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Friday, July 28, 2017
Posted by at 8:00 am

Financial Advisors Stay in Compliance Through Digital Document Management Solutions

As one of the most heavily regulated industries in the world, finance requires an attitude of continuous improvement when it comes to compliance. Digital document management streamlines the compliance process and provides many additional features that financial managers are finding quite useful. Below are just a few of the reasons that document management for financial advisors is quickly becoming the norm in the industry.

You must be able to retrieve records on demand.
Whether you are searching for documents for customers or regulatory agencies, you are expected to be able to put your finger on financial paper trails instantly. Digital document management keeps your staff from having to search through endless file cabinets and deal with problems like faded document ink.

Your images and database must be stored on acceptable media.
Digital document management gives you the expanded capability to include audiovisual media with your paper trails. However, if this data is not properly stored, it can quickly become an anchor to a business. The right solution ensures the integrity of this data.

You must maintain your records in an unalterable format.
Financial records are only considered valid if they are unalterable. Digital document management ensures that records are kept as they should be, which has many positive implications beyond compliance regulations.

You must store your documents on unalterable media (CD or DVD), or you must use audit trail tracking that clearly identifies the original dates that images were captured into your system.
Creating an audit trail for unalterable documents helps to submit records in their proper order. Aside from simple compliance, doing this upgrades your document workflow from low quality aggregation to true organization.

For FINRA-registered advisors, a copy of your records must be maintained by a third party, independent from your operation–not your broker-dealer. These copies must be readily available to auditors.
Keeping your documents with a third-party ensures the validity of those documents. It also protects against catastrophic data loss within your company.

Your system must have reasonable controls to ensure integrity, accuracy and reliability.
Digital document management provides a reasonable control that keeps your records clean and organized. These controls will also protect against unintended deletion or unauthorized access.

Your system must have reasonable controls to prevent and detect records deterioration.
If you have ever kept a file cabinet of records, then you understand exactly what time can do to ink. There is nothing worse than having to explain to client that you have lost records. You will never have to explain this with digital document management, and you can print new copies whenever required.

Your system must have an indexing system facilitating document retrieval.
An indexing system helps you retrieve documents for better customer service. This is also a great interface for government agencies that may ask for records during an audit.

Your system must be able to cross-reference with other recordkeeping systems and software.
Digital document management instantly gives your financial organization the ability to collaborate with complex software outside of your system.

You should be able to produce all applications within a specific date range, or all correspondence from a particular date.
Being able to put your finger on data from a specific time frame is incredibly important in today's world of complex financial transactions.

If your financial company is having trouble staying in compliance, a consultation with Treeno can change that narrative. Give us a call or an email to discuss how the right digital document management solution can help you today.


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