How Paperless Document Management Increases Efficiency for RIAs

Craig Pollack | Jul 31, 2015

How Paperless Document Management Increases Efficiency for LA RIAsKeeping up with the daily influx of paperwork is a constant challenge for Los Angeles RIAs.

Customer correspondence, invoices, receipts- they all create a mountain of documents that can make it nearly impossible to find a particular item or file.

To become more efficient and organized, investment firms are transitioning to a paperless office environment.

By keeping everything in a central location, paperless document management solutions increase efficiency and productivity, reclaim office space, support remote workers, and help meet compliance requirements.

Savings on Labor Costs

Working with paper files hampers office efficiency. Filing, organizing, and retrieving documents takes time, and staff spend an estimated one hour per month digging through them to find a particular file. Paperless document management could pay for itself quite quickly in terms of reduced cost of labor.

No More Misfiled or Lost Documents

Nearly ten percent of all paper documents end up damaged or lost. Once they are digitized, documents are placed in a secured environment that’s regularly backed up, making retrieval easy. In the event of a disaster, digital documents are recoverable.

Better Customer Service

Making a client wait while a paper file search takes place is neither efficient nor good customer service. Paperless document management improves this situation by allowing files to be quickly found via keyword search.

Improved Document Security

Everyone today fears cyber-thieves, making it easy to forget that paper documents can be stolen. Breaking a lock on a filing cabinet does not pose a challenge to a determined information thief, but paperless document systems that require passwords for access will deter most efforts. They can also track when documents are accessed, by whom, and if any changes were made.

Solid Disaster Recovery

Financial advisory firms that rely primarily on paper documents can suffer irreparable business damage if a disaster (natural or otherwise) strikes. Digital files are simple to back up and can be stored in the cloud or at a secure offsite location for quick recovery.

Bottom Line

Keeping files organized is crucial for the success of your Los Angeles investment advisor firm. Compared to those firms that still rely on paper folders and files, companies with a paperless document management system in place operate at a superior level of efficiency and productivity. This is an advantage that maximizes chances of success in a very competitive marketplace.


Has your office made the transition to a paperless document management system? If so, have you noticed an improvement in operational efficiency? Let us know your thoughts in the Comments box below.


And to follow-through on the tips introduced in this short article, be sure to download your free guide, Investing in High Net Worth Clients: The LA Investment Advisor's Guide to Using Technology to Manage and Grow Your Firm.


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Craig Pollack

Craig Pollack

Craig is the Founder & CEO of FPA Technology Services, Inc. Craig provides the strategy and direction for FPA, ensuring its clients, business owners, and key decision makers leverage technology as efficiently and effectively as possible. With over 25 years of experience building the preeminent IT Service Provider in the Southern California area, Craig is one of the area’s leading authorities on how small to mid-sized businesses can best secure and leverage their technology to achieve their business objectives.