Is your wealth management firm struggling under the physical and metaphorical weight of paper documents? Are you having a hard time keeping up with the demands of your growing client base? If so, then you should explore proven electronic document management technology that is designed to streamline communications, improve accessibility to vital records, and effectively manage documents for wealth management firms of all sizes.

A Trusted DMS: Document Management For Wealth Managers Made Easier

A Document Management System (DMS) is designed to help wealth managers, also known as financial service advisors, create, maintain, and manage an organized file repository. As a single, integrated solution, a DMS can help wealth managers to securely store files, while enhancing accessibility for future use. Instead of relying on inefficient paper storage solutions that are both costly and space restrictive, wealth managers can use a DMS to protect client documentation, improve processing efficiency, ensure business continuity and streamline workflows throughout their organization.

Whether an in-house, or cloud-hosted DMS is chosen, wealth managers can benefit from storing a wide variety of documents. Sample documents that can be securely stored include:

  • Custodian brokerage statements
  • Individual investor statements for clients
  • Meeting announcements or updates
  • Monthly statements from portfolios, brokers, and hedge fund managers
  • Subscription and partnership agreements
  • Client-specific transactions, invoices, and accounting entries
  • Important tax documents

What Are The Benefits Of A DMS?

There are several benefits to using an integrated DMS to enhance wealth management best practices. First and foremost, a DMS can greatly reduce costs associated with paper storage solutions, reduce expensive office space, eliminate wasted hours spent looking for lost or misfiled documents, and reduce the cost of office supplies such as paper, ink, printers, and toner.

Through the right DMS, employees will be able to access vital documents from the comfort of their home, office, or while they are on the road. Improved accessibility can lead to increased customer satisfaction levels and a reduction in operational expenses. In addition, a DMS can help wealth managers improve mobility, while simultaneously meeting compliance regulations. The benefit of the latter solution is two-fold — 1) wealth managers can improve response time to client questions, and 2) organizations can avoid hefty fines by remaining compliant with the latest government or industry issued requirements.

The Bottom Line: Document Management Can And Will Benefit A Wealth Management Firm

As the role of wealth managers continues to increase in complexity, the need for a trusted DMS becomes paramount. From finding the correct correspondence at a moment’s notice to regulating when out of date documents can be securely deleted, the right DMS can help wealth managers streamline work efforts to the benefit of their clients and organization. Whether you are looking for a new DMS or simply want to improve the chosen technology solution within your wealth management firm, contact Treeno Software to discover a future where paper documents and disorganized filing systems are a thing of the past.