While cyber attacks on financial firms receive the lion’s share of the negative press, there are many potential threats to client data from inside your organization. Sure, a rogue employee could copy a client’s information for nefarious purposes, or a visitor could steal a file. However, many of the internal threats to client information are accidental, such as the staff member who accidentally emails a client’s information to the wrong person. What actions is your financial firm taking to protect client information before something goes wrong?

How Document Management for Financial Advisors Increases Information Security

Document management systems allow you to set access control, so you control who sees what. When everything’s stored electronically, there are no more paper records rooms to secure. Access control can be turned on or off with one click, so if someone gives notice, you can instantly shut off their access to sensitive information.

You can set the level of privileges per employee, for instance restricting who can print or change data. Redaction lets you hide sensitive information, protecting client data.

Within the back end, you can see which staff members have accessed files. This transparency may prevent rogue employees from stealing data. If something does go wrong, you’ll quickly be able to take action. Redaction keeps confidential information private. With audit trail settings, you can request reasons for printing or emailing client data. Watermark printing allows you to authenticate information, providing peace of mind.

From an archival perspective, a digital repository simplifies the storage of old documents while increasing the transparency of records management. With a paper record, you have no way to tell if the information is copied, photographed, or scanned and emailed to a third party. When everything is in a document management system, you can see who accessed a document, which actions they took, and whether any policies have been violated.

Added Benefits of Document Management for Financial Advisors

Not only does a document management system reduce risk, it also helps with compliance. Compliance is a top worry of many financial advisors due to the sheer amount of regulations and the cost of updating systems. To stay competitive, financial firms must lower their cost. Yet to stay compliant, firms feel they must invest in expensive, cost-prohibitive software.

Treeno for document management makes it simple to meet compliance regulations such as Sarbanes-Oxley, FINRA or SEC, which mandate that data must be held securely for years, with unalterable access control. Why worry about meeting compliance requirements in-house when you can upgrade software and easily become compliant?

As robust as these systems make data storage, they’re surprisingly easy to use. One-click document retrieval lets you search, store, and file documents in seconds. The ability to automate repetitive tasks is a productivity booster. Your team can view processes, tweak system settings, and streamline efficiency within the software, to save time and increase the efficiency and quality of customer service.

The scalable nature of document management systems allows your organization to get the safety and security tools you need at a price you can afford. Treeno leverages the capabilities financial advisors need without the hefty price tag. Financial advisors can get the document management capabilities they need to protect client data and stay compliant, without overpaying for compliance. Learn more about Treeno, or request a live demo.