Wealth Managers Facing Information Tsunami

By HK Bain, CEO Digitech Systems, Inc.

Have you seen an upswing in the number of records you are managing in your brokerage? Described by economists as the "Great Recession," the economic downturn that occurred during 2008 and 2009 has indelibly changed the way Americans respond to investing and retirement planning. We are more thorough in vetting options and cautious about risky choices, and we are balancing our portfolios with more conservative options. Our changing habits have impacted the brokers and securities dealers who help us manage our investments.

This economic downturn did not equate with a downturn in the complexity of tracking wealth management records, however. "We did not experience the recession in our business," says Fran Eppy, Director of Operations at Eppy Financial Group. Fran points out that changing habits have increased investor interaction with brokers and dealers resulting in more communications records than ever before. Each of these records has to be maintained in a records archive and made accessible based on regulations issued by the Financial Industry Regulatory Authority (FINRA).

ECM technologies help manage the pressures of records management and retention for securities firms and brokerages. Cloud-based ECM systems are especially well-suited to organizations with branch offices in multiple locations and for those with limited IT resources. Implementation is quick, offering wealth management companies the opportunity to get control of records immediately.

This article is part of an exclusive ECM Connection series. You can get the rest of The Real World Of Cloud ECM series by clicking here.