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Document Management Systems: the “Must-Have” Technology for Every RIA

document_management.jpgIf you’ve never spent hours looking for a misplaced client file, you’re in a class of one. The financial advisory industry is document intensive. Every financial advisor and RIA knows the importance of accurately capturing detailed information and maintaining up-to-date documentation. But with the increase in government regulations and a favorable investment climate, firms are facing the challenge of managing more documents, forms, and reports than ever before.

The result? Expanded workloads to organize, file and retrieve documents, increased costs to store documents, and potentially a situation where you’re spending more time managing volumes of files than you are building client relationships. In essence, you and your staff are working too hard for little return.

Adding a document management system (DMS) is no longer a hopeful idea for financial advisory firms - it’s a necessity.

When it comes to document management systems, there are two options:

  1. A simple storage and retrieval system governed by a static folder tree structure.
  2. Scalable DMS that can help you do the tasks you are doing today, but with speed, efficiency, and fewer errors.

More and more financial advisory firms are choosing DMS because you can create workflows that simplify and speed up business processes. With an efficient DMS you can:

  1. Create saving and searching templates to reduce the number of mouse clicks required for your most common tasks.
  2. Use status fields, notifications, autofiling and other features so information is easily tracked and shared.
  3. Apply workflow rules so documents are automatically routed without any manual intervention. Documents don’t need to be hand-carried or emailed.
  4. Seamlessly integrate third-party apps with DMS to completely optimize the entire workflow process of scanning and filing. Now it’s as easy to work with paper documents as electronic documents.
  5. Improve many of your internal business processes — human resources, accounting, administration — not just those related to client files.

And that is just the tip of the iceberg. There are myriad ways to improve your current workflow with a DMS. Features such as saving templates, prefilled metadata, saved searches, and advanced searching can ease the burden of time-consuming document management tasks.

In addition, DMS can integrate with other software you routinely use (think CRM, custodial systems, client portals) to allow quick-access to files and easier ways to collaborate

A successful document management strategy focuses on making it easy to find the right documents, at the right time, and in the right format. Your staff will be able to operate more efficiently and with less frustration.

Remember that DMS requires customization to be truly effective for your unique situation. You’ll want to maximize all its features and even push the envelope.

The bottom line is that DMS lets you spend more time working on behalf of your clients and less time on administrative tasks. Going paperless is no longer a pipe dream. See what a difference DMS can make at your firm.

Interested in learning more about what DMS can do for you? Download our ebook on document management.

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Jo Day

Jo Day

Jo loves learning about interesting problems and how people are solving them. Jo is well known for connecting people and ideas and is a great catalyst (moo!) to change. Where some people see the world through rose colored glasses, Jo sees the world through processes. When Jo isn't hanging out with her family, Jo's favorite hobbies are being anywhere outdoors and coming up with new business ideas – just for fun!