Running a small to mid-sized registered investment advisory (RIA) firm can feel like a constant battle against paperwork. Client files, account statements, regulatory documents — the list seems never-ending. Picture spending hours searching for a specific document, only to realize it was misfiled or lost in the chaos of your physical filing system.
Thankfully, document management systems (DMS) exist to make your life easier and more organized. These software solutions enable you to create a digital repository for all your documents, making them easily searchable and accessible.
This article will compare some of the top DMS software solutions for RIAs and financial advisors to help you find the best fit for your firm.
Top DMS contenders for RIAs and financial advisors
Some of the most popular DMS options for RIAs and financial advisors include:
- Finity360 Docs – cloud-based DMS designed specifically for the financial services industry, offering robust security and compliance features
- Laserfiche – scalable enterprise content management platform with a variety of document management functionalities, suitable for RIA or financial advisory firms of all sizes
- NetDocuments – cloud-based DMS with advanced search capabilities, automation features, and customizable security controls, used mainly by legal and financial services firms
- Paperclip – user-friendly content management solution that offers features such as document encryption, access controls, and audit trails, and is suitable for ensuring security and compliance
- SharePoint – widely used content platform integrated with Microsoft 365, offering a familiar user interface for existing Microsoft users and seamless integration with other Microsoft products commonly used by RIAs
- Worldox (now owned by NetDocuments) – popular on-premises DMS option with customizable workflows and document version control features
Feature comparison
The DMS solutions above offer features such as document storage, organization, and retrieval capabilities. However, key differences among them may make one solution more suitable for your firm than others. Let’s take a closer look at some of these differences.
Deployment type
DMS software can be deployed either on premises or in the cloud. On-premises software is installed and maintained locally on your firm’s servers, while cloud-based solutions are hosted and managed by the DMS provider. When deciding on the deployment option for your DMS, consider factors such as your budget, IT resources, and security requirements.
| Finity360 Docs | Laserfiche | NetDocuments | Paperclip | SharePoint | Worldox |
|---|---|---|---|---|---|
| Cloud-based | Cloud-based, on-premises, hybrid | Cloud-based | Cloud-based | Cloud-based, on-premises, hybrid | On-premises |
| Still using an on-site server? That might not be the best option for your RIA. Check out our RIA Tech Talk Podcast Episode 10: Ditch Your Onsite Server: A Simple Guide For RIAs |
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Security and compliance
Protecting client data is paramount in the wealth management industry. Look for a DMS with robust security features, including encryption, access controls, and audit trails. Additionally, you must ensure the platform supports compliance with relevant regulations, such as SEC and FINRA requirements for document retention and security.
| Finity360 Docs | Laserfixhe | NetDocuments | Paperclip | SharePoint | Worldox | |
|---|---|---|---|---|---|---|
| Security features | Advanced encryption, multi-factor authentication (MFA), role-based access controls | Data encryption in transit and at rest, granular access controls, user activity monitoring | End-to-end encryption, detailed permission controls, user and document activity logs | Strong focus on data security, MFA, detailed access logs | Data encryption, customizable access permissions, MFA, monitoring and alerts for unusual activities | Encryption, robust access controls, audit trails and document control |
| Compliance features | Supports SEC and FINRA compliance, built-in audit trails | Supports SEC and FINRA compliance, automated document retention policies | SEC-compliant document management, FINRA retention policy enforcement | SEC and FINRA compliance features, comprehensive audit trails | Supports SEC and FINRA retention requirements, complies with various industry standards | Supports SEC and FINRA compliance, customizable retention policies |
Document management
Effective document management is a fundamental feature of any DMS. With version control, you can avoid accidental edits and always work with the latest version of a document. Optical character recognition (OCR) lets you search text within scanned documents, while full-text search enables efficient document retrieval based on keywords. Automatic document classification and tagging also help with organization and retrieval.
