Whether you are an independent financial advisor or part of a large team, keeping up with documents can be a challenging task. But time is money, as they say, and productivity is the key to profitability in the financial sector.
Unfortunately, many firms find they lack the technology to be more productive or the tech they have is too complex. The best technology should ideally be streamlined and easy to use, making your work life easier, not harder.
Using Document and Print Management to Increase Productivity for Financial Advisors
Document and print management solutions can not only streamline workflows for better efficiency, they also provide visibility into expenditures as well. Additionally, they can provide better security, which can be critical for regulatory compliance.
Financial advisors can also benefit from other features of a document management solution, including integration into other applications like Sage, QuickBooks, and Microsoft Dynamics.
How Document and Print Management Solutions Help Financial Advisors
Financial advisors have to deal with a lot of “paper” (virtual or otherwise). Managing that amount of documentation can be challenging. Without the right workflows in place, it can be easy to misfile and potentially lose access to important documents. But when working with clients, especially ones that bring in a lot of money, you don’t have the luxury of trying to track down a lost file.
Document management at its most basic level helps to organize your documents so they can be easily tracked and managed. This type of system doesn’t just help with files already on your computer. If you need to scan in and save a lot of documents securely, document management can make it happen.
Additionally, with secure cloud access, you will be able to view, modify, and edit your documents at the office or on the go. With secure access controls, you can have the peace of mind that documents are stored securely, only to be seen by the right people.
How Document Management Works with Print Management Solutions
Print management solutions are all about managing office printers (and even home office MFPs) to ensure they are not only properly maintained, but kept running smoothly with regular maintenance and automatic toner replacement. Furthermore, print management can tie into a document management solution for integrated scanning and remote printing.
Print management solutions also provide a way to monitor printer usage from a centralized software solution. This provides more visibility into who is using what printers and when, which can be used to curtail excess, unnecessary printing. (We can also predict that having better document management in place may also reduce unnecessary extra printing.)
Financial Advisors Need Document Management and Print Management for Compliance
Most importantly, the right document and print management solutions will help your financial firm to get into and stay in compliance with critical regulations requiring privacy and security of client information, such as those as required by GLBA (Gramm–Leach–Bliley Act). GLBA is a federal law that requires financial institutions to communicate how they use customers’ nonpublic personal information (NPI) and keep it private, secure, and protected.
The upshot is, sending documents back and forth through an unsecured free email account will not cut it. You might as well be posting the document up on social media for all the protection you’re giving it from hackers, who might want to steal the NPI (nonpublic personal information). Furthermore, your clients will have an expectation about their NPI being protected, so it’s incumbent upon you as a financial advisor to have the right systems in place to do this.
Need a Document and/or Print Management Solution?
CDS Office Technologies is an experienced provider of both document management and print management solutions. We have not only worked with financial advisers and firms but top businesses and government agencies as well. With this experience, we know how to set up and maintain secure document and print management solutions that meet regulatory requirements such as GLBA. We can help set up the custom workflows your business needs to be productive and profitable.
CDS Office Technologies helps financial advisors and financial firms improve their productivity through document management and print management. Contact us today to discuss a custom solution for your productivity needs.
