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Friday, May 26, 2017
Posted by at 6:03 pm

Eliminating Human Errors for Wealth Managers: How Technology Offers a Solution

The job of a wealth manager may not initially seem like a high-risk position, but today’s environment makes it one of the riskiest types of jobs out there. Your job entails managing an endless amount of risk and, for the most part, avoiding a crisis. The right business decision is not always clearly understood, and with that comes risk.

And, while most wealth managers may see their highest risks being those related to the stock market’s ups and downs, in reality, that’s not the case. Rather, it's humans. Eliminating human errors for wealth managers may be one of the most valuable of all steps you have to take on a daily basis.

How Do Human Errors Put Your Business at Risk?

Wealth managers must focus some of their efforts on eliminating human errors. Regulations – which seem to be in a constant state of flux – plague many wealth management professionals. You need to keep track of these regulations on a routine basis. And, you need to apply changes to the way you operate your business any time a new change arises.

For example, today’s average banking organization has more than 300 unique business processes. Of those, about 70 percent are activities that require individuals to make a decision. And, every one of those decisions could lead to a human error. Such a human error not only could lead to financial implications, such as significant fines, but it also creates a bad taste in the mouth of your clients. With many wealth managers fighting hard to secure new clients in the ever-connected world, human error simply needs to be minimized as a risk factor.

How Can You Reduce Human Errors, Then?

A variety of methods exist for reducing the risk that a human will type the wrong code or forget to make sure a transaction processes. Yet, at the heart of this is the importance of documentation management. Document management is the process in which you move your office to a paperless space. Instead of managing forms and countless pieces of paper to accomplish tasks, your employees move to a software-focused system.

By making this one change into digital document management, you can eliminate many of the most common errors. The Treeno Electronic Document Management system, for example, ensures compliance with:

  • The Security Exchange Commission
  • Financial Industry Regulatory Authority
  • Sarbanes-Oxley Act of 2002
  • Health Insurance Portability and Accountability Act
  • And others

This ensures that your organization maintains a competitive advantage, too. With this type of document management tool, you gain several key advantages:

  • You can provide the highest quality of customer service to your clients by being able to access anything necessary in moments. In a connected digital office, it doesn’t matter if you are at lunch with your client or across the country.
  • Additionally, the system manages numerous documents and images allowing for less paper on hand. This includes everything from client applications to trade confirmations. Everything is automated here. That means there is no risk of a document not being available or lost.
  • Repetitive processes, whether they related to electronic documents for clients or internal ones, are properly managed. This eliminates human error in one of the most common areas.

Eliminating human error for wealth managers starts with moving towards an electronic system for managing documents. Most importantly, the goal is to ensure your clients are given access to what they need and to accuracy. With a paperless office, that’s possible once again.


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