[ad_1]
By Debbie Miller, Customer Care Support Team Manager at Docupace
Documentation management tools are a must for any wealth management business that wants a robust digital presence. And if that isn’t you yet, it should be. In recent studies, 77% of financial advisors reported losing business because they lacked the appropriate digital tools clients expected. The same research found that 85% of wealth management business leaders rated partnering with third-party companies as important in both the short and long term.
The need for online platforms that manage customer data, streamline business operations and improve customer satisfaction rates is only growing. Clients expect a seamless and personalized experience, which can only be delivered with the right software solutions. Turning traditional paper documents into cloud-based versions is one important piece of the digital transformation jigsaw.
Lean Into Digital Transformation
Wealth management firms are seeing younger clients and that trend isn’t expected to disappear anytime soon. It’s projected that by 2030, millennials will hold five times as much wealth as they currently do. Raised in the age of computers, millennials are much more comfortable with modern technology than their parents and are used to a consumer economy that caters to their individualized needs. Gen Zers and their younger counterparts will only heighten this movement toward expecting an exceptional digital experience.
Document management solutions allow firms to offer clients a real-time version of this experience. Younger investors want remote financial consultations that don’t include sitting face-to-face with an RIA. A digital cloud for document storage and retrieval allows clients to easily stay on top of their financial goals.
Although all firms’ needs are different, documentation management tools generally offer the following:
- Data insights and industry-leading recommendations
- Seamless integrations with existing systems
- Customizations for processes and employees
- Cloud-based storage solutions
- Predictive analytics
Since many of these attributes are the basis of an effective digital transformation within the wealth management industry, documentation management tools like Docupace are a great way to help firms get started.
Minimize Operating Costs and Streamline Processes
One of the biggest benefits of implementing a document management tool is the cost savings associated with its long-term use. Any leader of a wealth management business is likely feeling the effects of fiscal pressures and an unstable market. Keeping costs low and revenue high is the ideal operating model for any organization wanting to remain competitive in the financial sector.
When it comes to processes, documentation management tools excel at streamlining traditionally manual (and repetitive) tasks for employees. They also minimize processing errors and remove system duplicates. The margin for human error within firms is small and even the simplest mistakes can result in hefty fines and excess costs.
Rather than minimizing the importance of back-office staff, however, documentation management platforms allow employees to excel in the tasks they do best. By automating menial to-dos and freeing up workers’ time, firms can solve multiple complex business problems by adopting a document management tool.
Documentation management tools also help firms save time and expense normally spent on compliance-related issues. With end-to-end digital delivery and automated processes, advisors can focus their time on building strong client-advisor relationships. The ability to worry less about keeping compliant and more about making customers happy is a boon to everybody within the wealth management industry.
Stay Compliant (And Competitive) in a Cutthroat Marketplace
Finally, documentation management tools keep firms from falling behind more savvy financial advising solutions. Tech companies have made considerable breakthroughs in the traditional wealth management space and existing organizations need to adapt quickly to keep up.
Customers will not continue to patronize businesses that don’t communicate with them efficiently and fail to consider their preferences when making investment recommendations. A movement towards email personalization and video conferencing means RIAs need documentation management tools that correspond with this migration to the digital realm. Antiquated processes and legacy platforms can make firms seem outdated, which can be a potential death knell in a highly competitive financial space.
Learn how documentation management systems can help your business excel by speaking with a Docupace representative today.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
[ad_2]
Image and article originally from www.nasdaq.com. Read the original article here.