Like the water coolers and cubicles of earlier eras, remote working is now a staple of the modern office. According to 2023 research, almost one-third of all employees work for exclusively remote companies. That’s a huge difference from even just a few years ago.
Back office employees working in finance are no exception to this change. Since over 25% of workers in the U.S. will likely continue working remotely through the end of 2023, wealth management firms need to invest in technology that can enable streamlined work-from-home experiences. Using digital cloud software platforms like Docupace can help back office employees benefit from automation, efficient workflows, and compliance checks. In turn, wealth management firms — and their resident RIAs — will be in a better position to attract top industry talent and grow at a scalable rate.
Improve the Efficiency of Your Remote Workforce
Regardless of where a back office workforce physically sits, efficiency and consistency are must-haves of any successful wealth management firm. Cloud technologies allow firms to connect the dots between customer relationship management, compliance processes, documentation and data storage.
With a streamlined onboarding experience, back office workers can receive and input client information more consistently and accurately. Errors from manual entries are minimized, and custom alerts can show the current status of accounts at any given point. Similarly, the ability to collect customer e-signatures reduces the need for back office employees to be in the same room as clients. Receiving paperwork and formal approvals via secure, digitized channels makes onboarding easier for all parties and ensures that proper documentation exists before RIAs begin reviewing sensitive financial information.
Data security, in particular, carries heightened importance in an industry vulnerable to hackers and malicious agents. Digital solution platforms monitor employee behavior and flag actions that seem suspicious. Secure login portals and two-factor identification protect customer information and keep back office workers safe from accusations of impropriety around sensitive client data. Cloud technology offers more transparency to management than any boss looking over a back office worker’s shoulder could achieve.
Seeing the activity on certain accounts at a glance can help risk management professionals and RIAs identify problems and engage back office employee support to fix them quickly.
Free Up Time for More Strategic Work
New wealth management-specific technology can also help back-office employees assist RIAs in delivering exceptional customer experiences. Deloitte research found that automation allowed workers to switch from time-intensive, transactional tasks to “strategic work” that actually adds value to the client. Rearchitecting workdays can switch the focus of remote, back office employees from completing tasks to finding opportunities to grow the business and achieve clients’ financial goals.
Some ways cloud technology assists in this goal include:
- Automating repetitive workflows
- Alerting employees to the most threatening security risks
- Ensuring consistency and accuracy when inputting client information
- Offering an overhead view into account statuses and trading behavior
Although RIAs remain the obvious authority on investment strategy, back-office employees play critical roles in translating strategic advice to benefits that clients can see in their portfolios. This work shows in the seamless, secure service clients expect whenever they interact with an advisor, log into their online portal, or contact the firm with questions. If retrieving customer information is tedious — or worse, results in incorrect data — clients will likely lose faith in the firm’s ability to act in their best interests.
Back office employees contribute greatly to clients developing a sense of trust with their RIA, and a remote working environment needs to enhance their ability to consistently deliver on these business needs.
Foster a Growth-Minded, Collaborative Culture
Finally, digital technology solutions can positively impact wealth management firms’ ability to grow and develop positive employee cultures. Remote working fosters trust and emphasizes the need for effective, transparent communication. Employees working from home can rely on cloud platforms like Docupace to keep track of client accounts and collaborate as needed.
Similarly, software lets back office staff take on more clients without having to hire additional workers and train them on firm processes. Such scalable growth results in expanded offerings, more revenue, and an environment attractive to top talent.
Wealth management firms benefit from solutions that allow them to grow and offer more personalized client experiences. Regardless of whether your workforce is in-office or remote, cloud technology platforms enable back office staff to do just that.
For more information on how Docupace can help your firm empower back-office staff, contact us for a consultation.
