The benefits of having integrated our platform into the process flows of our financial services clients enables straight-through-processing automation and all the operational efficiencies that come with a fully integrated solution, in addition to providing clients with exceptional value every step of the way via their Personal Life Management Vault.
Borghesan: Most of these benefits really boil down to enablement for optimal output by freeing up professional time and capacity, saving money and building trust with clients.
Common use cases that we are seeing with broker-dealers and RIAs include automating the delivery of statements to advisors and clients; eliminating the back-and-forth manual exchanges and non-compliant file sharing methods; standardizing the document collection process; streamlining onboarding processes, meeting compliance, and document retention requirements; providing trusted collaborators and third parties with secure access to key portions within vaults to streamline workflow; enabling clients and their family members to easily manage sensitive documentation with their centers of influence; among many others.
Key to all of this is integration to and with back-office, advisor, and client-facing solutions that supports critical workflow, creates efficiencies, and ultimately attracts and retains clients.
Hortz: How exactly does your digital vault platform create unique value and positive user experiences across the different levels of an organization?
Kenny: Value is created across the organization through a multi-tiered architecture. We view multi-tiering as a game-changer with respect to how firms manage information assets and documents across the organization.
Each tier has different roles, permissions, and features to streamline daily workflow, and ultimately save significant time and improve productivity.
You can imagine the power and structure this affords organizations—from the back-office to front office advisors, relationship managers, office managers, to clients, their network, and their families—everyone has a unique “role” within the vault.
The concept of multi-tiering moves away from a one-way, inefficient, rigid, insecure email-based document “feed” to a secure, collaborative document exchange platform. A fiduciary audit trail of all activity across the tiers and within vaults provides an additional value proposition to the organization.
Borghesan: Head office or back-office teams, whether at broker-dealers, RIAs, or even credit unions, for example, can view and manage their advisors and advisory teams, along with the document exchanges that take place between advisors and their clients, in addition to the head office being able to deliver documents securely (and automatically) to advisors and clients. This provides compliance with the extra nod of confidence knowing compliant activities are being adhered to.
For front office teams and financial advisors, having secure administrative access makes it easy to manage all their clients and securely exchange, collect and manage all the various types of documents en masse in one centralized place. This reduces and eliminates significant time spent on manual document-related tasks and compliance risks, while streamlining document workflows to efficiently scale and build more trust with clients.
And lastly, clients reap the ultimate benefit of being able to manage their personal life’s content securely and efficiently, at their fingertips, by having access to their own Personal Life Management Vault, materially improving collaboration and engagement with not only their financial advisor, but with their centers of influence and other Trusted Advisors.
Hortz: We are in the middle of a major industry shift towards creating enriched digital client experiences. How would you communicate the value that digital vaults can provide advisors’ clients?
Borghesan: Extending value to clients and enhancing the digital client experience is at the core of everything we do here and there are a few ways we go about communicating this with firms and advisors.
First, it’s all about enabling advisors to empower their clients by providing an easy, secure, and efficient way to access important information and documents. This includes monthly or quarterly statements, onboarding documents, financial and estate plans, you name it.
Second, clients gain peace of mind by knowing that their documents and information always remain safe and secure, and better yet, in one centralized location for easy access.