With any business you are sure to face a few obstacles on your way to success and wealth management is no different. Reporting is one of those areas that many focus on but might find intimidating. Reportwa offers a variety of services from report creation, distribution and assistance with compliance. That being said, those are the three main areas the many struggle with, and this article will go over how you can overcome Reporting challenges in Wealth Management.
Creation
When it comes to the creation of reports, many think it’s a simple adjustment but the unfortunate reality is many advisors have a dependence on consultants. This means lengthy phone calls to adjust a simple line item and it can ultimately cost a sizeable amount of money.
Reportwa can help you with the creation of reporting by putting the power in your hands. You’ll have the ability to customize the reports how you see fit and begin publishing and distributing reports you can be proud of. No more long phone calls and spending your businesses hard-earned money on something that should be quick.
Distribution
Another challenge is the distribution of all the reports. For example, for many wealth managers there are quarterly reports that need to be done. Currently, if done manually you not only sacrifice time but introduce increased potential of human error. Furthermore, if you have a website you likely need to manually input passwords and updates per the client’s request.
Reportwa can assist with your distribution process by automating monthly, quarterly and annual reporting, along with anything in between. The distribution process should be automated as possible, limiting the potential for human error. From there, you can customize the dashboard to fit your client’s needs.
Compliance
Lastly and one of the most important parts of reporting includes compliance. When it comes to compliance reporting, it can require proper document retention with the need to eventually retrieve those documents at a later date. On top of that, without a proper digital signature service, it can take longer to route documents for wet ink signatures.
Reportwa offers you a secure and easy way to store documents that incorporate the cloud. Also, for those documents that need signed, with DocuSign you’ll be able to send a simple email and have the receiving party sign and make any document official.
While these three challenges in Wealth Management Reporting are common, the inefficiencies they inflict on your business should not be common. Reportwa offers you the ability to customize your reporting documents without waiting on hold for hours. Distribution of documents is a breeze with the automated scheduling you can select for any document. Lastly, compliance is simple with the ability to retain and retrieve documents using an optimal document storage service. Once you have these in place you’ll see your wealth management business grow to new heights.
For more details, visit us at www.reportwa.com. If at any point in your ReportWa journey you need help, just mail us at hello@hexaviewtech.com and we’ll get back to you within a few hours or In case you want to connect with me personally, lets connect on LinkedIn.
