The good news regarding document imaging and management is that most advisors are already storing some of their documents electronically. The challenge for advisors is making sure that they have the right system in place for their firm.
Given all the choices available for document management systems, where do you begin? As with any technology purchase, you need to identify both your short- and long-term needs. For many advisors, the initial need for a document management system is to get rid of paper files and to have easy access to documents electronically. However, meeting this need gets much more complicated if you have a large firm and multiple staff members who will be responsible for scanning your documents. Another need might be to implement workflow using the document management system. The goal here is that the document is “routed” electronically throughout your office as each individual or department completes their respective work.
Considering all the systems available, it is worth the effort to identify your specific document management needs. Be sure to include your compliance department in selecting a system. Each document management system can use different file types, structures and audit trails to store information. Given your firm’s compliance needs and regulatory reporting requirements, it is very important that you select a system that meets the appropriate rules and regulations.