“If financial advisors aren’t talking to people, they’re not making money,” says Paul Murphy, National Sales Director at Spire Investment Partners, LLC. Murphy’s problem was that his top earners were spending too much time staying on top of the paperwork that comes with handling over $1 billion in client assets, which he expects to at least double this year. “It’s the regulators. It’s the auditors. The paper starts to pile up from the first client meeting and all the way through the process,” he says.

For Murphy, his previous experience integrating two large broker-dealers had shown how the right technology ultimately leads to success. “If you want to succeed in this business, you’ve got to get great technology,” he says. “Using technology not only defensively, but offensively, is very near and dear to my heart.”

Murphy and Phillip Fournier, Spire’s Chief Operating Officer, went on the offensive and decided to invest in a document management system. They chose Laserfiche not just to manage paper, but also as a tool to cut costs and increase services—which would eventually help recruit both clients and advisors.

Murphy says that, at first, just the idea of a new system and way of doing things intimidated the firm’s advisors. “How many people have said ‘paperless’ in front of advisors and had them say, ‘You’ve got to be kidding me’? That’s where we started,” he admits.

But, once apprehensive advisors, and more importantly, their sales and service assistants, began using Laserfiche and saw how easy and efficient it was, implementation and initial roll-out went smoothly.

Murphy credits the training his staff received from the firm’s Laserfiche reseller, One Source/ADI, for easing the implementation process. “I can’t say enough good things about the training. The results are great.” In the 18 months since the firm implemented Laserfiche, Spire has scanned documents from approximately 80% of their offices – with nearly all of their advisors and staff using the system regularly.

“The goal,” says Murphy, “is to apply technology to make work easier. Efficient process flow obviously increases efficiency. If everyone is more efficient, they’re happier. If they’re happier, they’re more productive. If they’re more productive, you’re more profitable.”

With Laserfiche, Murphy immediately noticed that Service Assistants and back office personnel were able to respond to client inquiries much more efficiently. Laserfiche is the way to make them more productive,” says Murphy. “We’re very happy that our staff is better able to process workflow and therefore better able to support our Consultants.”

And the benefits extend to firm staff preparing for audits. Instead of digging through storage boxes and file cabinets for a few days, Spire staff are able to find information in seconds. Laserfiche also helps the firm comply with SEC requirements, as they use Audit Trail to record any and all transactions and communications that take place in the Laserfiche repository.

“We’ve already been through an SEC audit with Laserfiche in place,” says Murphy. “And it was a dream.”

The Power of Recruiting with Technology

In addition to saving filing time and storage space, Spire Investment Partners found a unique way to use Laserfiche: to recruit new advisors. When sitting down with a broker who is considering going independent, Murphy demonstrates Spire’s efficiency with Laserfiche, to everyone’s amazement. “The power of having this technology is just overwhelming. It’s been an absolutely terrific resource for us,” he says.

Murphy adds that having a virtual office capability is a huge recruiting advantage. “It increases the value of your company and makes it that much more attractive.” According to Murphy, the advisors he’s demonstrated Laserfiche for are astounded at how easily it streamlines account opening, compliance review, archiving and regulatory processes. “It means we have a tremendous advantage,” he says. “Laserfiche is yet another way that we differentiate ourselves from our competitors.”

For advisors who are looking to move to the independent space, Murphy points out the advantages smaller firms with Laserfiche have over larger firms, including increased customer service and satisfaction. “Moving assets to the smaller, more nimble, more agile independent space can deliver every investment solution needed,” says Murphy. “ In our case, the client will have access to better, faster, and more updated technology that allows you to run your business better and faster with increased efficiency.”

For advisors who are considering going independent, or for broker-dealers who are investigating the possibilities of technology to enhance services and ultimately recruiting, Murphy suggests taking a look at the white papers and case studies available on the Laserfiche Website. For recruiting, he also suggests highlighting the increased efficiency, increased profitability, and the ease of complying with regulations that Laserfiche brings—and that makes the whole process easier. “Ultimately, it’s a profitable transaction. It’s a modest capital investment over a long-term boost, which also keeps you on the straight and narrow when it comes to regulatory issues.”

Murphy offers a simple conclusion. “You can’t recruit in this day and age without technology.”

Tags: recruiting, RIAs

Posted on Tuesday, April 21st, 2009 at 8:56 am under Customer Stories, Financial Newsletter, Financial Services, Newsletters. You can comment on this post.