Archiving and Compliance

What Financial Advisors Should Seek in an Archiving Solution


Discover what financial advisors should seek in an archiving solution to enhance compliance, efficiency, and effectiveness.

Selecting the right archiving solution for your financial advisory practice is crucial. It’s not just about ticking boxes; it’s about finding a solution that enhances compliance, efficiency, and overall effectiveness. Here are five key considerations to keep in mind:

Financial Advisor Archiving Solution

1. Comprehensive Archiving Capabilities

Ensure that your chosen archiving solution can handle all facets of your communication. While email archiving is fundamental, modern advisory practices often extend communication to websites and social media. Thus, a tool that solely archives emails may fall short of your compliance requirements.

Selecting an archiving solution that neglects to capture your clients’ preferred digital communication channels can prove detrimental. It not only hampers your ability to utilize those platforms compliantly but also jeopardizes the overall client experience.


2. Proactive Compliance Measures 

Look for solutions that offer proactive compliance features rather than relying solely on reactive measures. Solutions like Presults, with its built-in compliance lexicon and real-time email monitoring, can prevent non-compliant communication from ever being sent, reducing the need for retrospective reviews.
Learn more about the benefits that proactive compliance measures have on your financial advisory firm in this blog post.

3. Time-Saving Automation

Time is a precious resource for financial advisors, and it’s much better spent on client-facing work than on compliance tasks. Seek tools equipped with automation, such as automated archiving or AI-powered solutions that can efficiently flag compliance concerns in real time. Automation is a cost-efficient way to free up valuable time for advisors to focus on providing a better client experience. 

4. Price Transparency and Flexibility

Speaking of cost-efficiency, price is a crucial factor to consider when seeking an archiving solution, but it’s not just about the monthly fee. Consider additional hidden charges like storage, import/export fees, and setup costs. Importantly, scrutinize export fees, as they can become significant cost, especially with outdated legacy archiving solutions. Opt for platforms such as Presults that offer flexibility, such as month-to-month contracts, and free data exports to avoid being locked into unfavorable arrangements.

5. Accessible Customer Support

In the world of technology, reliable customer support can be a game-changer. Prioritize providers that offer personalized onboarding and accessible customer support. Ask about onboarding assistance, training opportunities, and the availability of direct communication with support staff. Avoid platforms known for poor support, as they can exacerbate any issues you encounter.

Specific questions to ask a provider include:

• What does your onboarding support look like?
• What training do you offer to new customers?
• If I have questions, will I have the ability to speak directly to a person?
• What methods of communication do you offer for customer support? Phone? Chat? Email?

The Takeaway for Advisors Selecting an Archiving Solution

Investing time and effort into selecting the right archiving solution can pay dividends in the long run. By considering factors like comprehensive capabilities, proactive compliance measures, automation, pricing transparency, and customer support, financial advisors can find a solution that not only meets their compliance needs but also enhances operational efficiency. Choose wisely to streamline your advisory practice and mitigate future challenges. 

financial advisor archiving solution