So after putting in the years at a wirehouse and an insurance company, going independent. Just went to staples and blow away by how much more expensive all the filing stuff is. then it hit me, instead of maintaining everything on paper, having a re-writeable cdrom for all clients, and scan all the documents to that. maintain a copy on the pc, a backup copy on a storage device, and an individual client cdrom.
Obviously, anything requiring original signatures… keep that… but… is this compliace ok?
What file system do you use?
Ask your compliance.
They probably have specific requirements including the type of scanner you need to buy, in order to maintain a paperless office.
Get a Sam’s Club Membership and just buy the paper files. They’re so convenient to have right there and pull out as needed.
What’s going to happen if a client walks in unannounced and he sees you load a CD Rom into your computer that has all his personal information on it? I know some of our large older clients would be extremely upset seeing that. Of course it IS ALL ONLINE already but they don’t want or need to know that.
I did use a nice system at ameriprise. At UBS most things were online, and a small file folder. but now going independent as in RIA.... so no clear guides on it.
I do understand on people wanting to see a file.