In an industry often known for its disparate systems, an integrated ecosystem can make all the difference in creating a competitive advantage and improving service. The powerful partnership between Docupace and Envestnet helps create an integrated tech stack to drive next-gen enterprise and sets up advisors and clients for long-term success.
Breaking Down Silos With Integrated Systems
For too long, the financial services industry has operated in silos, with each area of the company or service provided using disparate systems. Each task or type of account required a different dashboard, which created a fractured operating system and an incomplete view of clients’ financial goals. Rigid institutional mindsets, processes, and structures are predicted to bring down 80% of financial services firms by 2030 if they don’t embrace digital transformation.
Instead of focusing on small moments of the transaction, comprehensive ecosystems provide value throughout the client lifecycle and truly revolutionize how advisors interact with clients. Moving towards the future of financial services ecosystems requires solid partnerships, such as the work between Docupace and Envestnet. Envestnet’s robust existing ecosystems provide a strong opportunity for Docupace to solve the complexity of onboarding. Deep integration of Docupace and Envestnet capabilities elevates the entire RIA experience. These comprehensive ecosystems not only future-proof financial services firms, but also move the industry toward enhanced client service.
Next-gen Benefits for Advisors
With multiple dashboards, account solutions, and moving parts, onboarding new clients can be one of the most cumbersome and complex tasks for advisors — and at a crucial time when they should focus on connecting with their clients and providing a great experience.
Envestnet and Docupace’s partnership for next-gen enterprise creates a unified experience for onboarding accounts, servicing them daily, staying in sync with other advisors, and being in tune with investors through aggregated data and a streamlined dashboard. Richard Thoeny, vice president of product management at Docupace, calls the system the Holy Grail of client onboarding because it simplifies and streamlines the entire process. One strong example is Envestnet’s Insurance Exchange, which creates a consistent insurance infrastructure and enables advisors to integrate insurance solutions alongside managed investments.
Integrating Envestnet and Docupace capabilities brings essential information to the surface for advisors. Advisors enter basic client information, and the system highlights the most valuable tasks to complete. The next-gen enterprise simplifies complex and often cumbersome tasks, allowing advisors to streamline their operations, provide better service, and grow their business.
Creating Ecosystems That Benefit Clients
Over the years, Envestnet has moved from a traditional TAMP to a personal financial ecosystem that includes integration, AI data intelligence, and optimization of all financial solutions. Combined with Docupace, the system creates holistic financial wellness. Clients have a better big-picture view of their financial goals, progress, and well-being, and are empowered to make decisions that help them reach those goals. One of the most significant benefits for clients is the ease of managing their accounts and the security of trusting that their money is in the right place.
For transactions, an integrated system auto-populates a single package for a single signing experience. Up to an estimated 80% of financial transactional operations can be automated. This is especially crucial in the signing process, which is notorious for being paper-heavy and time-consuming. Creating a single signing experience streamlines the process and creates a better client experience.
Strategic partnerships and next-gen solutions provide value throughout the investment lifecycle, making the client relationship more meaningful and providing better financial understanding and returns. Clients can better view their overall financial progress and trust that advisors have the best tools to manage their accounts.
The integration of Docupace and Envestnet solutions creates a streamlined solution that benefits firms, advisors, and clients. Comprehensive ecosystems are the future of the financial services industry and can revolutionize how firms serve clients.
About Docupace
Docupace is a solutions provider focused on digitizing and automating operations in the financial advice and investment industry. Financial services firms use the Docupace Platform (a cloud-based, integrated software suite) to reduce back-office expenses, improve efficiency, strengthen recruiting, and enhance the experience of advisors and investors. With headquarters in Los Angeles, California, Docupace is proud to serve some of the largest independent broker-dealers and registered investment advisers (RIAs) in the financial services industry. For more information, please visit www.docupace.com.
