When it comes to their firm’s infrastructure, many financial advisors rely on the same paper files they’ve been using since they joined the industry. For some advisors, letting go of their paper is an unfathomable hurdle.

But other advisors—and their firms—recognize the benefits of document management. From immediately eliminating clutter to long-term benefits such as saving time, space and money, the return on investment with document management is quite impressive.

Stage 2 Planning Partners is one of those innovative firms achieving their goals thanks to document management. Founded by Principal Josh Patrick in 1997, the firm offers wealth management services for owners of closely held businesses, individuals and groups, focusing on a variety of strategic and financial issues.
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When it comes to their firm’s infrastructure, many financial advisors rely on the same paper files they’ve been using since they joined the industry. For some advisors, letting go of their paper is an unfathomable hurdle.

But other advisors—and their firms—recognize the benefits of document management. From immediately eliminating clutter to long-term benefits such as saving time, space and money, the return on investment with document management is quite impressive.

Stage 2 Planning Partners is one of those innovative firms achieving their goals thanks to document management. Founded by Principal Josh Patrick in 1997, the firm offers wealth management services for owners of closely held businesses, individuals and groups, focusing on a variety of strategic and financial issues.
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For financial advisors at Bond and Devick Financial Network, over twenty years of industry experience had given them a heightened awareness of the problems of a paper-based filing system. File cabinets took up almost 50 square feet of office space, and staff wasted time and money making multiple copies of the same document so advisors could have simultaneous access to information.

“We were dealing with an enormous amount of paper,” remembers Teresa Devick. “And the paper files concerned us greatly, mainly because if our office were ever damaged, our information would be completely unrecoverable.”

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“Personally, I think that every financial advisor has to move eventually to an electronic filing system. It’s not a matter of if, but when,” says Nick Cosentino, president and founder of Financial Foundations, Inc. “In my opinion, it would be impossible to succeed without it.”

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Laserfiche became a hot topic at the home offices of NFP Securities in Austin, TX, a major national broker/dealer, when its compliance officer returned from a visit to Bingham and Hensley of Kingsport, TN, one of its 300 member firms.
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Bingham and Hensley, Inc., a certified financial planning organization in Kingsport, TN, had serious problems with its existing document management system and needed a solution.

“We are in our files on a daily basis, and there was no way to easily see the individual files for any given client, and no way to easily separate non-qualified and qualified life insurance files, as dictated by regulations,” says Jeff Bingham. “We were and are solely dedicated to going paperless, but our system was not living up to expectations and was not giving us the solution that we needed.”
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Advisors at Berger Financial Group, Inc., (BFG) have always taken pride in providing sound advice and stellar client service, but when it came to their filing system, they knew that improvement was crucial.

“We had file cabinets that were using up valuable space,” says Principal Mark Berger, “not to mention the substantial administrative time required to keep each physical file up-to-date. We knew we needed to improve our filing to improve our efficiency.”

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Transamerica Financial Advisors, Inc. (TFA), an indirect subsidiary of AEGON N.V., provides investments and financial planning to clients nationwide. With a network of more than 700 registered representatives, 42 offices of supervisory jurisdiction (OSJ) branches and 51 home office staff, TFA is a rapidly growing enterprise whose independent representatives faced the growing cost of paper-based processes: misplaced documents, time-consuming manual workflows, express-mail costs and file storage expenses.
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Founded in 1907, Farmers and Merchants Bank (F&M) has grown to be one of the strongest financial institutions in the country by preserving its traditions of honesty, integrity and dedication to the community. One hundred years later, F&M has started a new tradition of technological innovation, positioning itself for another century of success. By implementing an enterprise content management system from Laserfiche, F&M is getting the best of both worlds—good old-fashioned quality service, accelerated to the speed of today’s technology. . . Full story »

Established in 1993 as a full service broker-dealer, Workman Securities provides comprehensive services to registered representatives and their clients. But paper-based processes were impeding staff’s ability to provide quality services in a compliant manner.

“We used to print out e-mails to conduct surveillance,” remembers Operations Manager Kelly Buda. “And when you consider we have over 260 representatives and home office staff, that was a lot of paper.” . . Full story »

Credential Securities, Inc., employs more than 2,000 staff and representatives who provide integrated wealth management solutions and services to Canadian credit unions, with over $10.8 billion in assets under management. But helping clients achieve their financial goals came with a price—overstuffed file cabinets, difficulty locating information and the stress of complying with regulatory requirements. . . Full story »

In 1954, Frank Bloss and Earle Dillard founded a small insurance agency, working alone out of a one-room office. Since then, Bloss & Dillard, Inc., (BDI) has grown into a successful managing general agency (MGA) with 1,500 agents and thousands of clients in West Virginia, Ohio, Kentucky and Pennsylvania.

But success has its price, and for BDI, it came in the form of proliferating paperwork. As an MGA, BDI provides a broad range of insurance products to independent insurance agents. A staff of underwriters supports these agents by quoting and binding both commercial and personal insurance coverage, from simple property policies to highly sophisticated excess and umbrella coverage. . . Full story »

The Halifax/Bank of Scotland (HBOS) Group, just honored by widely-read financial publication The Banker as “U.K. Bank of the Year”, has dramatically upgraded its ability to serve global customers with an Internet-based enterprise paperless office solution from Laserfiche. . . Full story »

Laserfiche’s 20,000th installation linked the New York City operations of the Bank of China, the nation’s largest foreign exchange financial institution and second largest bank in the world. Bank officials selected the system to share records between its New York Midtown and Chinatown offices after recently completing a successful installation at its Los Angeles office. . . Full story »

When Commonwealth Financial Network of Waltham, MA, the nation’s third-largest privately-held broker-dealer, decided to adopt a standardized document management system for its 1,000 financial planners from coast-to-coast, it put its reputation as a technology leader on the line.

But after a 12 month review of 32 software packages, Michael Sundberg, Commonwealth’s Due Diligence Officer, recommended Laserfiche to CIO Ed Bell, and the solution has been working well ever since. . . Full story »