Financial Advisor Marketing & Technology

Marketing & Technology For Independent Financial Advisors

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Archive for September, 2011

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

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.

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.

That’s why the integration of Cabinet NG’s document management software for advisors with AdvisorVault’s client vault system for advisors is a big deal.

 

 

By working together, Cabinet NG and Advisor Products have taken the paperless office concept a step further than any other tech vendors serving advisors.

We’ve made it easy for advisors to post documents to a client vault from document management software.

The integration of Cabinet NG’s document management software with AdvisorVault turns documents stored internally into external client communications.

To satisfy books and records rules, investment advisors must retain all documents relevant to servicing clients. Cabinet NG fulfills that requirement, using write once, read many (WORM) disk drives to fulfill Securities and Exchange Commission requirements that your records are tamper-proof.

But, like all other document management systems for advisors, Cabinet NG is not meant to be shared with your clients. So Cabinet NG partnered with Advisor Products to streamline an advisor’s work.

Not all vendors are as enlightened as Cabinet NG.

Just about every practice management software app used by wealth managers, financial planners and other investment advisors offers a client online access point. Ebix SmartOffice, for instance, offers a client portal. So do Junxure, MoneyGuide Pro, Finance Logix, Black Diamond, AssetBook, PortfolioCenter, and just about every other app made for advisors. They all offer a way for you to give clients a view of their data online.

But none of those apps used by advisors is dedicated to creating the best client interface that integrates information from other systems.

Those apps provide ways for advisors to create financial plans, manage and report portfolio performance, and manage customer relationships. But none is made expressly to promote client communications.

While the client interface is a secondary goal for these apps, that is AdvisorVault’s sole mission: helping you create a great client experience by making communication secure and easy.

Every tech vendor that integrates with AdvisorVault acknowledges that the client interface it may provide is different from AdvisorVault, a solution dedicated solely to client communications. Not every tech vendor is willing to concede that their app will not be the client portal.

In integrating with AdvisorVault, Cabinet NG shows a commitment to doing what’s best for advisors. Together, we can do great things for advisors.

For example, you can set up client folders in Cabinet NG to automatically synch with a client’s vault. Anytime you put a document into a client’s folder in your document management system, it will be automatically uploaded the client’s vault. And if the client does not have a vault, Cabinet NG sets one up on AdvisorVault.

Then, AdvisorVault notifies the client, who comes to your website to view the document. The clients sees that document along with others stored in his vault—portfolio reports, financial plans, brokerage statements as well as wills and trust documents, copies of passports, a medical proxy, and other personal information.

 

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