Digital Transformation Insights

4 min read

5 Ways to Utilize Process Automation in Wealth Management

Jan 13, 2025 8:00:00 AM

In wealth management, client satisfaction and regulatory compliance reign supreme. However, achieving each of these requires more than meets the eye. Many firms face the same challenge: they’d like to prioritize customer experiences and compliance, but their current approach creates information silos and divisions between back, middle, and front-office operations. The goal of process automation in wealth management, then, is to enhance your client experiences while simplifying all of the work it takes to do that. 

Let’s explore some of the ways you can use automation in wealth management, as well as the steps you need to take to set yourself up for success.

The Problem with Traditional Standalone CRMs

Strong relationships with satisfied customers are a prerequisite to success in wealth management. The rise of customer relationship management (CRM) platforms, then, is likely to come as no surprise.

However, while traditional CRMs are prevalent within the industry, they don’t always provide a foundation for comprehensive workflow automation. Many firms find it difficult to rely on standalone CRMs as the central hub for managing critical processes like new client onboarding.

Without advanced process automation functionalities, traditional wealth management tools lack the ability to help you streamline tasks across different jurisdictions, approval stages, account types, etc. What’s more, many CRM tools miss the mark when it comes to compliance with recordkeeping regulations like SEC Rule 17a-4. 

Overall, the limitations of a standalone CRM tool can leave you scaling information silos, juggling manual data entry errors, and struggling with inefficiencies across your teams.

Why Use Document Workflow Automation for Wealth Management?

The downsides of traditional standalone CRMs often dissipate when paired with a process automation platform, such as Laserfiche. CDP leverages Laserfiche to help you revolutionize your operations and introduce enterprise content management (ECM) into your daily workflow.

A content-centric workflow automation system unifies all of the materials you need to streamline onboarding, topple information silos, and simplify compliance management. An ECM solution like Laserfiche brings unparalleled workflow customization options to the table, enabling you to build a process automation system that works for you.

When you switch from a traditional CRM tool to an automated document processing solution, you can also save big. 

Migrate all of the components of your workflows, including onboarding, to one system to cut back on the time and resources you spend on other tech. No more hopping between different software solutions, manually entering and sharing data, or compromising on customer service experiences.

5 Ways to Utilize Automation in Wealth Management

An enterprise content management tool like Laserfiche can help you bring the benefits of process automation to your firm. How you choose to approach wealth management automation, though, is up to you. 

Here are a few suggestions for ways to utilize process automation in wealth management to improve customer experiences and simplify workflows. 

1. Streamline Client Onboarding

There are few areas where AI automation for wealth management shines brighter than interactions with new clients. Make a lasting and positive first impression with a user-friendly and stress-free onboarding process powered by the right tech.

With Laserfiche, you can create and use digital forms – or Webforms – to automate data collection and validation. Once complete, forms can be automatically routed to the relevant teams or individuals for faster processing times. Then, all of the information gathered gets stored in a central, easy-to-access location. 

Simpler onboarding processes mean more time and resources that front-office staff can use to serve your clients.

2. Simplify Compliance Procedures

Laserfiche enables you to automate the submission of key data and reports to regulators, making compliance management a piece of cake. Automatically flag compliance breaches based on predefined criteria and maintain comprehensive records of all actions to save time during audits.

The value of centralizing all of your communications and documentation within a secure repository is massive. And, thanks to Laserfiche’s ability to track metadata and audit trails, you can quickly find what you need to stay on top of regulatory requirements. 

3. Automate Data Entry

Say goodbye to hours spent pouring over spreadsheets. Laserfiche makes it easy to consolidate data from multiple sources into a single system. When your data is all in one place, process automation becomes much easier.

You can, for example, set up automations that check data for accuracy and consistency. Automation can also help you remove duplicates, standardize formats, and fill any gaps that you might have missed. 

Not only does this help you save a significant amount of time, but it also reduces the rate of errors. Take things a step further by leveraging Laserfiche’s intelligent data capture capabilities, which let you extract data from all kinds of content without the burden of manually entering it in.

4. Effortlessly Manage Trades & Asset Transfers

Create real-time and dynamic performance reports for clients within minutes with the help of automation. Establish automation rules to help you manage things like creating and executing trade orders or reconciling trades with custodians. Since all of your data flows to and from the same place, you’ll never have to look far for what you need to get work done quickly.

5. Seamlessly Connect Tech with Low-Code Integrations

Create a thriving digital ecosystem that wows your clients and helps your teams stay efficient by choosing tech that supports low-code integrations. Laserfiche can connect to third-party applications easily, allowing you to optimize your information flow. Plus, you can take advantage of all kinds of prebuilt templates that will help you jumpstart the automation process and discover the best way to bring all of your work tasks together.

Build a Customized Process Automation System with CDP

Automated wealth management workflows are relatively new to the scene, but they hold a lot of potential for firms strapped for resources. Create a scalable digital ecosystem that will help you achieve your customer relationship management goals and support an evolving firm with the help of CDP.

Our mission is to help you grow by creating custom software solutions that help you save time without creating undue administrative burden. To learn how we can build a digital infrastructure that supports your needs, book a demo today.

Nirav Doshi
Written by Nirav Doshi

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