Tom Feenan, founder of the Feenan Financial Group in Quincy, MA, calculated early last year that the firm was paying $13,000 per year to rent space for filing cabinets. He vowed that he would rectify this situation and, after a few twists and turns, found Laserfiche and the solution to his problem.
“I thought to myself when I looked at my calculations that day, ‘There has to be a more efficient way to do this,’” Feenan says. He conducted an Internet search that included an investigation of SEC requirements regarding the conversion of paper into digital files. He then asked his broker/dealer, National Planning Corporation (NPC) of Santa Monica, CA, to support his plan to become a paperless office.
“They asked me to wait until they could take a look at the issue from a broader perspective,” Feenan says. “Five months later, NPC issued a directive that urged all their member firms to look into document imaging and recommended Laserfiche.
“We purchased it soon thereafter and have been scanning and getting rid of our paper ever since. The file cabinets in the space I measured last year are now gone and we have been able to put another office in their place.”
Feenan says he is extremely impressed with Laserfiche’s performance and believes that going paperless is a new foundation for the continuing success of his firm.
“We saved a half day’s worth of staff time when the compliance officer from NPC was here recently for an audit. We’re finding things faster and we’re starting to look to Laserfiche more often to help us with our daily work. It is already a very worthwhile investment.”
National Planning Corporation is one of the world’s largest broker/dealers serving 2,300 certified financial planners.