Long Beach, CA – In one case, a Registered Investment Advisor (RIA) firm converted from paper to electronic documents in three months, operated in a “paperless” environment within one year and expects to completely eliminate its file room in two years. In another case, a large independent broker-dealer firm serving more than 100 registered representatives scattered all over the United States and in Hong Kong overcame initial skepticism and implemented an electronic document filing system that has greatly enhanced record-keeping and regulatory filings.
The studies were part of several sessions for financial services providers presented by users of Laserfiche, an electronic document management solutions (EDMS) company serving more than 25,000 organizations worldwide, at the 2008 Laserfiche Institute Conference, held Jan. 14-16 at the Hilton Los Angeles Airport Hotel.
Conference attendees were also introduced to Laserfiche 8™, an enterprise-server application that provides an open, scalable architecture allowing organizations to unify information coming from disparate sources in multiple formats. In 2007, Laserfiche introduced Intuition™, a powerful new desktop software application customized to address the specific needs of independent investment advisors and small advisory firms.
In the first case study, J.C. Abusaid, a partner at Southern California RIA firm Halbert Hargrove, with $1.5 billion under management, described how he and his partners decided their firm would benefit from electronic document management.
After a bad start with one of the large legacy document management companies, Abusaid discovered Long Beach-based Laserfiche in his own neighborhood. “Laserfiche was the only platform we found that was user-friendly, and easy to understand and operate,” he said. “We knew that we needed not only the document management aspects, but also the scalability and ability to custom integrate into how we did business.”
Abusaid said that once Halbert Hargrove engaged with Laserfiche, it converted all of its paper documents to electronic files within three months, moved to a paperless environment within one year and eliminated its filing room within two years.
“While we haven’t put an actual dollar figure on the value of this system, we know that it has to be in the range of tens of thousands of dollars,” Abusaid added.
During the keynote session on Tuesday, January 15, J.C. Abusaid and Halbert Hargrove Investment Council were presented with a Laserfiche Visionary Award. “Through their unique approach to leveraging technology as a competitive advantage, they have created a powerful, streamlined back-office that has allowed them to scale their business to accommodate their fast growth,” said Timothy Welsh, president of Nexus Strategy LLC. “J.C. and his team started out with a vision for what could be done, and their success has become an example for the industry.”
In the other presentation, Julius Baldueza of Transamerica Financial Advisors described how Laserfiche’s electronic document management solution is a key component of TFA Synergy, the firm’s new paperless platform. He talked about the rapid adoption of the technology by the contingent of more than 800 independent registered representatives and OSJs. “Now, we share virtual file cabinets, nearly eliminating lost or missing documents,” he explained. “This has significantly improved the level of service in the field.”
In addition to these case studies, the conference included presentations by:
- Christina Bacon, manager of client records management at Fortis Group Services (Guernsey) Ltd, on the topic “Taming the Paper Monster: Solving Compliance and Business Continuity Requirements with Document Management.”
- Tim Welsh, President of Nexus Strategy LLC, a consultant to the Registered Investment Advisor (RIA) industry, on the topic “Growing your Business in the RIA Marketplace.”
A resource for over 25,000 organizations since 1987, Laserfiche (www.laserfiche.com) creates simple and elegant document management solutions that help organizations run smarter.
Laserfiche recently released Intuition, a document management solution designed specifically for independent investment advisors. Intuition (www.intuitionpro.com) includes all the features an independent advisor needs—at a highly-competitive price. Easy to install, use and maintain, Intuition helps entrepreneurs eliminate laborious, paper-based processes and spend more time actively serving their clients.
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