There’s never been a better time to invest in cutting down on the myriad costs associated with compliance. Between rising inflation, a volatile macroeconomic environment, and ever-changing interest rates, the general economic environment is uncertain.
One area where financial advisors and wealth management firms are trying to run operations more efficiently is compliance. After all, compliance costs have risen by over 60% in the last decade — some even estimate the average cost of compliance to be a whopping $10,000 per employee.
For finance professionals, these costs are often compounded with budget cuts, skill shortages, and the unlikelihood of adding more compliance staff to meet increasing compliance needs.
Luckily, Docupace’s comprehensive platform offers a great solution that saves compliance costs when it comes to reducing paperwork, automating time-consuming tasks, and organizing information for audits. Here’s how.
1. Go Paperless & Save
It might go without saying, but physical paper costs money. Storing paper costs office space. Organizing, faxing and filing paper takes time. And mailing paper forms and disclosures to your clients costs money in postage, time and office space.
Docupace’s paperless solution provides an end-to-end delivery and automation tool that reduces disclosure processes by 65%. That means the additional time with clients and cost-savings on paper goes right back into your wallet. The return on that investment has huge potential alone!
With our platform, we estimate you could save $7.75 per electronic disclosure when you cut out the mailman. Add that up over every client and every disclosure, and that already saves a large chunk of change when it comes to staying compliant. A paperless, digital document management solution is the future when it comes to saving on compliance.
Learn more about how to go paperless by downloading our guide here.
2. Automate Surveillance & Tracking
The benefits of automating time-consuming compliance tasks are many. For example, your financial advisors can spend less time organizing client information and more time talking with clients about their future goals and how they can best serve them.
If you want to reduce compliance costs, eliminate as many opportunities for human error as you can (such as forgetting important dates or not updating key contact information correctly). Use technology to improve your processes, not just continue them.
Here are just a few of the compliance areas you can automate with Docupace’s platform:
- Send welcome letters automatically to new clients
- Automate OFAC and FinCEN contact reviews
- Automatically send out 36-month mailings
- Keep everything up to date with automated address changes (seamless from your CRM)
Additionally, you can set up trade- and account-level license checking that automatically alerts your representatives if there’s ever a problem. With Docupace in your back pocket (read: back office), you’ll be able to provide a seamless compliance experience for your customers and eliminate costly human errors.
3. Be Audit Ready Anytime
Finally, nothing is more important than being ready to provide auditors with key information at the drop of a hat. The last thing you need is to get knee-deep in an audit and find out you’re missing key documents or audit histories.
Our platform provides accurate data about your past compliance activities that keep you audit ready, all the time. It organizes information in an easy way to access and understand, and includes robust reporting capabilities that respond even to the most complex requests.
Docupace’s Compliance TRACKR is our end-to-end processing, tracking, storage, and audit function within our software. By applying the TRACKR to your organization, you’ll be able to meet current disclosure requirements and adopt a digital-first mindset at the same time.
Some benefits of TRACKR:
- Automated workflows and CRM integrations will digitize compliance rules like Reg BI, Form CRS, Form ADV, and DOL Rule disclosures.
- Our digital storage space is secure and FINRA/SEC compliant.
- Audit trails and real-time reporting will help you avoid wasting time and energy on searching through documents.
To reiterate, going digital with Docupace’s paperless platform will improve your compliance rates and document management processes, cutting down on key discretionary business costs you can’t afford to spend elsewhere.
Still unsure of how much you’d save by going digital? Calculate your savings with Docupace with our compliance calculator.
