How Is Document Management Software For Advisors Different From Client Vaulting?

Thursday, September 22, 2011 11:51
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How Is Document Management Software For Advisors Different From Client Vaulting?

Tags: advisor technology | client communications | client satisfaction | document management systems | Integrations | Portfolio Management Software

Document management systems for advisors, which enable advisors to create a paperless office, are crucial for record keeping and efficiency. They’re legally required for Registered Investment Advisers.

But they are not designed for client access.

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To be sure, Document Management Software (DMS) is crucial technology to operating a financial advice business efficiently.

 

The way you file documents–the software interface the staff uses to file documents–is created by your DMS system. The information stored on your DMS must be logically structured, searchable, and scalable. Of course, security, redundancy, and your service agreement are important factors to evaluate. DMS solutions are complex systems that enable a paperless office.

 

But they are not designed for client access.

 

This is a post I wrote for my other company, Advisor Products, where my goal is to make you want to buy AdvisorVault.

Comments (1)

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BrianEdelman
Document Management Systems are too frequently used for document storage only. The most powerful part of these systems are the work items you can create to shepard a document through your practice with efficency. Clearly the ideal solution is a Document Management System tied to a client vault.
BrianEdelman , September 24, 2011

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