Managing document filing and storage is something that can take up a lot of time and resource if not properly managed. And even if filing and storage are correctly managed, doing it manually is slow, laborious, and prone to human error; finding and replacing missing files wastes even more time.
Finding a cost and time-efficient way to manage documentation is all the more pressing given the huge amount of documentation that firms now need to store. Masses of data and documentation are commonplace, all of it needs its source and journey tracking and then stored appropriately. The task can quickly become unwieldy if not tackled properly right from the beginning.
There’s also a regulatory angle in that firms need to demonstrate to the regulator that they are managing documents correctly and show a proven document management and storage trail at any point in time.
Happily, technology can help with this. Connect, our tool to integrate documents with Xplan efficiently, securely, and accurately adds so much value. It can also perform tasks in bulk or batches; useful given the increasing volume of documentation requiring storage and integration.
How it works
Connect has been designed to be easy and intuitive to use and visually attractive. It is a platform that has been custom-created to integrate specifically with Xplan – thus reinforcing an intuitive user experience and operation. Because it is so easy to use, the team will be able to operate the software with little need for training or support.
Connect integrates with your existing SharePoint & OneDrive accounts. It will replicate your client folders from Xplan and allow you to drag and drop the files into the appropriate client folder. Your doctypes and categories will also sync automatically, meaning you can enjoy a process that is seamless when it comes to creating doc notes with multiple files without double handling.
The software automatically associates the documents with the correct client and document categories. Xplan can then access the information within them to perform sophisticated data analysis to support your advising research.
Connect also integrates with Outlook. You can also drag and drop your emails straight from Outlook as well as easily update the file notes with the dozens of emails you have sitting in client folders. There is also a function to update index fields in SharePoint such as subject and document date. If you update this information in Xplan, it will update your SharePoint too.
Connect provides plugins such as DocuSign electronic signatures and for Redact editing to remove your risk and adhere to regulatory compliance. It is also easily integrated into our Insight Platform which can particularly help with KYC. Insight is a dashboard that provides real-time visual information to augment business intelligence and allow for more informed decision-making.
Security
Connect takes your existing security from Microsoft & Xplan and creates a secure link between the two, storing digital records in one central cloud-based location, Microsoft, for easy access and tracking.
But the cloud storage means that documentation can be accessed from anywhere with an internet connection; through a browser or by downloading the app, and can be accessed by smartphone, tablet, laptop, or PC. This is useful for advisors to have, now that they are back on the road, post-Covid.
Having a robust and secure document management system also provides a certain comfort level to customers. They need to know that their information is kept securely and safely and in line with compliance. Being able to demonstrate that you are serious about client security underscores and deepens what is very much a trust-based relationship.
And building that relationship adds to the bottom line. In that context, any tool that can give your team more time to deliver better financial advice to more customers makes a lot of sense.
