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A Large Independent Brokerage Increases Client/Broker Interaction With Onboarding Automation
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A Large Independent Brokerage Increases Client/Broker Interaction With Onboarding Automation


Learn how a firm reduced costs for client onboarding, reduced client onboarding time dramatically, and reduced paperwork deficiencies …

Learn how a firm reduced costs for client onboarding, reduced client onboarding time dramatically, and reduced paperwork deficiencies
to nearly zero with OpenAdvantage®. Brokers now spend more quality time with
clients and less time handling paper.

Published in Economy & Finance
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  • 1. A Large Independent BrokerageGoes From Chasing Paper ToOperational Efficiency And IncreasedClient Interaction TimeEXECUTIVE SUMMARYCOMPANY CHALLENGE SOLUTION BENEFITEstablished in the early 1960s, The firm needed to improve Implemented OpenAdvantage ® Reduced costs for client on-this firm (one of Canada’s larg- their existing client onboarding electronic client onboarding so- boarding, client onboardingest independent brokerages) process. The manual approach lution, and scanning, barcoding time dramatically reduced andcaters to retail and institutional was slow and error prone. and document management paperwork deficiencies re-clients with branches in Cana- Sending documents by courier software to improve efficiencies duced to nearly zero. Brokersda and the U.K. was also costly and time con- and reduce costs. spend more quality time with suming. clients and less time handling paper.THE CUSTOMER For this firm, one of Canada’s largest independentA large independent brokerage with a reputation for client brokerage firms, best in class client service is a crucialservices, this firm has served Canadian and international competitive differentiator, so making a good firstclients for close to 50 years. impression is essential.Today the firm has grown into one of Canada’s largest THE SOLUTIONindependent brokerage firms, with expertise in retail The brokerage implemented OpenAdvantage® to improveequity services, investment banking services through operational efficiency and provide a professional and per-their capital markets group, wealth management sonalized client onboarding, and commodity futures and options trading.The firm is headquartered in British Columbia, with THE TRIPLE ADVANTAGEbranches across Canada, including a principal office in Almost immediately, this firm experienced a triple advan-Toronto and an international office in London, England. tage. Reduced NIGO rates, increased operational effi- ciency, and reduced paper handling permitted increasedTHE CHALLENGE broker productivity and better client relationships. TheThis firm, like many other wealth management team quickly noted improvements in turnaround time andfirms, struggled with what the company’s CIO operational efficiency after implementing the OpenAdvan-and CAO describes as “chasing the paper trail”. tage® client onboarding software.Client onboarding was manual and convoluted, andpaperwork was frequently filled out incorrectly. Accountpaperwork from branches had to be sent by courier to headoffice before accounts could be opened, an added costwhich slowed down the opening process by a full
  • 2. OpenAdvantage® Case StudyThe senior business analyst in charge of the OpenAdvan- and “savings and reduced staff expenditure aretage® project remarks that the OpenAdvantage® process anticipated as follow-on advantages” as the teamhas proven pivotal in reducing paperwork deficiencies. He extend the functionality throughout the organization.notes that every deficient account required twenty to forty Using OpenAdvantage®, the firm is building a unifiedminutes to resolve, so the over 50% reduction in deficient electronic document repository which is readilyaccounts has saved an enormous amount of broker time. accessible. Should documents require review, they are immediately available for electronic retrieval, furtherOverall, the project team estimate that paperwork defi- decreasing client onboarding and updating times. Thisciencies are reduced from 60% to 5-10% as a result of accessibility enhances the brokerage’s compliancethe OpenAdvantage® implementation. practices while increasing their operational efficiency.“Our firm is using the OpenAdvantage® suite, and the results have “Clients get two advantages, faster client onboarding and moreexceeded expectations.” productive time with their brokers. From a corporate image and service perspective, this has a dramatic impact.”CIO and CAO CIO and CAOAUTOMATIC FILING AND ROUTING DOCUMENTSPreviously, client accounts could not be opened until all THE FUTUREdocumentation was couriered to head office, which add- Going forward, the client onboarding team plan toed a day to client onboarding. Branch offices spent con- continue streamlining and automating their customersiderable time and money organizing paper and sending communications by providing more services throughit away. OpenAdvantage® throughout the client lifecycle.Working with OpenAdvantage®, the brokerage is much OpenAdvantage® will facilitate client communicationmore agile, onboarding clients in a matter of hours rath- during regulatory changes, for example. “Not only doer than days. Documents are scanned into the system, we get an improved client and broker experience upbarcodes are dynamically generated for them, and the front”, observes the CIO, “but we expect down the roaddocuments are electronically transmitted, decreasing the to be able to provide state of the art experiences fortime needed to open the account. The original docu- clients whenever we interact”.ments are still stored at head office in accordance withIIROC regulations, but they can be sent later without im- The brokerage is also planning the implementation ofpeding the client onboarding process. collaborative online client onboarding to compliment their traditional client onboarding process. Brokers willAN ELECTRONIC DOCUMENT REPOSITORY start the client onboarding process and then transferOpenAdvantage® has improved the efficiency of the control to the customer via an e-mail which contains aclient onboarding process, notes the CIO and CAO, link to complete the online client onboarding process. For this large brokerage, working with OpenAdvantage® offers the freedom to explore new business strategies for client communication, knowing the technology is in place to support the firm’s evolving needs.Doxim builds and delivers automated client onboarding software, cloud-based Enterprise Content Management, and advanced documentprocessing solutions for Financial Service Providers and their outsourcing partners. These solutions are used by thousands of clients inbanking, credit unions, wealth management and investment brokerage to create, deliver and manage business critical documents andcontent more efficiently and cost effectively. Doxim solutions help these organizations to improve client communications, streamlinedocument access and meet the stringent compliance requirements associated with transactional document output and delivery.Doxim is an SSAE16/CSAE 3416 compliant organization.Toronto | Kitchener | Vancouver | Montreal1.866.475.9876 | info@doxim.comcontent. community. connected