| Finity360 Docs | Laserfixhe | NetDocuments | Paperclip | SharePoint | Worldox | |
|---|---|---|---|---|---|---|
| Version Control | Yes | Yes | Yes | Yes | Yes | Yes |
| Search capabilities | Full-text search, OCR for scanned documents | Full-text search, OCR for scanned documents | Full-text search, OCR for scanned documents | Full-text search, OCR for scanned documents | Full-text search | Full-text search |
| Automated classification and tagging | Customizable content labels | Automatic data extraction and classification | Custom metadata, dynamic attributes | Customizable tags | Automatic classification with sensitivity labels, customizable metadata fields | Customizable document categories |
Collaboration features
Simplified collaboration is another key benefit of using a DMS. Seek out features such as document sharing, annotation tools for feedback and edits, and workflow automation capabilities to streamline document review and approval processes.
| Finity360 Docs | Laserfiche | NetDocuments | Paperclip | SharePoint | Worldox |
|---|---|---|---|---|---|
| Document sharing, annotation, workflow automation | Document sharing, annotation, some workflow features | Document sharing, annotation, advanced workflow automation | Document sharing, limited annotation, basic workflow options | Document sharing, co-authoring, workflow automation (with Power Automate) | Document sharing, annotation, workflow automation |
Integration
Consider the other software and systems your RIA or financial advisory firm uses and see if the DMS can easily integrate with them. Commonly integrated systems include customer relationship management (CRM) software, portfolio management tools, and email clients.
| Finity360 Docs | Laserfiche | NetDocuments | Paperclip | SharePoint | Worldox |
|---|---|---|---|---|---|
| Integrates with Finity360 business apps and popular productivity suites | Prebuilt connectors for various enterprise applications, wide range of integrations | Prebuilt connectors for popular CRMs, enterprise resource planning systems, and accounting software | Limited built-in integrations | Tight integration with Microsoft products that RIAs and financial advisors already use | Integrates with popular productivity tools, limited prebuilt connectors for third-party apps |
Ease of use
A user-friendly interface is essential for ensuring swift user adoption and maximizing the benefits of a DMS. Take into account factors such as the learning curve, intuitiveness of navigation, and availability of training resources.
| Finity360 Docs | Laserfixhe | NetDocuments | Paperclip | SharePoint | Worldox | |
|---|---|---|---|---|---|---|
| Learning curve | Easy | Steep | Moderate | Easy | Moderate; steep for complex setups | Moderate |
| Intuitive navigation | Yes | Can vary, depending on complexity | Yes | Yes | Can vary, depending on customization | Yes |
| Training resources | Comprehensive resources | Extensive documentation | Comprehensive training | Basic tutorials | Dedicated training portal | In-depth training options |
Pricing comparison
Pricing for DMS solutions can vary greatly depending on the features and functionality included, as well as the size of your firm and the number of users. Here’s a general overview of their pricing structures:
| Finity360 Docs | Laserfiche | NetDocuments | Paperclip | SharePoint | Worldox |
|---|---|---|---|---|---|
| Offers custom quotes based on your needs | Tiered pricing based on deployment, starts at $50–79 per user per month | Offers custom quotes based on your needs | Offers per-user pricing based on included solutions | Pricing depends on your Microsoft 365 subscription, starts at around $6 per user per month for basic plans | Offers custom quotes based on your needs |
Choosing the right DMS for your RIA or financial advisory firm can streamline processes, improve collaboration, and support compliance. Keep in mind the key features and factors discussed in this comparison guide, and thoroughly evaluate each solution to find the best fit for your specific needs. With a comprehensive DMS, you can efficiently manage all your documents and focus on providing top-quality services to your clients.
Our experts at RIA WorkSpace can assist you in evaluating and implementing the best DMS for your firm. Since 2007, small and mid-sized RIA and financial advisory firms nationwide have relied on us for enterprise-class security, cloud solutions, and managed IT services. Contact us today to schedule a consultation.