Onboarding New Clients Made Simple: Managing Client Accounts Throughout their Lifecycle

Financial services advisors shoulder a lot of responsibility, working to meet or exceed clients’ expectations for their investment portfolios and providing a level of service designed to deepen the advisor/client relationship. In firms that haven’t yet embraced electronic document storage and automated workflows, it can be challenging to provide adequate service to existing clients while working to build new client relationships. Implementing and leveraging Treeno Software’s Electronic Document Management (EDM) solution can empower your organization to manage client relationships and account documents throughout their lifecycle.

Benefits of Using EDM in the Financial Services Advisor Space

Advisors, their teams and their firms all benefit from implementing electronic document storage and workflow solutions. Some of the many benefits realized include the following:

  • Increased efficiency. There can be an incredible amount of paperwork needed in the client onboarding process and throughout the relationship, including: services agreements, account applications, suitability forms, investment policy statements and account funding forms, just to name a few. Using an electronic storage and workflow tool can significantly cut down on process inefficiencies that can come with printing, copying and filing these documents.
  • Process consistency. Electronic solutions can help ensure that client accounts are onboarded and handled routinely and that nothing inadvertently falls through the cracks. A lack of consistency in process can lead to wasted time having to go back to clients for missing paperwork, frustrating the client, your staff and you in the process. When you use automated workflows and electronic storage, you can create repeatable processes everyone on your team can follow.
  • Enhanced service. When advisors and their team members have clients’ account documents available at their fingertips from their computers, tablets or smartphones, they can handle many client inquiries immediately. This can eliminate the need to have someone pull a file and call the client back. Not only does this make advisors more efficient with their time; it also helps build credibility and trust with clients.
  • Improved compliance. Regulatory compliance requirements can seem overwhelming to financial services advisors. Certain documents must be maintained in client files for a set period of time, while other records follow different timelines. Advisors and their firms must be able to produce documents when required by the SEC, FINRA, state securities or insurance regulators. Using Treeno Software’s EDM solutions makes meeting these compliance requirements easier. Electronic documents are indexed and tied to client account records, because the EDM solution interfaces seamlessly with other existing systems. This means financial services advisors, their supervisors or the compliance department can access documents on demand.
  • Account reviews made simple. Of course, the advisor/client relationship involves more than just the initial onboarding process; advisors need to be able to facilitate periodic account reviews with clients. The EDM solution simplifies this process, providing easy access to information. Workflows can help drive scheduled account reviews too, reminding staff members when they have a task to complete.

Ready to Improve Your Client Onboarding and Service Processes? Treeno Software Can Help.

When firms implement solutions designed to help financial services advisors work more efficiently, everyone benefits: the firm, its advisors and staff and most importantly, firm clients. To learn more about how Treeno Software’s EDM solutions can streamline your firm’s client onboarding process and improve service throughout the entire client/advisor relationship, contact us today.