Knowledge distilled from implementing paperless records management into leading wealth management institutions such as:
A. Montag and Associates
Atlanta Financial Associates
Creative Financial Group
Integrated Financial Group
ZWJ Investment Counsel
SHOULD KNOW
. . . About Paperless Records Management
An enlightening overview of compliance issues, traditional records
management challenges and the value proposition associated with electronic records management designed for the Wealth Management Industry.
Mosaic customers and top performing investment advisors taking full advantage of the operational efficiencies gained from paperless operation
If you are like most securities brokers and investment advisors, you are drowning in paper. Financial firms face a daunting challenge of managing huge volumes of paper, including client financial statements, trade confirmations, tax forms, wealth management documents, plus much more. Implementing a document management system can help your company reduce costs and improve services by quickly accessing account information and immediately retrieving
documents.
Financial documents must be managed efficiently and accurately, and quickly made available for excellent customer service. Any delays caused by lost or unavailable records result in serious customer dissatisfaction and could result in lost future business.
Staying current with regulations from the SEC & FINRA require that you keep customer files for many years, so your firm’s document management processes must be highly accurate and secure. By incorporating an electronic document management system, you can gain greater control over the huge volume of paper in your office and increase the operating efficiency of your business:
You can improve customer service by locating documents in seconds, right from your desktop, and respond to customer inquiries instantly. This saves time and boosts customer satisfaction. It also makes for more satisfied employees.
We have implemented the Docstar document management solution with dozens of investment advisory and wealth management firms who quickly learned to appreciate the following
functionality:
Protect documents through user name and password protection.
Verify authenticity of documents (including emails, letters, memos, faxes, etc.) with patented process of image marking called AuthentiDateTM.
You can reduce labor costs associated with filing and retrieval of documents. You can reduce office space required for filing cabinets to store paper documents. You can minimize document copying expenses.
You can protect your critical information from loss due to accidents, theft or misplacement through an automated back up process.
Remain compliant with SEC regulations and FINRA standards.
Here are some common objections to incorporating a document management solution that we have heard over the years:
“The SEC and FINRA will not accept electronic documents as satisfactory to comply with their records management regulations and requirements.”
Firms in your industry already are using electronic management systems and complying with SEC and FINRA requirements. Further, laws, regulations, and technologies are evolving that will give electronic documents the same legal and regulatory standing as paper. Docstar's AuthentiDate™ Image Marking technology along with the United States Postal Service
Electronic Post Mark (USPS® EPM®), eliminate any possibility of altering documents stored in the system without detection, ensuring undisputed authenticity of records. This keeps them compliant with requirements of storing images in a non-modifiable format.
“SEC or FINRA Auditors will require paper copies of records for an audit.”
The SEC requires a written disaster recovery plan for all Registered Investment Advisors – the SEC does not consider paper as a viable backup. Docstar scanning and storing written into this plan will lessen the chances of an audit. If ever audited, the cost & inconvenience of an audit can be turned into a painless and inexpensive experience with Docstar. Audits are also a concern to Financial Planners because they make the firm vulnerable to other issues created by whatever the auditors may find inadvertently. The Docstar system’s security classifications can limit the auditors to ONLY what they originally requested, and results can be printed, faxed, viewed, or e-mailed instantly and painlessly.
What's in it for your firm to consider an investment in a document management solution? • Avoiding SEC Audits – the SEC requires a written disaster recovery plan for all
Registered Investment Advisors – the SEC does not consider paper as a viable backup. Docstar scanning and storing written into this plan will lessen the chances of an audit. If ever audited, the cost & inconvenience of an audit can be turned into a painless and inexpensive experience.
• Irrefutable document integrity – Docstar's Authentidate™ Image Marking technology and United States Postal Service Electronic Post Mark, eliminates any possibility of altering documents stored in the system without detection, ensuring undisputed authenticity of records. This keeps you compliant with the SEC requirements of storing images in a non-modifiable format.
• Security – client information security is ranked as one of the most important points in doing business with a financial planning company. Docstar’s Security features and Audit trail will keep your customer information private.
• File protection – Docstar protects against loss due to disasters, while critical information can still be kept on-site.
• Instant information access – documents such as trade confirmations and financial plans can be located in seconds and never get lost, enabling you to provide clients with nearly instantaneous access to critical information.
• Reduced labor costs – Docstar offers an efficient process for sorting, filing and retrieving records from your desk in literally seconds, allowing you to minimize your personnel requirements and assisting you in complying with SEC regulations and NASD standards. • Reduced demand for physical space – all paper files can be stored electronically onsite
and offsite storage is facilitated via removable disks with capacities starting at over 85,000 typical pages per disk (a typical file drawer holds approximately 2,000+ pages).
