Efficient Paperless Records Management

Transcription

1 What every Investment Advisor SHOULD KNOW... About Paperless Records Management An enlightening overview of compliance issues, traditional records management challenges and the value proposition associated with electronic records management designed for the Wealth Management Industry. Mosaic customers and top performing investment advisors taking full advantage of the operational efficiencies gained from paperless operation Knowledge distilled from implementing paperless records management into leading wealth management institutions such as: A. Montag and Associates Atlanta Financial Associates Creative Financial Group Integrated Financial Group ZWJ Investment Counsel W h a t E v e r y I n v e s t m e n t A d v i s o r S h o u l d K n o w... Page 1

2 If you are like most securities brokers and investment advisors, you are drowning in paper. Financial firms face a daunting challenge of managing huge volumes of paper, including client financial statements, trade confirmations, tax forms, wealth management documents, plus much more. Implementing a document management system can help your company reduce costs and improve services by quickly accessing account information and immediately retrieving documents. Financial documents must be managed efficiently and accurately, and quickly made available for excellent customer service. Any delays caused by lost or unavailable records result in serious customer dissatisfaction and could result in lost future business. Staying current with regulations from the SEC & FINRA require that you keep customer files for many years, so your firm s document management processes must be highly accurate and secure. By incorporating an electronic document management system, you can gain greater control over the huge volume of paper in your office and increase the operating efficiency of your business: You can improve customer service by locating documents in seconds, right from your desktop, and respond to customer inquiries instantly. This saves time and boosts customer satisfaction. It also makes for more satisfied employees. We have implemented the Docstar document management solution with dozens of investment advisory and wealth management firms who quickly learned to appreciate the following functionality: Protect documents through user name and password protection. Verify authenticity of documents (including s, letters, memos, faxes, etc.) with patented process of image marking called AuthentiDateTM. You can reduce labor costs associated with filing and retrieval of documents. You can reduce office space required for filing cabinets to store paper documents. You can minimize document copying expenses. You can protect your critical information from loss due to accidents, theft or misplacement through an automated back up process. Remain compliant with SEC regulations and FINRA standards. Manage more efficiently and be able to audit for mis-representations Page 2

3 Here are some common objections to incorporating a document management solution that we have heard over the years: The SEC and FINRA will not accept electronic documents as satisfactory to comply with their records management regulations and requirements. Firms in your industry already are using electronic management systems and complying with SEC and FINRA requirements. Further, laws, regulations, and technologies are evolving that will give electronic documents the same legal and regulatory standing as paper. Docstar's AuthentiDate Image Marking technology along with the United States Postal Service Electronic Post Mark (USPS EPM ), eliminate any possibility of altering documents stored in the system without detection, ensuring undisputed authenticity of records. This keeps them compliant with requirements of storing images in a non-modifiable format. SEC or FINRA Auditors will require paper copies of records for an audit. The SEC requires a written disaster recovery plan for all Registered Investment Advisors the SEC does not consider paper as a viable backup. Docstar scanning and storing written into this plan will lessen the chances of an audit. If ever audited, the cost & inconvenience of an audit can be turned into a painless and inexpensive experience with Docstar. Audits are also a concern to Financial Planners because they make the firm vulnerable to other issues created by whatever the auditors may find inadvertently. The Docstar system s security classifications can limit the auditors to ONLY what they originally requested, and results can be printed, faxed, viewed, or ed instantly and painlessly. What's in it for your firm to consider an investment in a document management solution? Avoiding SEC Audits the SEC requires a written disaster recovery plan for all Registered Investment Advisors the SEC does not consider paper as a viable backup. Docstar scanning and storing written into this plan will lessen the chances of an audit. If ever audited, the cost & inconvenience of an audit can be turned into a painless and inexpensive experience. Irrefutable document integrity Docstar's Authentidate Image Marking technology and United States Postal Service Electronic Post Mark, eliminates any possibility of altering documents stored in the system without detection, ensuring undisputed authenticity of records. This keeps you compliant with the SEC requirements of storing images in a non-modifiable format. Security client information security is ranked as one of the most important points in doing business with a financial planning company. Docstar s Security features and Audit trail will keep your customer information private. Client Communication Docstar is a Microsoft Certified Gold partner, allowing you to import Outlook s directly into Docstar which complies with SEC requirements. Page 3

4 File protection Docstar protects against loss due to disasters, while critical information can still be kept on-site. Instant information access documents such as trade confirmations and financial plans can be located in seconds and never get lost, enabling you to provide clients with nearly instantaneous access to critical information. Reduced labor costs Docstar offers an efficient process for sorting, filing and retrieving records from your desk in literally seconds, allowing you to minimize your personnel requirements and assisting you in complying with SEC regulations and NASD standards. Reduced demand for physical space all paper files can be stored electronically onsite and offsite storage is facilitated via removable disks with capacities starting at over 85,000 typical pages per disk (a typical file drawer holds approximately 2,000+ pages). WHY IS DOCSTAR/MOSAIC THE PERFECT FIT? 1. Docstar is an affordable and scalable solution. Fully outfitted, a typical investment advisory firm can go live with an all-inclusive/turnkey solution for less than $300/month. This includes scanner, server, software licensing, implementation and training. Hosted cloud-based solutions are also available. 2. The Docstar solution is proven with over 7,000 implementations and 17 years industry experience from a software development company dedicate to paperless business operation. Find Astria Solutions Group and their full product array at 3. Mosaic is Docstar Platinum partner with a 17 years experience, hundreds of satisfied customers, thousands of trained users and a unique understanding of cultural challengers associated with change. Our process and success is based on great communication, comprehensive training and years of practical experience creating successful outcomes. 4. Docstar accommodates every aspect of an investment advisory firm's operation and meets all compliance requirements. Docstar efficiently manages all client related files and your Accounting Records and HR Files. Docstar is the 100% solution, affordably priced and built on successes for investment advisors. * * * * * Page 4

5 Software Developer Exclusive focus is in developing Electronic Document Management software for efficient paperless work processes. Parent Company Astria Solutions Group Established 1996 Over 7,000 implementations primarily in the US and Canada Over 100,000 software users and growing VAR (Value Added Reseller) Specializing in paperless software solutions for business process automation. Emphasis on Business Operations AR and AP Human Resources Forms processing Client Records Management Goal: Replace manual paper based activity with automated paperless workflow Page 5