If you’re in the business of providing financial advice to individuals and companies, then you know that a big part of your job is managing client documents. You need a reliable document storage solution that can help you stay organized and keep track of everything while also giving easy access and sharing options for your team.
There are a handful of document storage systems on the market that cater to registered investment advisors (RIAs), and it can be tough to decide which one is right for you. To help you make the best choice, we’ve compiled a list of the best options available, along with their key features.
Box is an online storage and collaboration platform that offers unlimited storage space and fine control over who can access and edit files. The platform also has robust search and discovery tools, so you can easily find the documents you’re looking for.
Box integrates with a number of popular customer relationship management (CRM) and financial planning software solutions, making it a good option if you already have an established workflow around these tools.
Specifically designed for wealth management firms, Docupace is a cloud-based document management solution that touts powerful search and workflow capabilities, as well as integration with top financial planning software. It also features sophisticated document security measures, such as government-level encryption and granular access controls, which enable you to easily comply with Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) regulations.
With over 700 million registered users, Dropbox is one of the most popular cloud file hosting services. It offers unlimited storage space and file-sharing capabilities, plus advanced version control and collaboration tools.
Dropbox is easy to use, so it’s a great choice if you’re looking for something that your team can use without too much training.
Egnyte is a comprehensive content management and sharing solution that allows you to store, organize, and access your files from anywhere. Its key features include multilevel security, advanced search capabilities, and integration with CRM, enterprise resource planning (ERP), and other business systems.
Perhaps the most well-known cloud storage solution, Google Drive provides online file storage and collaboration capabilities, together with integration with a number of Google applications. The service also has functional search and discovery tools as well as mobile access, so you can stay connected on the go. With its large user base and low pricing, you can’t go wrong with Google Drive.
A leading document management and business process automation solution, Laserfiche offers a number of features tailored for RIAs, such as electronic signature capture and secure document sharing. The platform also has sophisticated search and analytics capabilities in addition to integration with many popular CRM, ERP, and accounting software solutions, allowing you to easily configure it to fit into your existing workflow.
Many legal professionals rely on NetDocuments for their content management needs, and the platform is well suited to RIAs as well. It has impressive versioning capabilities and advanced security and compliance features that enable you to easily meet SEC and FINRA regulations. Additionally, NetDocuments was recognized by Gartner as a Magic Quadrant Niche Player in Content Services Platforms.
From the same company behind the popular CRM solution Redtail CRM, Redtail Imaging is an electronic document storage solution specifically designed for financial services firms. It has a range of features that make it an attractive choice for RIAs, such as document tagging and advanced search capabilities, seamless integration with Redtail CRM, and secure document sharing.
ShareFile is a cloud-based content collaboration platform from Citrix. It brings together secure cloud storage, information rights management, and document collaboration tools into one unified solution. In fact, ShareFile boasts bank-level security and can be configured to comply with various industry regulations, including those from FINRA, the Consumer Financial Protection Bureau, and more.
Microsoft’s enterprise content management solution SharePoint is a versatile platform that can be used for document storage, collaboration, workflow automation, and more. While it’s a bit more complex to set up than other solutions, SharePoint offers a range of features that make it well worth the effort. It’s known for its robust search capabilities, flexible sharing options, refined version control features, and excellent security, making it one of the best storage solutions available.
Our top pick
We at RIA WorkSpace believe that SharePoint is an exceptional document storage solution for RIAs. It’s feature-rich, secure, and compliant with industry regulations. It’s also highly customizable, so you can tailor the platform to fit your unique workflow. And if you have a Microsoft 365 subscription, then SharePoint might already be part of your plan and you can start using it right away.
At the end of the day, it’s important to choose a document storage solution that meets your RIA firm’s needs. All of the options presented here have their own strengths and weaknesses, so take the time to evaluate them and decide which one will work best for you.
Still can’t decide? Send us a message and we’ll be glad to help you out.