Why Financial Advisors Are Scanning Client Files

Posted by Kristen Bowers on Dec 17, 2018 1:17:00 PM

Keeping a robust record of client data can help your financial advisory business provide exceptional service. Many companies across the financial services sector are now scanning client files to keep a secure transactional record and bring efficiency to their working processes. Let's explore some of the many benefits gained by scanning client files.

Quick Access to Client Data

A key benefit of implementing paperless record keeping and scanning client files is that financial advisors can obtain quick access to client data. The data will be kept on an easy-to-access network and will be available around the clock for review. So, when a client calls, the advisor can respond immediately and find the information while the client is on the phone. Not only does this streamline data retrieval, but it also means advisors can work more efficiently and provide effective solutions.

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Robust Protection for Client Files

One of the leading issues in keeping paper copies of important documents within your office is that a break-in event could mean that files are stolen directly from the building. It also safeguards them 

against natural disasters or fires. Choosing to scan client files and keep the data on a secure server offers a superior level of protection that will keep their personal financial records safe.

Reduced Need for Office Space

Paper copies are now crowding offices across the country. Companies must continually add new rooms to their properties in order to maintain a large number of documents within their organization. By deploying the latest scanning technology and document management systems, companies can reduce the need for office space significantly. Instead, financial advisers can simply store their information online via the cloud, ensuring that data doesn't require any physical space within their offices. Going paperless means more space and cost savings.

Streamlined Data Sharing

One of the keys to success within the financial advisory field is being able to work with other team members by building effective financial management strategies. Utilizing digital scanning systems and organizing data on the company network ensures information can be shared seamlessly with other stakeholders. For advisors, this might mean sharing data with clients via graphics that show how their portfolios have grown in the last quarter. Harnessing this data sharing potential can help create strong connections with clients and between members of the advisory team.

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Improved Team Efficiency

When scanning client files and digitizing their financial records, financial advisors can enhance their team's productivity. The focus on reducing data retrieval times can help ensure that advisers are available for other critical working processes. For example, teams can devise more effective planning strategies for individual clients given the time and the resources to plan their next move within the marketplace. That will have the added benefit of improving the service to clientele and enhancing the reputation of the organization as a whole.

Scanning client files is now helping financial advisers across the province to become more efficient within their operations and to meet complex client challenges. To learn more about the benefits of the scanning process or to speak with an professional scanning services representative, contact us today.

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