The Best Financial Planning Tools Are Found in DMS

Financial technology is an investment, and many companies are finding that high returns can come from something as simple as document management software (DMS).

Experts such as Jim Dario of TD Ameritrade expect each technology investment of about $100,000 to generate a $1 million increase in business value for a mid-sized RIA. However, he says that financial firms typically spend between 3% and 5% on new technology, which leads to a missed opportunity.

One way to ensure that you get the most out of your technology is to start with a targeted purchase that has a significant role in all of your operations. DMS is one of the best places for any financial services provider or financial firm to start with this year. DMS can help you take your first steps in key areas of cyber security, reducing paper consumption, mobility, and cloud computing.

Simplicity Should Drive Early Efforts

Document management software can’t be a standalone effort, especially because it shines when you leverage all of your existing files. Thankfully, many of today’s systems can easily handle navigation and migration of files with a fully integrated structure that automates most elements.

eFileCabinet’s DMS solution emphasizes ease-of-use by working with many of the common tax and financial platforms on the market. Thousands of Intuit’s Lacerte Tax Software users have told us they have seen a major boost to existing Lacerte implementations because our DMS provides easy syncing across cloud computing and desktop implementations.

You’ll get all the control you need without any proprietary locks, so your documents stay in the file type you want and need. We also promote simplicity because we understand that financial firms already have a significant amount of work. You shouldn’t have to struggle to learn a new system on top of everything else. Our technology relies on cloud computing and mobility support so you can be productive when and where you need it, through an intuitive interface that won’t force you to return to the office if a client needs a file outside of normal business hours.

Cloud Support Is Mandatory

The reality of today’s world is that your clients are always connected, and they expect you to be, too. Cloud support is essential, or you risk missing out on delivering your best services to keep customers happy. At the recent T3 Conference, cloud computing was a major theme: The cloud is a low-cost solution that provides better security and backup, but advisors need to understand where cloud data is stored and what happens if a provider goes out of business, according to tech expert Joel Bruckenstein.

A robust DMS system like eFileCabinet will provide you with a host of cloud features that you can use to manage business, people, and documents wherever you are. Certain additional services, such as mobile apps, can be a great way to boost your team’s productivity. Here are a few key elements we think are necessary for today’s work environment:

  • Secure file sync and management that works the same across on-site and cloud options
  • Mobile/cloud computing support for compliance tools to ensure your work is meeting regulatory standards
  • Integration with top customer relationship and management tools like Salesforce
  • Role-based user permissions so only your core team can edit the most important files—while any member in the field or on-site can access what they need to get work done

Many DMS firms will try to compete on pricing for storage size, alerts, and basic auditing, but the main element you want to look for is a robust toolkit that helps you stay fiscally responsible and secure through mobility deployments.

Cyber Security with the Ease of Mobility

With mobile technology playing a major role in financial firms today, a DMS allows secure access on a variety of devices. Making it easy to send files and get work done on the go. You can access your files directly from your phone or tablet anytime using eFileCabinet’s DMS. This is critical for financial firms as they incorporate tablet devices in new ways. 50% of RIAs are using a table, according to Financial Planning’s Tech Survey. Brian Shenson from Schwab Advisor Services said at the T3 conference that some financial advisors are even giving each client their own tablet to keep open communication on the client’s plan.

In the DMS space, eFileCabinet uses a backbone around your network and some best-in-class solutions to keep data secure and control how data can flow in and out of the system. Solutions that pair existing file sharing with a fully encrypted document portal are a necessity when you consider any DMS purchase. The more easily these services operate and the more support you have for mobility, the better. Also, look for full compliance with all FINRA, HIPAA, SEC, and NASD regulations.

Go Green with DMS

Document management software has a lot of benefits that can help you reduce what you’re spending on printer paper and toner. Wealth Enhancement Group, a Minnesota financial planning and advisor services firm, said by using DMS, his firm has reduced its paper consumption by 450,000 pages annually. Rob Major from AssetBook thinks using paper, in terms of reporting, will go away by 2025.

We provide strong cloud and mobility support set against a cyber security barricade that protects you and your clients, so you can save even more. Fill out the form on this page for a free demo.

By | 2016-12-15T11:59:08+00:00 December 11th, 2015|
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