Survey Finds 75% of Independent Investment Advisors Plan To Implement Electronic Document Management in Next Year

2 min read

Long Beach, CA – Virtually all independent investment advisors are aware of “paperless office” technology, and 75 percent plan to implement such technology within the next year, according to a survey conducted by Laserfiche®, an electronic document management system (EDMS) firm.

Laserfiche surveyed a random group of 40 independent investment advisors attending Schwab’s annual IMPACT conference in Las Vegas from Oct. 28-30. The conference is the largest gathering of independent advisors, offering an array of sessions and information on practice management and best-of-breed technology.

Comprised of some 10,000 small firms, the independent investment advisor industry manages more than $1.7 trillion of American investors’ assets. Many of these firms have sophisticated trading and portfolio management technology but still rely on paper documents and filing cabinets for their record-keeping, customer-reporting and compliance requirements.

The survey conducted by Laserfiche, which provides both enterprise and desktop application solutions that create virtually paperless offices, found:

  • 39 of 40 advisors said they were aware that technology exists to create a virtually “paperless back office.”
  • 29 advisors said they use both paper and electronic document management systems; 5 said they use an electronic system only; and 6 said they rely on paper documents only.
  • Of the 29 advisors who answered a question asking whether they plan to implement digital document management, 13 said they plan to do so “immediately”; another 9 said they plan to do so “within the next year.”

The advisors who were surveyed attributed their interest in electronic document management to several factors:

  • 12 (30 percent) said it would improve their firm’s productivity.
  • 6 (15 percent) said it would enhance their firm’s regulatory compliance.
  • 4 (10 percent) said it would enhance their firm’s customer service.
  • 2 (5 percent) said it would improve their firm’s profitability.
  • 1 said it would improve their firm’s market value.
  • 24 (60 percent) agreed that electronic document management would do “all of the above.”

The survey also found that one-fourth of those surveyed use Laserfiche electronic document management technology in their practices.

“Our survey results indicate that independent investment advisors are looking for smart ways to streamline their practices and focus more on customer service than paperwork. Our solutions meet their needs, and we are seeing a big increase in interest from this industry,” said Chris Wacker, senior vice president of Business Development for Laserfiche.

Laserfiche provides an enterprise solution for electronic document management, and also recently introduced Intuition™, a powerful new desktop software application customized to address the specific needs of independent investment advisors and small advisory firms.

About Laserfiche

A resource for over 25,000 organizations since 1987, Laserfiche ( creates simple and elegant document management solutions that help organizations run smarter.

Intuition is Laserfiche’s document management solution designed specifically for investment advisors. Intuition contains all the features an investment 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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