This year’s Financial Services Institute (FSI) OneVoice conference turned out to be one of the most productive forums for engaging with decision-makers.
At first, attendance at the summit, held from January 23-25 at the San Francisco Marriott Marquis, may have appeared a bit lower than in previous years due to industry consolidation. However, the audiences at the keynote addresses and panel discussions—and the attendees who stopped by the Docupace booth—were mostly senior leaders and executives, and this rich concentration of higher-ups made the conference the ideal place to meet the right people.
Right from the get-go, the DOL Fiduciary Rule was one of the major topics that dominated the conversation. The Fiduciary Rule may be delayed, but broker-dealers and advisors are still attempting to get themselves “DOL-ready.” The company CEOs who spoke at the conference agreed that, regardless of when the Fiduciary Rule is implemented or what it ultimately looks like, broker-dealers and advisors should arm themselves with holistic, end-to-end solutions to strengthen their businesses and create more transparency for investors.
In other conference news, Docupace Global Strategic Advisor Tom Embrogno had the privilege of participating in the cybersecurity panel discussion alongside Karrie Foley, Vice President of Member Relations and Education at FINRA. The decision-makers in attendance were able to ask Tom and Karrie questions about various cybersecurity matters, and we were proud to be able to showcase how we work closely with FINRA to help firms strengthen their cybersecurity.
Like Tom, I was also fortunate to be able to provide recommendations, and gauge the concerns of influential members of the industry, by participating in a panel discussion. My discussion focused on e-signature, and it was fascinating to hear observations and comments from the audience about the challenges that certain firms were experiencing regarding e-signature adoption.
One challenge expressed by members of the audience involved lower adoption rates of e-signature solutions by their advisors. Some attendees related that they saw e-signature adoption rates of around 15% to 20% when they implemented the software as part of an array of separate solutions. Of course, I recommended that instead of a disconnected solution, they should instead implement an integrated solution with uniform workflow at its core, which would enable them to accommodate e-signature and wet signature processes for their advisors in an efficient manner.
All in all, the 2017 FSI OneVoice conference made me very optimistic about the industry’s progress toward creating a more secure, seamless wealth management experience for advisors and investors—and the role we can continue to play in this ongoing evolution.
Michael Pinsker is the CEO and founder of Docupace Technologies, LLC. Since 2005, Michael has led Docupace with the focus on the Financial Services Industry. He co-invented the ePACS, a patent pending SAAS offering for Financial Services that has become the leading SEC and FINRA compliant straight through processing platform for the industry. Michael has enhanced his skills in the cyber security space through obtaining certifications from the American Board of Certification in Homeland Security (ABCHS). He is also Sensitive Security Information Certified – (SII/DHS), Certified Information Assurance certified – (CIA/DHS), and holds the Cyber Warfare certification – (CW TTPs/DHS).