RIAs moving away from paper intake typically collect financial information through a digital form the client completes on their own device, with the data routed directly into the firm’s CRM or planning software. The shift usually starts at onboarding, since that’s where the most detailed data collection happens, and expands from there into periodic reviews and account updates. PreciseFP is one of the tools built specifically for this, structured around templates and account records rather than a single generic form.
The Steps in a Typical Digital Collection Process
Collection usually begins with an account, the record holding a client or prospect’s household-level information, which you either create manually or import from an existing CRM. This avoids re-entering details for clients your firm already has on file elsewhere.
From there, you select a template suited to the situation, whether that’s a full intake fact finder, a risk tolerance questionnaire or a shorter form for an existing client’s annual review. The template is sent to the client as a secure link rather than an email attachment, and the client completes it on whatever device is convenient, saving progress automatically if they need to stop partway through.
Once the client submits, the data doesn’t sit in isolation. You review it and then export it to the firm’s CRM or planning software, either through a built-in integration or, without one, a more manual transfer. With an integration enabled, you can also pre-fill new forms with existing data, so returning clients confirm information rather than re-entering it every time.
Digital collection also creates a record that paper intake doesn’t: when a form was sent, how long it took to complete and whether reminders were needed. This timestamped history becomes part of your firm’s documentation, alongside the financial data itself, which matters for suitability and KYC review.
PreciseFP Value: How We Support Digital Data Collection
PreciseFP gives RIAs a structured way to move client financial information from the client directly into your own systems.
With PreciseFP, you can:
- Organize by account: Structure data collection around the household rather than a loose collection of documents
- Deliver secure links: Let clients complete forms online instead of returning a paper packet or email attachment
- Connect your CRM and planning software: Export collected data to systems like Wealthbox, Redtail, eMoney and RightCapital
- Pre-fill for returning clients: Reduce repeat data entry using information already on file
- Assess risk tolerance: Collect a validated risk assessment alongside financial facts
- Keep a timestamped activity record: Document when forms were sent, opened and completed for compliance purposes
To learn more about how the digital collection process works end to end, visit the PreciseFP how it works page.
FAQs About How RIAs Collect Client Financial Information Digitally
What’s the first step in moving from paper to digital data collection?
Most RIAs start at onboarding, since that’s where the most detailed information is collected and the biggest time savings show up. From there, firms typically extend digital collection to annual reviews and account updates.
Does digital collection require a CRM integration to work?
No, you can use digital fact finders without a CRM integration, though you’d then need to transfer submitted data manually. An integration removes that manual step by allowing a one-click export once the client submits.
How does digital collection handle a client who doesn’t finish the form?
Most digital platforms, including PreciseFP, save a client’s progress automatically and send an automatic reminder if the form isn’t completed within a set window. This removes the need for you to track down unfinished paperwork manually.
What documentation does digital collection provide that paper doesn’t?
A digital process typically logs when a form was sent, opened and completed, along with any reminders sent along the way. This timestamped record supports your firm’s documentation of its data collection process in a way a paper form alone doesn’t.