Ditch Paperwork and Automate the Client Onboarding Process

Client servicing responsibilities for investment managers is not just about acting as a middleman between clients and your trading and operations teams.

It’s also about improving the client experience, and not just in a way that helps them. You, too, should benefit from the painstaking efforts in putting the client first, and the benefits should come at the first step of client onboarding: paperwork.

Paperwork is like a necessary evil. You need the paperwork filled out in order to call someone a client, but the completion process is slow and painful for all involved.

Automating the client onboarding registration paperwork for your sake and for the client's should be a priority, and there are apps out there that can help you with this.

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Reasons Investment Managers Should Adopt Client Servicing Automation for Paperwork

Saved Time

Think about how long it takes for new clients to fill out investment management forms; it's not fun or easy.

They have to fill out repeat information on multiple forms. Sometimes they waste time filling out info you didn't need to be completed, only to realize that what they didn't fill out, you need.

With the right client onboarding automation application, clients won't waste time filling out the same info over and over again; once is enough.

Reduced Errors

The conventional practice is that clients fill out forms by hand, and a staff member has to enter the info into your CRM system.

This method is problematic because manual entry typos will occur as a result of natural human error, and if the handwritten information is too hard to read, then it's more likely the data in the system will be wrong or nothing will be entered.

An automated client servicing app for institutional investors can reduce the number of mistakes associated with manual data entry by businesses receiving information as sent by the clients themselves, instantly populating the CRM or portfolio accounting software. Manual entry and the errors associated with it will thus be eliminated.

Cost Savings for Investment Managers

Think like a CFO, and consider these cost-inducing scenarios:

• Mailing documents to clients and prospects
• Re-mailing documents because of incomplete information
• Paying staff members to manually enter the data into your CRM systems
• Paying staff members to fix the errors they or other coworkers entered into the systems
• Lost or delayed business because of the slow onboarding process

Streamlining and automating the client onboarding process would reduce the above costs while getting the data you need more quickly, allowing you to serve clients faster than before.

Client Servicing Responsibilities: Going Above and Beyond with Automated Processes

Client servicing for investment managers should not be a grueling process, and going the extra mile in helping your clients should benefit you, too.

By using the right application for client onboarding automation, you are reducing the time clients spend on paperwork, and you are eliminating the need for staff members to manually enter that data into your CRM system (the will data securely and instantly populate your system).

Going beyond being just a liaison between clients and trading and operations teams, you are improving the client experience and setting the tone: the clients' every need will be taken care of, even at the very first step, starting with something as small (and big) as onboarding.