Financial Advisor Marketing & Technology

Marketing & Technology For Independent Financial Advisors

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Why Integration Of Document Management With Client Vaults Is A Major Advance For Financial Advisors

What if communicating personal information with each of your clients was effortless? That’s no longer a merely a philosophical question. It’s becoming a reality.

Integration of AdvisorVault with Cabinet NG’s document management system, which was announced last week, is a big step toward making communication with clients effortless.

It portends a world in which a financial advisor’s relationship with his clients is more transparent, a world in which communicating with clients about their most personal financial details is automated. It makes advisors more valuable to clients.

The integration allows an advisor to select files in CNG’s document management system—just hold down “Ctrl” and click—to push them into a designated client’s vault automatically. What’s coming next, however, is a game changer:

Advisors will designate “sync” folders in their document management system for automatic synchronization with a client’s vault. You folder for client “John Smith” in your document management system can automatically synchronize with John Smith’s client vault. Anything placed in John Smith’s folder in CNG will automatically be displayed in Mr. Smith’s vault.

The automatic synchronization means client brokerage statements, performance reports, trade confirmations, 1099s and other documents can be pushed to clients without an advisor lifting a finger. For instance, clearing firms typically provide advisors a batch file containing of all their clients’ monthly statements. Using CNG’s tool, each client’s statement can easily be parsed into a separate folder on CNG and then automatically ported to each client.

Document management systems like CNG provide a great way for advisors to organize documents, indexing and filing them so you can retrieve them quickly. It makes documents in advisor’s office accessible anywhere and enables you to back up your records.

Document management systems, however, typically are not made with the features advisors need to share documents with clients. Nor are document management systems typically meant for sharing documents with accountants, lawyers, and other allied professionals.

AdvisorVault, however, integrates a communication module that automatically notifies clients and allied professionals when documents are posted to their vaults and enables notifications to be templated, batched, and automated. AdvisorVault’s interface was built for clients, and it was architected for compatibility with all of the popular browsers used by consumers. In addition, it is integrated with apps advisors use to pull and push data that advisors want to share with clients.

All of this makes the integration of AdvisorVault client communication with Cabinet NG’s document management system a major advance for financial advisors.

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