Storing documents and forms for a wealth management firm can be a big job. Many forms need to be stored for compliance reasons, along with helpful notes to reference when planning investment or insurance reviews. It wasn’t so long ago that advisors’ offices were filled with filing cabinets stuffed with years’ worth of client documents. Gradually, advisors are moving to online document storage. This can be a hard transition for some as they begin to break the habit of searching for the papers they need in a physical file in their filing cabinet. It can also be a big chore to review paper documents and digitally convert the ones that they need to keep. Throughout this transition process, it’s important to realize that not only will advisors be sharing documents with other members of the firm — they’ll also be sharing them with clients. In turn, clients need a way to share documents and statements safely with their advisors. Some planning software, such as eMoney or MoneyGuidePro, has a client portal designed for this purpose. Giving clients a secure space online to upload documents and connect accounts saves time for advisors and staff while protecting sensitive information.
Once you’ve made the decision to use Salesforce as your customer relationship management platform (CRM), the next step is to choose a document storage solution that works well with Salesforce. Compliant document storage is a complementary product, and there are several options to choose from. Some document storage apps available on the AppExchange will integrate with Salesforce. With these apps, advisors have direct access to the document application via a designated section on the Account Record. This can save time by allowing advisors to find the documents they need without navigating away from Salesforce. The product overviews that follow offer a quick snapshot of some of the document storage solutions currently in use within the wealth management space.
box is a document storage solution that offers full integration with Salesforce. This online platform is used across many industries and is not specifically for financial services. box has an app in the AppExchange that can be embedded in the Record page in Salesforce. It also integrates with Office 365, Google Workspace, and Slack, so you can open, edit, and save files with seamless security. Documents can be sent for e-signatures with box Sign while working in Salesforce as well.
Screen capture by ShellBlack with Credit to box
Another company whose app can be found on the AppExchange is Egnyte. Files and folders are integrated inside Salesforce, so you can manage all your documents and records in one place. You can also create a Google Doc, edit and share Microsoft Office documents, or get signatures with Egnyte for DocuSign—all directly inside Salesforce. Egnyte meets FINRA compliance for financial services companies, giving administrators peace of mind that no record can ever be deleted. Egnyte also features audit reports that enable administrators to know who accessed files, where from, and on what device.
Screen capture by ShellBlack with credit to Egnyte
Another well-known cloud storage company is Dropbox, which also has an app on the AppExchange. This app offers user-friendly integration with Salesforce via a Dropbox section in the Client Record page where files can be added and deleted. Files stay in sync between Salesforce and Dropbox so they can be easily accessed from either source.
Screen capture by ShellBlack with credit to Dropbox
ShareFile is a file-sharing product by Citrix that is used across many industries and offers high security and encryption for large files. With this solution, users can send, share, and e-sign, all with FINRA-compliant support. ShareFile also supports emailing large encrypted files with Outlook integration.
One company that markets specifically to financial services is Future Vault. Clients can store their financial documents securely and give access to advisors as needed. Advisors can also share documents with clients in a secure way. There isn’t an app on AppExchange to integrate with Salesforce, it is a standalone product.
Another company whose product targets financial advisors specifically is ComConnect File Sync. This solution offers unlimited guest users for financial clients, supports access from any device, and can be branded for your firm. ComConnect File Sync delivers a high level of security and is FINRA compliant. This is also a standalone product.
SideDrawer is also marketed to financial advisors and planners as a secure way to collaborate with clients and the other professionals in their lives, including accountants, lawyers, and executors. The different collaborators have varying degrees of access that are easy to control.
SideDrawer can be customized for your business — including customizable workflows — and it offers integrations with other common document storage providers, but isn’t directly integrated into Salesforce.
No matter how you plan to use Salesforce, ShellBlack can help you integrate compliant document storage to fit your needs. Contact us today to learn more about Salesforce-integrated solutions for digital storage with real-world benefits.
Lisa Kilmer CFP© – Salesforce Consultant