Document Management Software
Published December 08th, 2016 by

How the Right DMS Helps Every Financial Consultant

How the Right DMS Helps Every Financial Consultant

As a financial consultant, you get to meet different people every day and you evaluate their financial status. This tedious process requires a lot of documents and paper to read, and most probably you have encountered problems locating those documents. As a result, it eats a lot of your time finding the right document. The only way to save your time from locating those files is to use document management software.

Document management software is a computer system that is used to organize, store, track, preserve and lessen paper production. In addition, those files that are stored in the system can be easily located by the search engine feature. You don’t have to worry where to save your files because the system can quickly find the right documents you are looking. It is like a digital file cabinet that can accommodate and store the high-volume of different kinds of files. The workload of a financial consultant really requires intense paper processes. Some of the basic tasks of a financial consultant are investment services, brokerage, and wealth management. With the right productivity tool, you can work effectively and efficiently because there will be no more chaotic workstation in your office.

Every financial consultant needs to perform their duties, and at the same time, they need to execute every task with no mistakes. As a financial consultant, it is like handling the future of your clients and these clients are people who want to have a better way of living. They are dreaming of giving their families a better life. They want to secure their source of income once they reach their retirement age. People want to secure the future of their children with their education. These are probably some of the concerns of most of your clients and it is not easy to remember those goals and plans. It is not easy to handle these concerns and if your clients are going through changes in their lives, like marrying or giving birth of a child – this will need an overhaul of their current financial plan.

The financial consultant has defined at website as a job that assesses the financial situation of an individual and creates a solution in a long term plan. They work as a consultant to an individual or a company to set future plans by giving guidance and information on topics that include investment, insurance decisions and taxes. They are also called financial advisors that give financial advice to an individual or company. The financial consultant works closely to them to assess thoroughly the financial situation of their clients and find the best long-term solution to their financial goals.

Common Problems of Financial Consultant

According to The Financial Ombudsman Service website, a common problem of a financial consultant is the issue of informed consent. Many clients are not well-briefed on what are the investment plan, insurance service, and long-term financial goal that they have agreed with their financial adviser. As a result, clients are getting back to their advisers to ask the same questions as they have not completely understood the full contract details. This can be a great trouble on both parties because there might be a big possibility of withdrawing the agreement by the clientele. As a financial consultant, you need to carefully explain everything to your client because at the end of the day, it is always your client’s wants that will be followed. Separating the personal interest of every financial consultant from getting a huge amount of commissions must always be observed.

The chance of withdrawing the contract by your client can refrain with the help of document management software. DMS has a feature of storing and sharing files to anyone through the user’s permission. The whole policies and plans can be viewed digitally by the client through sharing its access to the client. It is a big help to prevent confusions from their understanding of the totality of the contract they have signed up. They have the option to go back and review their insurance or investment contract that they have purchased. This also helps every financial consultant to save time, because can share the right documents to their clients without meeting them personally.

There are three factors contributing to the complete grasp of client’s understanding towards the statement of advice. The contract should be concise, clear and effective because it helps you to get every prospect’s trust. If the client can easily grasp the idea of getting a life insurance or investment plan, they can confidently establish trust with the consultant they are talking to.

Benefits of Document Management Software:

There are so many benefits that DMS can bring to your work as a financial consultant. And these benefits are the answers to your long list of problems. Nevertheless, these five points below are the top benefits that every financial consultant wants to experience.

  1. Able to access different kinds of files – name all file types that you know, MS Word, Excel, PDF, emails, spreadsheets, etc. These are all compatible using the document management software. You don’t have to worry converting files from one type to another just to access it but this software instantly allows you to open the file on your computer. Hence, it does not consume a lot of your time when opening a document because it is always compatible and accessible.
  1. Locate and find the right files faster – this is one of the greatest benefits that every financial consultant wants to encounter. There are many documents, files, emails, policies and plans that are being managed by every financial consultant and finding the right document can be despising. The good thing about the document management software is its pre-installed feature that allows you to find the right document by using keywords or phrases for the file you are looking. It will be filtered by the system and it will bring you to the closest hint that you have given. It saves more of your time and it helps you to close and process more transactions.
  1. Sensitive files and information are secured – the feature of putting restrictions on those documents that you think are sensitive to be divulged are also a plus factor why every financial consultant wants to get DMS. This allows the manager of the documents to give permission to only those eligible to access and manage it. Owners and dependents are some of the eligible individuals who can access their financial plans. As a financial consultant, it is important to perform your duty for securing the private information of your clients. It is their lives and money you are taking care of and investing on the assurance of keeping safe all your clients’ information is never an option.
  1. Monitor the changes in every document – another benefit of document management software is you get to monitor all the changes happen with every file. This feature allows you to place accountability on someone who is responsible for the changes happen in the document. Thus, it can prevent anomalies and unethical issues when it comes to following some rules within the company. Those changes can be retrieved from its original form, so you can always have the option to review the changes happen with a certain file.
  1. Save time by accessing documents and files anywhere and anytime – the good thing about the document management software is you can edit and access every document anywhere and anytime. The software is compatible with every kind of devices such as phone, tablet, and laptops. Imagine if you are out of town and you receive an important message that requires you to access your document. You don’t have to struggle going back to your office and locate those documents in your station or computer but you just have to locate it using your device. DMS will make your work convenient and it will be loved by every people who are fond of traveling.

There are many choices out there but to choose the right document management software for your job requires a thorough assessment. Always remember to identify your objectives in getting this software and once you find the answers, it will be your guide towards the right DMS. The features and benefits are always in tandem when weighing which option is the best. There are some in the document management software that you might not need in your work. The best thing to do is to list down all the things you need and match it with the highlights of the document management software. This action plan will help you to create a wise decision making when it comes to narrowing down your choices of the best software. Check to help you choose the best document management software for your work.

Trevor Price

Trevor Price helps small businesses leverage mobile technology to reach their audience and extend their capabilities in delivery, information, and tracking.

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