As a financial advisor, you understand the importance of delivering personalized financial plans to your clients. However, the process of creating these plans can often be time-consuming and costly. Surprisingly, data entry and collection alone can account for up to 40% of the overall business costs in the wealth management industry. In traditional models, advisors must diligently collect client information and manually input it into various systems, leaving little room for error. A single mistake can result in weeks of backlog and unnecessary expenditures. As you strive to provide a luxury service, delivering exceptional customer service is paramount. Clients expect more than just knowledge of their financial accounts; they desire an experience that demonstrates a deep understanding of their needs. In this technological age, clients are aware that administrative tasks can be eliminated and doing so is a competitive advantage. It is not only an expectation but a necessity that you leverage such technology to streamline your operations and enhance your service offerings.
That’s why Docupace acquired PreciseFP, the leading data gathering and client engagement solution for the wealth management industry, in 2021. Rather than manually inputting customer information, PreciseFP handles the burden of data gathering and lessens errors with its automated data aggregation platform.
The decision to merge with PreciseFP wasn’t random; indeed, PreciseFP offers customers the simplicity of use and technological consistency that Docupace promises its partners. Here are three ways Docupace and PreciseFP can collectively save advisors time on the job.
Prioritize Advisors’ Time Where It Really Counts
By automating data entry and document storage, Docupace and PreciseFP can save your advisors hours previously spent on clunky, manual processes. PreciseFP allows users to create customized data-gathering workflows. With these, managers or individual advisors can build onboarding processes step-by-step and make sure they never forget a critical piece of information again. Similarly, premade templates can help advisors communicate with clients in a more standardized fashion while ensuring the right information gets captured and stored.
With Docupace’s powerful automation and operations processing capabilities, PreciseFP can significantly free up advisor time to focus on building and maintaining customer relationships.
Other benefits of the joint endeavor between Docupace and PreciseFP include:
- A mobile-friendly interface
- Seamless connectivity with leading CRM systems
- Integration with major financial planning applications
- Visualizations of advisor and client trends
Leaning into automated tech platforms allows advisors to focus on the “people-first” side of their jobs. Spending non-productive time inputting data and tracking down vital information can be significantly minimized.
Increasing Consistency in Data Collection
Uttered with dread by wealth management advisors, “Not In Good Order” (NIGO) documents create significant delays in processing customer information and turning hard-earned dollars into valuable investment opportunities. NIGO documents typically refer to paperwork that lacks critical or correct information from customers. Often caused by typos or misheard customer responses to advisor questions, NIGO results in wasted on-the-job hours for both advisors and back-office staff.
To solve this problem, PreciseFP allows firms to build validated or required fields into onboarding paperwork processes. Similarly, Docupace’s integration with third-party systems cuts down on duplicates and validates incorrect information. As part of the “back-office revolution,” paper-based operations are disappearing in favor of efficient and transparent workflows supported by new tech solutions.
Docupace’s commitment to improving the way back-office processes get done coincides with its decision to acquire PreciseFP. With the constant improvement of AI and automation, Docupace and PreciseFP can remain at the forefront of wealth management tech.
Catering to Customers’ Expectations
Perhaps the biggest benefit that Docupace and PreciseFP can offer clients is the opportunity to improve the investment experience. Saving time on previously manual processes allows advisors to focus more on personalizing portfolios and interacting with customers in the way they best prefer. Moving away from generic forms makes clients feel unique and can help cultivate stronger relationships with advisors and firms.
Similarly, building consistent and accurate processes via automation and cloud storage increases the sense of trust customers have in their financial institutions. With the alarming growth in data breaches and hacks worldwide, clients are more nervous than ever at trusting outside parties with their financial information. PreciseFP and Docupace offer firms secure ways of gathering and transferring customer data and can help bridge the trust gap between customers and advisors.
Ultimately, Docupace and PreciseFP’s union helps firms invest more in back-office solutions and place less of a focus on front-office resources that emphasize look, feel, and presentation. In short, firms can offer their clientele more substance over shine with the help of technology like Docupace and PreciseFP.
To find out how your organization could benefit from Docupace’s automated workflow solutions, schedule a consultation today.
Don Whalen, CFP, Co-Founder | PreciseFP
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