The financial services industry is transforming rapidly with new technology, shifting mindsets, and changing client priorities and demands. Financial advisors and firms of all sizes are at a crossroads to deliver top-tier service that meets customer and employee needs seamlessly and securely. At the Docupace Virtual Showcase, CEO David Knoch and founder and president Michael Pinsker demonstrated Docupace’s role in the transforming financial services industry and the company’s plans to be a leader in innovation.
A Strategic Shift Is Underway
Wealth tech has seen incredible growth in recent years, but now many firms are merging to create collaborative technology ecosystems. Those changes highlight a more significant mindset shift happening throughout the industry. The past decade has been defined by the financial advisor and client experience, with many firms investing heavily in new technology to provide exceptional experiences to those two groups. But the tide is shifting from a front-office focus to a back-office focus. Instead of focusing on experience, financial services is moving towards execution. Central to that shift is realizing the value of operations.
Knoch shared that the primary function of Docupace is to turn financial planning into financial planning well executed. Financial planning is highly emotional and often requires clients to be vulnerable as they discuss money with their financial advisors. But once clients and advisors move past the emotional state to the execution phase, minor errors like paperwork backlogs or typos frequently occur and break the fragile relationship between clients and advisors. Back-office operations, supported by powerful technology like Docupace, are critical to ensuring strong execution and providing value to financial advisors and their clients.
All firms require technology to foster four core relationships: CRM, financial planning software, TAMP platform, and custody & clearing firms. Docupace’s goal is to connect all four pieces of technology to simplify, automate and integrate back-office operations. The shifting focus to execution allows firms to integrate technology, expand their capabilities, and provide better results for financial advisors and clients.
Innovation Is Crucial in the Transformative Financial Services Industry
Docupace’s strategic vision moving forward is supported by its core values, starting with client centricity. An absolute focus on clients drives all other core values, including quality, integrity, simplicity, and innovation. Perhaps more important than ever before is the need to continually innovate and provide leading solutions and partnerships.
Regulatory pressures, behavioral changes, and market shifts drive innovation. We live in transformative times when organizations that don’t innovate will become obsolete. Docupace strongly believes that organizations that innovate to the tidal wave of change will survive and prosper. With that mindset, Docupace is innovating in five main areas: client onboarding, integration/platform adoption, clearing & custody, RIA/TAMP, and technology & infrastructure. These pillars have guided the company’s innovation over the past 12 months and will continue to serve as areas for change and improvement going forward.
Docupace Aims To Be an Industry Leader
In an industry where many systems are either monolithic or fractured, Docupace believes that the winner will offer the most all-in-one solutions. The financial services industry is ripe for disruption and adoption of broadly integrated technology. To deliver the best integrated platforms, Docupace partners with numerous solutions, including jaccamo, Envestnet, JIFFY.ai, and more.
The three strategic pillars guiding the future of Docupace include:
- Back-office ecosystem including multiple acquisitions and integrations to provide valuable operations tools.
- RIA market expansion, which Docupace views as its responsibility to deliver the same quality of products.
- Enhancing and innovating including expanded tracker capabilities and partnerships with new technology firms.
These three guideposts provide room for continued growth and impact while also tapping into the major trends and movements of the overall industry.
Docupace aims to be an industry leader, but its focus on making the complex simple never wavers. With strong partnerships and an emphasis on client centricity, Docupace is well equipped to innovate and transform the ready financial services industry.
Click here to watch all the presentations from our Virtual Showcase.
