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7 Reasons Financial Advisors Should Say Goodbye to Paper

Posted by Steve Distante on 11/20/15 4:34 PM
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Implementing a paperless initiative in your practice can increase efficiency in a big way. Utilizing a straight through processing system with electronic documents and signatures will decrease time, human error, storage, and (undoubtedtly) headaches.  

Many businesses hesitate to invest time, effort and money in modern technology that would improve the overall work flow in operations. In the broker dealer world, constant regulation changes and FINRA guidelines amend the way paper is handled and archived. In turn, Financial Firms are challenged with strenuous compliance requirements to make certain all documents are accounted for and signed appropriately.


What does that mean for an Independent Financial Advisor? If you are not already paperless, you may be burdened with cabinets filled with paperwork and be at the mercy of manual processes like faxing, printing, filing, mailing and wet signatures. It will be difficult to be completely paperless as there are forms that cannot be electronically signed; however streamlining the work flow that can be paperless could reduce your workload by up to 30%.



Not yet sold on a digital document management?

Here Are 7 Benefits of Utilizing a Paperless System:

1. Reduce Storage and Retrieval of Documents

A paperless system will capture and index all you paper work in a concise interface. You and your operations team can catalogue and locate documents with ease. Also, you do not need physical space allocated to house boxes of paperwork. Say bye-bye to the warehouse!

2. Optimize Productivity

The time spent faxing, printing, mailing and wet signing documents can be trimmed down by paperless operations to allow you to focus on running your business and not letting it run you.

3. Security and Backup

Paperless systems provide encryption and automatic backups that physical paper does not. Having a paper trail can let you monitor how your documents are being processed to ensure security of your business and your clients.

4. Reduce Time Spent on Compliance Maintenance

Being able to easily maintain client related documentation and provide documentation for auditing purposes greatly reduces the time allotted for audits.

5. Cut Down Costs

Eliminating most paper manual processes can save your business operation costs. The average Docupace client reports a mail-related cost savings of over 50% within the first 12 months.

6. Environmental Footprint

You can reduce your environmental impact with a digital document system. Younger clients will view a paperless office positively for it's green approach. Online access can also cut down the need for office visits and frequent paper deliveries; both eliminate gas emmissions spent during travel!

7. Access Anywhere

One overlooked benefit is the availability of the documents anywhere with a computer and internet connection. This can allow you, assistants or operations staff to work remotely which can improve efficiency and morale as you can offer flexible work styles.


Still Not Convinced? 

Think about the future of your practice. As a new generation of clients begins to take over the work force, they will demand electronic documents as they greatly prefer them to paper documents.  Implementing a paperless initiative in your practice will not only save you time and energy, but it will satisfy your younger clients and prepare you for the inevitable electronic future of your business – it’s a win-win.

Our Paperless Story 

In November of 2014, we began our paperless initiative through the straight-through processing service provided through Docupace Technologies. While there is a learning curve for  online documentation and transitioning existing clients to e-docs, a system like Docupace has numerous benefits. A 2014 Business Wire article highlighted Vanderbilt’s commitment to Docupace, and focused on how the system eliminates errors and waste in such a highly regulated industry which Validated the efficiency and security of Docupace for the Financial Industry.  

Why We Love It

One of our favorite aspects of adopting Docupace, is the environmental impact it has made over the course of this year. We have drastically decreased our paper usage which is totally in line with our values as The Sustainable Broker Dealer.

Additionally, we have clients and representatives all over the U.S.  Docupace allows for documents to be sent, completed, and filed immediately, eliminating mail delays and confusion. Our operations department has become an extremely efficient and well oiled machine with same day turnaround on almost all our rep and clients needs.

With all the benefits of paperless operations in today’s world of ever evolving technology alongside increasingly strict compliance regulations, one can ask why many firms are still using manual processes. A straight-through processing paperless system is faster, safer, and more environmentally friendly.

So, what are you waiting for?

 Click to Recieve a Free Docupace Demo

About Vanderbilt Financial Group:  Founded in 1965 and located in Woodbury, NY, Vanderbilt Financial Group is an Independent Broker Dealer known as the Sustainable Broker Dealer committed to investing with purpose. The firm offers Impact Investments in socially and/or environmentally responsible, ethical, and impactful opportunities. In 2014 the firm was recognized with the MAP Vital Factors Solutions® Presidential Award for achieving excellence through implementing the MAP Management System™ and in 2015 became the first LEED Platinum office building on Long Island. Vanderbilt’s refreshing, unique, and innovative culture is a driving force to constantly strive to positively impact their community. To learn more, check out

Topics: Financial Advisors

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