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|Put Your Document Management Software to Its Best Use|
by Rebecca King
Advisers increasingly rely on technology to enhance their client service, expand the number of clients they can effectively serve and improve productivity. One of the many types of software products available to advisers is document management software, which can help organize and manage files while fulfilling compliance requirements.
According to the FPA-ActiFi Adviser Technology Reports: Document Management Edition, the benefits of document management software that current users most commonly report include increased productivity, more effective client service and decreased worry about things falling through the cracks (see graph below).
If you, like 37 percent of your peers, list increased productivity as the No. 1 benefit you want from your document management software, be sure to implement a clear process for each of these areas and ensure it is followed for maximum success.
Increase Client Satisfaction
Document management software can also help you increase client satisfaction by ensuring consistent, high-quality service while delivering information quickly and in a client-friendly format. Advisers who use the workflow capabilities of their software are nearly twice as likely to report increased client satisfaction. Separately, those who use document conversion are 60 percent more likely to report increased client satisfaction. So by using both the workflow and the document conversion capabilities, you will likely see client satisfaction increase.
Scale Your Practice and Decrease Expenses
More Effective Client Service
Whether you currently use document management software or are currently seeking a solution, identify the benefits of most importance to you and start planning now for how you can best leverage these features and functions in your practice. Don't forget to map out your current and/or planned processes to see how the software integrates with your existing structure.
Before you start down the path of choosing a solution, be sure to check out FPA's document management software adoption template available online at http://www.fpanet.org/professionals/PracticeManagement.
Rebecca King is assistant director of research and business development at FPA. Contact her at Rebecca.King@FPAnet.org.
TD Ameritrade Institutional, Division of TD Ameritrade Inc., member FINRA/SIPC/NFA. TD Ameritrade is separate and not affiliated with Financial Planning Association or ActiFi and is not responsible for the policies or services of any third party. In no instance should the listing of a third party be construed as a recommendation or endorsement by TD Ameritrade.
Learn more online at www.FPAnet.org/AdviserTechnologySeries. FPA members receive these valuable reports free of charge, courtesy of TD Ameritrade Institutional.
Document Management Software Functionality
Workflow-managing the process as team members contribute to the documents' creation, review, approval, publication, and disposition