All financial services firms share many of the same operational processes—from onboarding new employees and clients, bringing in new accounts for existing clients, keeping paperwork and data in a cohesive system, to collecting and disclosing information accurately. It’s all a lot to keep track of and keep on time and each has their own approach.
The problem becomes worse the larger a firm grows. Concerns about maintaining institutional processes are heightened by the sheer volume of data. As the Notorious B.I.G. once said, “More data, more problems.” You remember that song, right?
We don’t believe more data equates to more uncertainty, though. Orchestrate’s Salesforce apps can help institutional firms gain confidence in their processes by standardizing workflows across departments, involving front and back offices and even distribution channels like networks of representative offices.
In today’s post we’ll look at the important ways that standardized workflows can help your team not only keep their sanity, but flourish.
Starting at the beginning
Let’s start with onboarding. As you might already be aware, onboarding new brokers can be time-consuming with multiple steps involved and the amount of paperwork to file.
ProcessComposer can help with automating the entire process of onboarding a new broker when your firm has a policy that details the steps that need to happen. (Pro Tip: If you don’t have this policy, it’s time to put it in place.) Let’s examine a sample workflow here to help you visualize the process.
The first question you’ll need to ask is: Do you have the broker on file? If not, it’s time to get their paperwork in order and set up a background check to be sure everything comes back all clean.
Once you’ve got that background check done, it’s time to set up an appointment with the state. The best way to get through this step is to use a workflow app that can help you by sending out confirmations with an e-signable document that goes to the broker and the president of your insurance team. Ideally, this step is automated through a multi-step workflow, where one step is dependent on the prior one and waits for its completion before firing.
Multi-step workflows ensure your team is always on the same page and no one is assigned a task until it’s the right time. It also allows you to automate some types of work that humans might have completed in the past. Think generating documents, updating fields and sending emails.
Keeping Compliance Happy
If you’ve been working in financial services for any length of time, you know there’s one truism that reigns above all others: always keep compliance happy. ProcessComposer can help you by automating compliance processes. The better you’re able to manage anything that compliance needs to touch, the easier you’ll make life on your resident CCO.
Compliance, and the associated headache of having to remember everything required of you, can be a major stumbling point for firms that don’t use workflows to accomplish those everyday tasks.
With automated and scheduled tasks, every item that needs to be accounted for can be easily tracked. Even after the task is complete, you still have reporting available because each task is archived— an always critical step with tasks governed by compliance processes.
Much of what your compliance officer needs is accurate information, and your team can put ProcessComposer to work to help mandate data collection and approvals. When you enable the appropriate workflows, you can generate and track disclosures as steps in a process. For example, you might need to ensure your brokers are collecting suitability information. Create a task for them to check off, and the workflow can then help generate the appropriate disclosures based on selected products or portfolios.
Signing Paperwork, Made Simple
Every team member at every firm has to fill out forms and sign paperwork—it’s a fact of life in financial services.
However, there are some ways to help alleviate the pain of paperwork, and that’s through utilizing e-signatures and mass merging documents. When your team goes digital, you can potentially save massive amounts of time and avoid the inevitable errors that result from manual data entry.
Mix helps to address the issue of sending out documents for e-signatures with its ability to mass merge documents and then route them for e-signatures or electronic acknowledgement.
And your workflows can gain even more power when you combine Mix with ProcessComposer, because these types of actions—like beginning a mass merge—can occur automatically when set up as part of a ProcessComposer workflow. Additionally, opening new accounts and gathering signatures from all signing parties can be addressed in the same way.
Keeping institutional processes for financial services on track
Institutional firms need tightly controlled processes and a robust way to scale best practices, keep everyone on track, and gather relevant data to continuously improve.
The ProcessComposer and Mix apps can propel you to greater growth and maximum operational efficiency.
If you’d like to get a personal demo of either solution to see how these apps might work in your firm, please click here to let us know.