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Contract Management Software for a Paperless Account Opening Process

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Contract Management Software optimizes the new account opening process — providing wealth management organizations time to close more business

The wealth management industry deals with too much paperwork and all the inherent problems that go along with it. Consider the case of a new account opening. Currently, the on-boarding process from initiation to completion is a complex labyrinth of expensive, manual processes, taking days or weeks to finalize, often requiring scanning or re-keying information into multiple internal and external back-office systems. This not only results in a poor customer experience, but also adversely impacts operating margins;

• Financial Advisors spend time chasing paperwork that would be better allocated to driving sales
• Administration labor time is wasted with error-checking, correcting, keying and scanning information into internal or partner back-office systems
• Expensive mail and courier costs are racked up

Contract Management Software can make new account openings, account maintenance or any other paper-based approval processes fully automated, and your firm reduces costs by completely eliminating paper and manual processes from the contract workflow. This enables your brokers and their clients to open and fund accounts faster and completely paperless across the entire process.

The Top Five Improvements for the Account Opening Process

To underline the types of specific benefits you will realize with Contract Management Software, listed below are the top five for new account openings.

1. Financial Advisors Spend Less Time Chasing Paperwork, More Time Selling

Contract Management Software opens up a new world of data flow and automation possibilities;

• Account opening templates can be integrated with Sales Force Automation or Customer Relationship Management systems, websites and FINTRAC and IIROC compliant remote identity verification

• Duplicate data can be auto-populated into other areas of the same form or into other forms

• Dependent fields can be set to auto-populate based on the specifics of the transaction

New accounts can be opened anywhere, anytime. Accounts can be funded faster and trading can commence as soon as the new account is active.

2. Eliminate Labor Costs Associated with Error-Checking Completed Contracts

Contract Management Software is designed to minimize “not in good order” (NIGO) contracts by enforcing validation rules while the forms are being filled in. Contract data fields can:

• Enforce accurate date and numerical formatting
• Be formulas calculated on data entered into other fields
• Auto-populate based on data keyed into other fields
• Alter approval routing paths that require supporting documentation

3. Eliminate Labor Costs to Re-Key and Scan Completed Contracts

The advantage of Contract Management Software is that data from completed contracts can be automatically moved or copied anywhere. By default, all “in-flight” and completed contracts are stored on Recombo’s bank-grade, SAS70 secure servers.

Customers also have the option to automatically map the data from completed contracts into any back-office system at their premise or into any external third-party system.

4. Reduce Contract Initiation to Completion Time from Days to Minutes

Automating the process provides efficiencies at every step; dramatically reducing completion time from days or weeks into minutes.

• Fast and easy form filling
• Self-validating data fields, ensuring that there is little to no bottlenecking due to incorrect data
• Automatically routing contracts to signatories in the correct order
• Automatically storing completed documents into any internal or third-party system

5. Eliminate the Cost of Storing and Retrieving Contracts

Contracts can be retrieved by any metadata variable — publication date, publisher or recipient name, or any internal variable within the contract such as dollar values, addresses or anything else built into the contract.