Published by Jessica Weisman-Pitts
Posted on October 13, 2022
5 min readLast updated: February 3, 2026
By Colin Dean, Major Accounts Director at M-Files, a global leader in information management
Financial Advisers tend to be rigid with working methods, favouring traditional and established practices over the exploration of more modern alternatives. However, the industry is quickly evolving, and innovative technologies coupled with growing client expectations are driving processes forward. Firms who are reluctant to keep up with these trends will struggle– it’s time to leave outdated approaches in the past.
A study from Nvidia shows that over 90% of financial service companies are driving vital business outcomes using cutting-edge technology. Wealth management firms should assess their own strategy, evaluating what new tech can do for them to improve the quality of the service they offer.
Firms are also having to cope with an ever-changing landscape of regulations and compliance measures, with artificial intelligence (AI) the key to staying one-step ahead of any developments. This emphasises the value of tech in easing the burden on financial advisors, outlining how it can be leveraged to make the job easier and relieve pressures associated with any unforeseen developments.
Ultimately, the client book is the priority for wealth management firms, who should constantly question how innovations can improve the service offered to each and every person they represent. A modern information management strategy lies at the heart of this, facilitating transparent communication and giving instant access to essential information.
Reducing the compliance burden
Meeting compliance specifications can be a complicated and tedious affair, which is why firms are looking for new ways to ensure information is governed in line with regulations. In fact, 93% of wealth management firms believe that new technologies such as AI will simplify compliance.
An innovative document management strategy is a vital tool to support compliance efforts, providing instant audit trail visibility for all documents across the entire firm. This allows organisations to track authors, editors and viewers of documents, including all historical versions.
As a result, financial service providers will have total transparency and can provide information to regulators as soon as this is requested. Firms can also avoid the frantic search for the necessary documents when being audited or providing discovery for legal action.
AI can transform an organisation’s compliance strategy from reactive to proactive. When a wealth management firm is faced with new compliance challenges, this technology will automatically discover and apply the requisite governance controls to information across all locations and repositories. By implementing such measures, firms can stay on top of new requirements as soon as they are issued.
Technology is driving efficiency
Technology is best used as a tool for automating routine tasks, in turn streamlining business processes and freeing up time for financial advisors to spend on the work that really matters. This stance is echoed by recent statistics, which show that 65% of businesses cite boosting efficiency as their primary motivator for adopting digital technologies.
A metadata-driven document management platform is a viable method for achieving increases in efficiency, as this can save time by using intuitive tags that enable users to rapidly find the information they need. Enhanced search capabilities such as this eliminate painstaking time spent searching for missing files, with lost data suddenly retrievable within seconds.
Advisors must remember that AI is unlikely to ever reach a level of intelligence where it will replace them altogether. Instead, it is the perfect complement to complex and client-facing work that they do, taking over administrative tasks and guaranteeing that these will be completed without error.
All of this time saved is extremely valuable to firms, allowing them to maximize advisor time spent engaging with profitable clients and developing the book of business, while reducing the non-revenue-generating time advisors waste searching for information.
Growing client relationships
Firms taking advantage of a modern document management strategy will be able to offer a more transparent and straightforward service for their clients.
For example, they can work seamlessly with any external parties by instantly and securely sharing active versions of documents. By operating in a collaborative workspace, the chance of miscommunication between the firm and the client is drastically reduced. Advisors can also clearly outline any administrative requirements, while demonstrating how their work adds value to the client.
Furthermore, if information is correctly stored and everyone is working on the latest version of a document, wealth management firms can avoid duplicate tasks or any work being completed on an outdated file. This means more time is spent servicing the client and fulfilling their investment needs.
Overall, this improves the quality of service that the client receives, as they have immediate access to information they need and won’t be sent any erroneous documents that are not fully up-to-date. This means more time is spent servicing the client and fulfilling their investment needs. If firms adopt this strategy, then they will forge stronger client relationships and be in a stronger position to scale their business.
Wealth management firms who fail to see the value of an innovative document management strategy are at an immediate disadvantage to competitors, who will be more organised, efficient, and able to offer a superior level of service. Advisors shouldn’t stick with tried and tested methods simply because they feel comfortable, it is time to branch out and see what inventive technology can do to boost business performance.
M-Files
M-Files is a global leader in information management. The M-Files metadata-driven document management platform enables knowledge workers to instantly find the right information in any context, automate business processes, and enforce information control. This provides businesses with a competitive advantage and substantial ROI as they deliver better customer experiences and higher-quality work with lower risk.
Compliance refers to the process of ensuring that a company adheres to laws, regulations, and internal policies. It is essential for maintaining operational integrity and avoiding legal penalties.
Artificial intelligence (AI) is the simulation of human intelligence processes by machines, particularly computer systems. It includes learning, reasoning, and self-correction, and is used to automate tasks and improve efficiency.
A document management strategy is a systematic approach to managing, storing, and tracking documents within an organization. It enhances efficiency, compliance, and collaboration among teams.
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