Going paperless is one of today’s most popular office mantras. We all know that going paperless is the “environmentally conscious” thing to do, and we’ve all heard about the additional cost savings, increased efficiency and enhanced business continuity planning it affords. However, reality being what it is, responding to client needs and growing your business are top priorities, and going paperless keeps falling to the bottom of the “to do” list.
Many people don’t know where to begin. To get started, take a look at your current service provider. Broker-dealers or custodians may have solutions already in place. If they do offer a solution, it may be one that can be easily integrated and meets regulatory and your firm’s compliance requirements, and you might also get a good price point for being on their platform.
There are many document management solutions available in the marketplace. However, there are few that are capable of meeting the regulatory needs of broker-dealers and independent registered investment advisors (RIAs). For tips on key questions to ask a potential document management provider, read the "Top Five Questions to Ask Your Document Management Provider" and also visit our Document Management section.
Once you’ve identified and implemented the right solution, you’ll want to start putting documents on the system. Work backwards by storing the newest documents first. Converting large amounts of older paper documents is not a project that can be accomplished overnight. If you need or want it done in a short amount of time, there are firms to help you convert the paper to electronic versions for a fee.
The quest to identify ways to make a practice more efficient continues for many advisors. Being truly paperless may not always be realistic, but each action you take helps to reduce your paper, operate more efficiently and better serve your clients. Today, the use of paper throughout firms is actually growing, and at a rapid pace. Pershing and iNautix® ave many solutions already in place that can help your firm go paperless, remain compliant and increase client satisfaction.
Patrick Yip
iNautix®(USA) LLC