Solving the Document Management Puzzle
Overview
Family offices of all sizes face document management challenges for a number of reasons:
- Increasing regulatory compliance requirements are revealing existing document management gaps/deficiencies.
- As FOs increase advisor productivity in client service and business development through advanced CRM systems, the deficiencies in document management associated with these functions becomes more readily apparent.
- Client and FO data needed to run the business, serve clients, and respond to regulators is increasingly viewed as a major asset of the FO. As such, DM systems must move beyond simplistic electronic file cabinets into a core application or function with appropriate integration with other applications within the family office.
In this article, Oakbrook Solutions provides a roadmap for addressing document management challenges, outlining seven steps for choosing and implementing an effective solution.