Prospecting for business and landing a new account is one of the most exhausting and rewarding aspects of being a broker.
But what happens after the sale can make all the difference as to whether you retain that client. Transactions in this industry are highly regulated and processing the extensive paperwork can be time consuming for both broker and client. As an independent financial services broker/dealer, we service 300 registered reps across the country. Our processes are lengthy and often-required several manual steps—from uploading applications to ensuring compliance review—that can tie up resources internally as paperwork winds its way through various departments.
Aggregate ROI to Date
To date, close to 10,000 documents have been digitized since our workflow solution went live in 2009. We’ve doubled our volume of paperwork since 2009 and between 50 percent to 60 percent of our documents now come through as electronic images.
Other documents, including broker-licensing paperwork, are also archived in the system. We can take advantage of different document types, index fields, and security features across departments. This solution has increased the speed at which we can look up information—whether it’s needed to answer a question from one of our registered representatives or a regulatory request from our compliance department.
It takes teamwork
When it comes to implementing a document management and workflow solution, involve your entire staff in all stages of the process—from mapping out the individual steps to troubleshooting. It’s critical everyone understand the scope of the technology as well as the individual components so they have an in-depth perspective on the logic behind the system-at-large.
Most important, however, you need to overcome the sentiment of “technology can’t possibly do that.” On the contrary, it probably can if you have the right solution in place and just ask.