As a registered investment advisor (RIA), you’re completely aware that managing your data is essential to your success. To accomplish this, you need a system that can securely store information and help you quickly locate documents when needed. Two popular options for RIAs and financial advisors are Laserfiche and SharePoint, but which is the better option for your needs?
Let’s take a look at what each solution offers and how they compare.
Laserfiche
Laserfiche is an enterprise content management (ECM) platform designed for organizations that need to store and manage large amounts of data. It has a wide range of capabilities, including document management, workflow automation, and optical character recognition (OCR). The platform is also highly secure, offering built-in encryption, role-based access, and records management tools to support regulatory compliance.
In addition, Laserfiche offers integration with key customer relationship management and wealth management systems, making it a great choice for RIAs that handle data from multiple sources. While this leading ECM platform does require a significant investment in setup and training, it can provide meaningful savings in the long run by streamlining processes and eliminating various manual tasks.
SharePoint
Microsoft’s ECM solution SharePoint is a versatile, secure, and powerful platform that enables organizations to store, organize, and share data. It also provides collaboration tools that support your workflows and make it easier for teams to communicate and coordinate.
SharePoint offers many of the same features as Laserfiche, including document management, workflow automation, and secure file storage. On top of that, the platform comes with robust search capabilities, flexible sharing options, and refined version control features, which make it a breeze to track changes and maintain document integrity. These features are especially useful for RIAs in ensuring the accuracy of client information and accelerating compliance audits.
While SharePoint is a bit more complex to set up than other content management solutions, its high degree of customization, intuitive user interface, and easy integration with Microsoft products and services make it an attractive option for many RIAs.
Which ECM platform is better for your RIA?
Both Laserfiche and SharePoint offer a variety of features that can help you manage your data and streamline your workflows. However, determining the right solution for your RIA or financial advisor firm largely depends on the size and scope of your operations.
If your RIA firm constantly deals with large data volumes, Laserfiche may be the best option since it offers a highly comprehensive set of capabilities and impressive security. But if you’re a firm with 5–25 employees, you may be better served by SharePoint, since it’s easier to set up and offers a more intuitive user interface.
The extensive features of Laserfiche may also be overkill for a small RIA, since the platform can require significant setup and training before users can realize its full potential. In this case, SharePoint may be more suitable since it is easier to implement and provides a smoother learning curve.
Additionally, if you already use other Microsoft solutions or prefer to stay within the Microsoft ecosystem, then SharePoint is the obvious choice. It integrates seamlessly with other Microsoft technologies, allowing you to leverage existing investments and make the most of your resources.
Ultimately, you must evaluate the platforms carefully to determine the one that best fits your firm. Consider your RIA’s size, operations, and budget to make an informed decision. With the right ECM solution, you can streamline processes and ensure that your data remains secure, accessible, and compliant.
Our specialists at RIA WorkSpace can help you understand the nuances of each ECM platform and assess which one is best for your RIA. Contact us today.