Wealth Management Compliance Needs

Rules and regulations are ever-shifting in the financial sector, which can place heavy demands on independent financial advisors tasked with tracking and responding to these changes all on their own.  

With no room for error in financial documents, you want to be sure you are delivering all of the correct materials, presented precisely as the standards dictate. You also want to be able to keep these documents handy and accessible for when clients request them. The right logo placement, fields, margins, and terms and conditions are all important to avoid consequences (ranging from the very serious – regulatory enforcement – to the less serious – using the old logo on a new document and confusing customers). How can wealth managers keep static documents saved and secure from accidental changes? 

Step One: Keep Organized

Asset management is tough enough as it is. Staying on top of regulatory standards and changes as they come in is yet another responsibility. If you can manage to get the documents you need, and have them written and formatted as they are supposed to be, is there any best way to make sure that your hard work doesn’t become misplaced or overwritten? 

A Customer Communications Management (CCM) solution like Ecrion Omni-System (EOS) provides a document repository with search capability to ensure that your documents can easily be retrieved at any time. Import your saved templates and folders into a cloud server and have all of your communications in one place.  

Step Two: Stay Secure  

A number of financial advisors still keep a healthy supply of physical records from years past. They are tangible, and so they are easy to manage in terms of knowing what you have. But they are bulky, and you have to keep them somewhere. Are physical records better than digital? 

Static versions of different documents can be stored in EOS and protected from any unauthorized edits, giving digital storage essentially the same function as paper: the documents are non-editable and can be stored for years. Digital files can be better organized and more accessible than physical files. In fact, they are even safer from change, damage, or loss when backed up in the cloud.  

Step Three: Remain Calm

The stress of dealing with compliance issues can be greatly reduced by a system that stores completed documents for you. Customer Communications Management seeks to do just that: manage your high-importance documents in a way that is safe and navigable.  

Rather than flipping through expanding file folders for hours to find an old statement or legal document, use the built-in search function in EOS and find your document in seconds. And instead of storing completed documents alongside drafts and older versions, keep them safe in a group of completed, noneditable documents, so you won't have to worry about producing copies whenever the client asks.