Long Beach, CA – Registered Investment Advisor (RIA) firms, facing rapidly escalating regulatory costs, can tame the compliance beast through electronic document management technology. Expert advice on achieving this goal is offered in a new toolkit produced by Laserfiche®, which provides electronic document management systems (EDMS), and Stark & Stark, a law firm with extensive experience in the RIA industry and with offices in New York, Philadelphia and Princeton, NJ.
The “Countering Compliance Confusion” toolkit, which is available at no cost to advisors, contains a white paper detailing the challenges and solutions in establishing a cost-effective compliance program, along with legal information, worksheets, sample letters to government agencies and other useful templates and information. To view the toolkit, please click here.
“Laserfiche and Stark & Stark have published a blueprint for using technology to improve client service and profitability,” said Chris Wacker, senior vice president of Business Development for Laserfiche. “Last year, we saw more than 100 RIA firms—representing more than 500 users—implement Laserfiche document management solutions. We expect this number to increase dramatically as compliance costs continue to escalate, and we are ready to meet the demand with a higher level of support and customer service.”
The cost of compliance has nearly doubled in the past three years, reaching an estimated $25 billion in 2005, according to the Securities Industry and Financial Markets Association’s Report on the Costs of Compliance in the U.S. Securities Industry. All financial services firms face these costs of operating in an increasingly complex multi-regulatory environment, according to the white paper.
The study found that there are now more than 10,000 federal, state and local laws and regulations addressing what, how, when and why records must be created, stored, accessed, maintained and retained over increasingly longer periods of time.
“With extensive recordkeeping and retention requirements, you must find a way to work at maximum efficiency while meeting compliance directives, all without compromising customer service or reducing your firm’s profitability,” the paper explains.
“A quality digital document management solution can help you meet these challenges cost-effectively by easing the burden of compliance, increasing the security of information and reducing the costs associated with paper storage and retrieval.
“With a quality digital document management solution, a compliance program no longer has to complicate business processes and consume large amounts of time and money. Instead, RIA firms can use their compliance program to streamline workflow and ultimately improve client service and profitability,” the paper concludes.
“For many firms, particularly those that have truly embraced digital document management technology throughout their workflows, we’ve seen them use this ability to achieve competitive advantage,” Wacker noted.
The “Countering Compliance Confusion” toolkit will be presented at the “Technology Tools for Today Conference 2008,” presented by Virtual Office news (www.virtualofficenews.com) on Jan. 10 in Orlando, FL.
Please note that Stark & Stark’s involvement in producing the compliance toolkit does not constitute an endorsement of Laserfiche. Rather, Stark & Stark’s involvement was solely with respect to adding general commentary on electronic recordkeeping issues for investment advisors.
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.
Laserfiche (www.laserfiche.com) creates simple and elegant document management solutions that help organizations run smarter. Since 1987, more than 25,000 organizations have used Laserfiche software to help staff find what they need in seconds, collaborate more effectively and complete daily tasks more efficiently. Engineered for rapid deployment, Laserfiche easily integrates with the primary business applications organizations use every day.
Francine Marlenée – 562-988-1688 ext. 211, email@example.com