For smaller and up-and-coming RIAs trying to keep operations lean, efficient and effective, there is historically been two choices. The first is to lean on the firm’s custodian or TAMP for an “all-in-one” technology suite that will provide the basic capabilities needed but is not tailored to the firm. The second path is heavily investing in, building out and integrating the firm’s own technology stack.
If the latter sounds like a daunting task, you are not wrong. It requires hours of research and implementation for each component, not to mention the time lost if something goes wrong. Docupace understands the challenges facing advisers working outside of a traditional wealth management firm, and why they need extra support and attention for their back offices.
Here is how our platform can solve some of the most pressing RIA problems.
Automate tasks to free up time for clients
For boutique RIAs offering highly personalised service to clients, relationships are everything. In 2021, 55% of new assets under management in the RIA channel came from client referrals, even though only 5% of existing clients made referrals. These seemingly incongruent stats illustrate a core truth in client service: a dedicated core of highly satisfied clients can completely transform the trajectory of a small business. Clearly, it is worth an adviser’s time to cultivate strong client connections.
Where to find more time, though? One easy way is eliminating repetitive tasks. Docupace offers intelligent workflow routing, pre-populated forms, and automatic data synchronisation to handle tasks that eat up precious adviser time. Plus, relying on cross-checked data helps advisers avoid that dreaded old time-sink: NIGOs. With Docupace streamlining back-office work, advisers can focus their attention on the most important (and profitable) part of their business: clients.
Gather client data easily and accurately
With easy-to-use tools like PreciseFP and Docupace readily available, RIAs can now gather and leverage client data more efficiently than ever before. A huge library of flexible templates makes creating workflows easy, and advisers can send clients paperless forms through text or email. Clients can provide as much information as needed, including comprehensive KYC requirements, in a seamless interface. Beyond that, PreciseFP features easy-to-read revision histories and account activity logs, so advisers can stay up to date on changes and respond quickly.
Finally, PreciseFP saves activity logs in its own database even as it exports information to CRMs or financial planning tools. Advisers can confidently use third-party integrations knowing that their essential client data is still intact, should anything happen. And partnering with other APIs on the Docupace platform makes accessing a full suite of tech tools smoother than ever before.
Ensure client data/documents stay safe and compliant
There is data in every client interaction. Not only do advisers need to be able to keep track of a wealth of granular details (birthdays, anniversaries, communication preferences, and so on) for each client, but they also need to ensure that sensitive client financial information stays secure.
RIAs do not need to waste valuable time researching and vetting data storage solutions that balance security and accessibility. Docupace allows seamless integration with leading CRMs so that you can access client information from the same home platform. And data is encrypted and stored securely in a cloud-based vault compliant with FINRA and SEC Regulations 17a-3 and 17a-4, where it is easily indexed, searchable, and retrievable — and always audit-ready.
Do not get bogged down by compliance
The first full year of Reg BI implementation was 2021, and regulators expect full compliance going forward. Even the big firms struggle to implement repeatable processes for Form CRS delivery, and irregularities in disclosures can leave RIAs vulnerable to regulatory action.
But Docupace can help — configurable workflow engines can standardise common processes, and instantly alert advisers to missing information or impending deadlines. And an automation-driven process is less vulnerable to all-too-common human errors, further reducing the risk of running afoul of regulatory agencies.
