Full-Featured
Among the most complex programs, there are three worthy of mention. Laserfiche (www.laserfiche.com) is the leader in this category, given its size and quality. Unfortunately, this program has earned a bad reputation as being too expensive because of the system costs. However, the price per user has come down considerably with the Avante and Rio products, bringing exceptional document management tools to even the smallest of financial practices. Laserfiche is offered through a network of value added resellers that provide onsite installation, training and support, and it can be fully integrated with most CRM platforms. The program allows you to access files simultaneously from multiple locations and accelerate account opening for greater production (which eventually can help your firm's profitability as well). The program also offers compliance oversight tools and a work flow management feature and offers exceptional security for the stored documents. Laserfiche not only integrates with CRMs, but also works easily with practice management and portfolio management applications.
Trumpet Inc. (www.trumpetinc.com) is another major provider in this category and offers a fully customized version of WorldOx, a document manager originally developed for the legal profession. The company's Ensemble Process is a full-featured package for financial advisory firms that need a comprehensive digital document system. This package includes document management consultation, WorldOx Software implementation and configuration, optical character recognition (OCR) and development and custom digital document filing (indexing), a fully automated filing process. Trumpet provides exceptional training and support, through remote access and Webinars. The company's Virtuoso product can be fully integrated with many of the more popular CRM programs such as Junxure, Goldmine, ProTracker, Interactive Advisory Software (IAS), Redtail and others. The company also recently designed the product to work with the Family Office Network (www.familyofficenetwork.com).
The major differences between Laserfiche and Trumpet are their size and the type of service they offer. Laserfiche is a huge multinational firm with products and services available for government, the medical field, education and financial services (to name a few), and offers its high-touch onsite services through a network of value-added resellers. Trumpet, meanwhile, offers its products and services only to the financial services industry. Though it's smaller, Trumpet offers custom solutions for financial advisors, though the service is offsite. Laserfiche is capable of integrating with just about any type of CRM or portfolio management software, as well as other platforms, where Trumpet targets several popular platforms used by advisors.
A third choice in this category we have not reviewed is FileNet, a program acquired by IBM in 2006.
(www-01.ibm.com/software/data/content-management/filenet-content-manager/). According to its Web site, the program claims to have powerful document management and business process capabilities. However, if the length of the Web site's address is any indication of the product's ease of use, it may be difficult to determine if this product is right for you. From appearances, the program looks better suited to broker-dealers, custodians, etc.
Choosing the package that's best for your practice will require some research and an understanding of what your firm actually needs. If your firm wants to develop work-flow automation that works with your document management and tie all of this to client relationship management, then the full-featured product category is probably the best fit. Both Trumpet and Laserfiche offer work-flow features, though Laserfiche has the most robust tools in this area. The company's Avante product can design and publish work-flow procedures specific to the needs of the end user. By using an optional public Web portal, financial advisors can store and share documents with clients and other professionals, an arrangement similar to the one between Trumpet and the Family Office Network.
However, Trumpet has a credible offering geared specifically to the financial advisor and for this reason its product is worth a closer look. Whichever one you choose, your goal should be to increase the efficiency and profitability of your practice. A cost/benefit analysis should steer you in the right direction.
David L. Lawrence, RFC, ChFE, AIF, is a practice efficiency consultant and is president of EfficientPractice.com, a practice consulting firm based in San Diego, Calif. (www.efficientpractice.com). The Efficient Practice offers an advisor network and a monthly newsletter.