In more than 20 years in the financial services industry, I’ve worked as a Certified Investment Management Analyst®, served as president of 1st Global, and Chaired the Financial Services Institute (FSI) Board of Directors. Now I have the pleasure of taking over the role of CEO at Docupace.
I care deeply about the wealth management industry and its future, and I’m glad to be in a position where I can help guide that future. I look forward to using my experience to drive success for Docupace and our clients.
Facing unprecedented challenges
It has to be said that I’m taking the reigns at Docupace at an exceedingly challenging time — for both the wealth management industry and the world at large.
Before COVID-19, we were already on the precipice of the largest transfer of wealth in history and facing unprecedented disruption from technology, massive consolidation within the industry, and new regulatory challenges like Reg BI.
Now we’re also contending with widespread workplace disruption due to the pandemic, including a sudden shift to remote work that isn’t likely to go away anytime soon (If you believe an April 2020 survey from Aite Group, as many as 22% of jobs at financial institutions probably won’t come back into the office).
Meanwhile, cyber criminals aim to capitalize on the upheaval, particularly the gaps in security that can result from remote work. Attacks on banks and other financial institutions spiked by 38% between February and March, prompting government agencies like the New York State Department of Financial Services to release pandemic-specific cybersecurity guidance.
In addition, even as states begin to reopen, unprecedented unemployment levels and rising household debt are indicative of the impending economic downturn — one that will no doubt impact broker-dealers and RIAs in one way or another.
Driving industry transformation
No one has ever accused the wealth management industry of being nimble and quick to change. But if this global crisis has taught us anything, it’s that change is not an option; it’s an urgent need.
I truly believe that the answer to many of the wealth management industry’s biggest problems lies in embracing digital operations and driving it to the core of the business.
Docupace’s goal is to help our customers do just that: support true digital transformation by continuously improving our core products, bringing new and innovative solutions to market, and doubling down on our commitment to customer success.
Here are just a few of the ways Docupace has stepped up our commitment in the last year:
- Launching Docupace Start for formless client onboarding
- Launching Tracker BI for simplified Reg BI compliance
- Offering Digital Adoption Bundles to help firms digitize in this challenging climate
- Offering Digital Operations solutions to help firms reduce risk in any climate
When it comes to digital operations in wealth management, Docupace is the pioneer. And now it’s time to push for even more innovation.
My vision for Docupace is to fully embrace digital operations, preparing ourselves and our clients to face future disruptions gracefully and come out on top. I’m confident that Docupace will continue to make a positive impact on our users — including back-office employees, advisors, and investors.
Whether you’re a current Docupace customer or considering us as your partner in transforming your back office, I’d love the opportunity to speak with you about how we can help your firm succeed. If you have any questions, concerns, or ideas, please feel free to contact me.
Wishing you health, safety, and luck,
David Knoch
CEO
david_knoch@docupace.com
