• Joshua Diniz

The Benefits of Using DMS for Financial Advisors



Working in finance is a gateway towards piling stacks of documents. Financial advisors particularly have niche expectations to fulfill; having a heap of paperwork, cross referencing files while on call, and going back and forth with a client all day long are only a few glaring problems. But what if we told you there’s a solution?


A document management solution (or DMS for short) can help you solve these problems from their root cause: a DMS organizes data in a central location, all digitally, while providing you with a host of features that are targeted to help you become more efficient financial advisors. Here’s how DMS can benefit your company.


Instant access to client information

DMS makes it easy to store data in a repository which can be searched and accessed instantly. Scanning client documents and uploading them to a DMS ensures that you can access them from a single location. DMS also allows you to look through a document’s tags & its metadata. That way you never need to ruffle through a pile of documents while on a client call, just look up your keywords in search and it’s there instantly.


Strict security and data protection

Physical documents are inherently unsafe. They can be misplaced, stolen, or destroyed at any time—and if you don’t have a backup of these files, that’s irreversible damage! Document management solutions come with high-grade security and comply with legal regulations. We also wrote an article on the importance of DMS in your company’s disaster recovery plan, which should be enough to convince you to secure your documents ASAP.


Smooth collaboration

Working with team members requires effective management strategies. Documents need to be sorted and organized neatly so that they can be referenced conveniently when needed. A DMS puts all your team members in the same space so that you can view, edit, and comment on the same document in real time.


Saving precious real estate

As we’ve pointed out in multiple blog posts in the past, paper has a hidden price: space. The cost of every filing cabinet runs in square feet. A shocking number of companies will add rooms in order to store paper documents instead of switching to a cheaper and effective document management alternative. Case studies prove that financial advisors benefit from installing DMS—especially cloud-based ones.


Snappy workflows and improved productivity

By cutting down the time spent on retrieving files, you can focus on the tasks that truly matter. Remember those ‘other’ features we talked about at the start? Automation is one of them. With the help of DMS, you can set up tailor-made workflows that reduce time spent on repetitive tasks—DMS truly improves office productivity.


To find more insights and tips on document management solutions, head over to our blog. If you’re interested in trying out a DMS, feel free to contact us here; our team can help you choose a solution that works out for you.

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