As financial services regulations continue to evolve, there is a clear trend towards increased disclosure. Advisors and firms are required to provide their clients with more information than ever before, and the result is a growing number of documents crossing advisors’ desks everyday.
Advisors already juggle a slew of documents in their day-to-day practices, such as KYC forms, mutual fund prospectuses and investment policy statements. Recent regulatory changes, such as the second phase of the client relationship model, a.k.a. CRM2, are resulting in even more disclosure forms that advisors and firms must distribute to clients.
Does your "document management" system look like this?
Managing all of those documents in a compliant way can be an onerous task for advisors. Trying to keep track of which client has received a necessary form, for instance, and keeping the appropriate records to demonstrate that, requires careful organization.
In addition, given the sensitive nature of information contained on many of these documents, security presents a key risk when handling paperwork. Without the appropriate security protocols, advisors could put client information at risk of falling into the wrong hands.
Secure Document Management
A document management system can provide a more secure way of handling that sensitive information, and can help advisors keep their documents far more organized.
Advisors login to TicoonSales and add documents to their client's profile.
Ticoon’s document distribution tool, for instance, enables advisors to send documents to clients quickly and easily, within a secure, firewall-protected environment.
Advisors can use the tool by logging into the TicoonSales system, uploading the necessary document, and selecting a recipient from their list of clients. As soon as the advisor presses the publish button, the document lands in the client’s inbox on the TicoonTouch platform, where he or she can log in to retrieve it securely.
Client logs into the TicoonTouch portal and retrieves document securely.
“It’s so simple to use,” says Rick Hyde, CEO of Ticoon Technology. “You hit publish, and bang – it’s there.”
If a document requires a signature, clients can print it, sign it, upload it and send it back to their advisor through the same secure system.
For research papers or other generic documents that are relevant to more than one client, advisors can use the Ticoon platform to send a document to multiple clients in one quick step.
The system keeps a detailed history of all documents that an advisor has sent, including a record of which clients have viewed them, enabling advisors to fulfill their compliance requirements efficiently.
“It provides a full audit,” says Hyde. “It’s completely compliant with all of the regulations when it comes to secure document distribution.”