Not to mention the seemingly inevitable work of correcting NIGO submissions.
Docupace’s automated onboarding process not only has the ability to pull in relevant client data straight from your CRM, it also automatically populates stored information across all relevant forms. The cherry on top? Our platform scans for errors and inconsistencies to nip not-in-good-order (NIGO) submissions in the bud.
Save time, reduce errors and watch as technology makes onboarding as easy as it should be. Make more time for what matters most, like serving clients.
2. Stay Organized with Digital Document Management
It can be difficult to make the leap to paperless documents when you’re unsure of where and how your documents are stored. Rest assured, Docupace’s cloud-based, government-grade encryption is both SEC and FINRA compliant. Not to mention, it’s just easier.
Say goodbye to dusty file boxes or confusing online folders. With Docupace, financial advisors can automatically organize and store all documents in a secure digital vault, customize access and review history to maintain governance procedures, and comply with SEC rules 17a-3 and 17a-4.
3. Make Financial Advisor Transitions Easier and Faster
With the Great Resignation, finding and retaining top financial advisors is a challenge. It’s a challenge not made any easier by the daunting prospect of the advisor transition period. After all, transferring thousands of documents, forms, and data that are all compliant is no easy task.
Docupace helps advisors transition seamlessly by pre-populating all new account paperwork, reducing NIGOs, and offering expert assistance throughout the process from start to finish. Advisors who make the transition with Docupace can get right to doing what they do best — serving clients — that much faster.
4. Connect Your Digital WealthTech Ecosystem
Having more technical tools can turn into a problem rather than a solution when the tools can’t speak with each other and interact seamlessly. That’s why Docupace integrates with tools like PreciseFP, Wealthbox, and others to ensure financial advisors can get the most bang for their buck when it comes to their tech stack.
Financial advisors love Docupace because we integrate well with existing CRMs and top financial digital players. Stop paying for additional tools to resolve problems, and get a tool that integrates with them instead.
5. Make Compliance a Top Priority
What if you could reduce disclosure processes by 65%, and save as much as $7.75 per disclosure with electronic delivery? Docupace’s platform simplifies complex disclosure requirements on disclosures like Form CRS (Reg BI), Form ADV, and DOL Rule.
Our platform allows advisors to create a rules-based ecosystem of compliance where they can automate transactions, manage licenses, flag trades, and even send custom alerts. With Docupace, advisors can rest assured that they’re audit ready at all times.
As the world of wealth management keeps moving toward digital, it’s more important than ever for financial advisors to focus on the services they’re providing to clients rather than back office management like paperwork. Without streamlined back office processes, it becomes that much harder to make quick changes to adopt technology and meet clients where they’re at.
At Docupace, our platform provides the digital solutions that wealth management firms need to put their focus in the right place. Stay compliant, store your documents in one place, and solve the headache of complicated advisor transitions and technology integrations.
If you’d like to learn more about the Docupace platform, reach out to us here.
