There’s no way around it: Cloud document management software works for CFPs and wealth advisers, and makes for a better work-life balance.

Financial services professionals must sell clients before demonstrating their expertise, and the cloud provides the efficiencies needed to make this a reality through technological mediums and delivery devices such as smart phones and tablets.

When it comes to managing money, wealth advisers know that their client base demands swift responses and quick updates; money is no joke, and when a client has questions, they likely need their answers right then and there.

In fact, that’s one of the foremost benefits eFileCabinet customer Larry Boyd has with document management software. While most financial advisors are driving to their clients’ residence with filing cabinets and stacks of paper in the back of their vehicle, or meeting them in coffee shops to discuss financial plans, Boyd simply retrieves his tablet or mobile device from his pocket to reference client information and provide feedback regarding his clients’ financial plans.

Not only does this make finding what the client asks for a lot easier, it also looks much more professional to simply pull your office out of your pocket than it does to shuffle through a bunch of documents atop a table.

This is especially true when considering the size of the tables in most coffee shops: They’re big enough to hold the coffee, but not much else. The lesson to be learned? Don’t carry paper with you, no matter how fancy that briefcase looks. There are other ways to bridge the technology-imposed chasm between financial advisers and their clients:
 

Clients Demand Timeliness: Cloud Document Management Software Delivers

The role of the financial adviser and CFP has evolved dramatically within the past several years, in large part due to clients’ shifting expectations.

One of the most frequent complaints clients have of their financial advisers is that they aren’t available as frequently as they’d like them to be. And this is why cloud document management software works for CFPs and wealth advisers: It frees up the resources and time necessary to be more responsive and tend to clients more effectively.

Investopedia reports that interest rates have stagnated significantly in recent years, creating a sense of urgency in clients. Not only is finding the most effective way to generate return on investment for the investor an increasingly important priority, it’s the leading form of client impatience.

Therefore, any tools a financial adviser can use to reduce the operating expenses of his or her services will be beneficial for client retention, and that’s why cloud document management software works for CFPs and wealth advisers.

One of the ways to reduce busyness when tending to clients is by becoming more mobile for them. On-premises document management software (DMS) is great, but it doesn’t afford the same accessibility that the trend outlined above requires—DMS mobile apps (via cloud-based software) gives this information accessibility—enabling the degree of responsiveness clients are seeking today.
 

Accessibility and Security: No Longer Mutual Exclusives

Cloud document management software for CFPs and wealth advisers works because management software materials are generally more cost-efficient than their on-premises counterparts, and they enable the mobility clients desire in their wealth managers.

However, this mobility and accessibility don’t subtract from the security of a VPC cloud. Cloud document management software keeps sensitive information accessible, yet secure via mediums such as mobile devices and Mac computers.

Although on-premises document management software imparts a tangible, secure feeling to its users, they oftentimes require a greater overhauling of preexisting IT infrastructure, and offer fewer means of achieving full mobility—mobility being a facilitator of solid work-life balance and professional happiness.

For some time, there’s been a fear of cloud based technologies in the financial services profession. Many wealth advisers and managers harbor reservations about the prospect of paying a third party to store clients’ information online.

Another reason why cloud document management software for CFPs and wealth advisers works is because vendors make their names by securing that information, and therefore take its handling very seriously.

What’s more, the dangers of email-imposed data breaches are avoided through web portals—a secure way to share sensitive information with clients and increase a CFPs web presence without removing any of the information from the vault to begin with.
 

The Cloud Structures “Unpredictable Hours”

This is a pain point for many wealth advisers and financial planners, especially given the expanding roles these advisers are expected to fulfill.

However, the burden of these unpredictable hours can be mitigated by the efficiency and mobility that cloud-based DMS offers. Making the additional hassle of dealing with unpredictable hours worthwhile is an essential staple of leveraging them to earn an income, and any technology that can be leveraged to accomplish this means is worth using.
 

If You Can Use a Website, You Can Use the Cloud

Many financial services professionals are cloud-aversive, flummoxed by the rumors they hear about the cloud—spangled in unfamiliarity and steeped in myth.

What most financial services professionals fail to realize is the number one benefit as to why cloud document management software works for CFPs and wealth advisers: the fact it is just as easy to use as any other web page, albeit highly secure.

Financial advisers are experts at improving the bottom line for other people, but the cloud is one of the first steps to be taken in producing results for your firm or independent consultancy.
 

How Cloud Adoption Can Change the Fate of Financial Services

As noted by Sapient, enterprise technology standardization, data virtualization, mobility, speed to market, scalability, and perceived cost savings are all viable buy ins for the financial services industry, but cannot be actualized until adoption is significant enough to alter industry trends as a whole by way of competition.

This means wealth managers can begin by becoming trendsetters to get ahead of the curve, or be forced to play catch up in a hurried fashion within the next decade’s time. To increase your learning on why a cloud document management software for CFPs and wealth advisers works, visit our page that describes document management systems in depth.