LincDoc Financial Services Case Study


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A financial services company serving clients in all 50 states and internationally needed a more accurate, risk-averse and efficient method by which to create variable-rich account documentation like Investment Policy Statements, Investment Management Agreements and other required client and investment document packages.

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LincDoc Financial Services Case Study

  1. 1. Succeeding with LincDoc … Enhancing productivity and reducing risk for financial services At a Glance Scenario A financial services company serving clients in all 50 states and internationally needed a more accurate, risk-averse and efficient method by which to create variable-rich account documentation like Investment Policy Statements, Investment Management Agreements and other required client and investment document packages. Decision The Company chose LincDoc Enterprise because of its document assembly engine’s ability to include boilerplate content based upon “live” content-field responses; micro-level control down to individual paragraphs; bundle related documents; and spread one change across all related fields simultaneously. Results  Implementation of truly business-driven document assembly solution  Company account managers are able to service clients more efficiently  Eliminated use of a complicated, high-maintenance document assembly process  Company now electronically bundles related documents  Document version control problems solved  Client-based customized content automatically generated based on simple Question & Answer process  Legal team (subject matter expert) input on documents drastically reduced The situation The Company was using a manual document creation “process” to build a number of essential financial services contracts and agreements that provided clients with a detailed breakdown of account manager requirements and guidelines about the investment product. They also outline product specifics such as risk tolerance, asset allocation, maturity timelines.
  2. 2. In many cases, these documents can be many pages in length and depending on a customer’s investment strategy, often demand a unique array of additional addenda, signature pages and disclosure language. What wasn’t working The Company’s previous process involved manually bundling pages of PDFs, providing minimal content control and requiring account managers to create new documents for every product option, as well as having to manually edit instances of common information, like client names and phone numbers, and having to input the same change multiple times in numerous document sections. Their practice also involved the fundamental dilemma of many versions of each document in multiple places. This process resulted in their documentation becoming cumbersome in terms of storage, organization, information accuracy, number of pages and redundancy. Additionally, troubleshooting content errors required reviewing multiple documents with the same information to locate the original error source. Several members of management were spending too much time on document review and approval as a result of their page-by-page construction and lack of change control. For a single change, many pages had to be manually edited, spreading across critical complex documents a significantly increased risk of regulatory error as well as hours of wasted company time, client goodwill and industry reputation. Why LincDoc? Business-need driven LincDoc’s Web-based “out-of-the-box” feature set provided the most comprehensive—and simple—way to address the Company’s multi-tiered document control challenges and emulated clearly the desired “perfect world” scenario for composing documents. LincDoc also mirrored the Company’s established documents, leveraging their familiarity to ensure quick adoption and rapid roll-out. Advanced business logic Because of LincDoc’s ability to automatically include any type of conditional content, the Company’s account managers were able to complete customer documents in only a few steps instead of implementing the same change across a host of related documents.
  3. 3. Document packaging Related content, such as required legal clauses, language requirements, signature pages and other forms of addenda could be included conditionally and output in an attractive, branded document package that greatly reduced the chance for costly errors. Granular content control LincDoc provided information control to the paragraph level, allowing for intricate changes to be made quickly and easily. One place for all documents A single repository for the latest version of every document keeps document usage organized and highly efficient, as well as ensures that data collected is not in response to outdated form fields. Results Hours of time saved per document Regardless of complexity, critical documents are now created, completed and provided for clients in less than half the time needed previously needed while working with an “off the shelf” document creation application or manually generated PDFs. Now, changes that once took three hours to implement across multiple documents is estimated at ten minutes. Additionally, subject matter experts are no longer needed to approve published documents, as pre-approved content is locked into document library, enabling all users to create compliant account materials. Enhanced account services The Company is able to quickly customize client documents to more efficiently explain the nuances of a particular investment product while adhering to all required legalities and regulatory language, reducing the “paperwork drain” that is so common with financial products and that prevent customer from fully understanding where there money is headed. The Company’s sales team is reporting that higher priority accounts can now be given additional attention as once-cumbersome tasks associated with day-to-day document management have become essentially a thing of the past. Inclusion of common content
  4. 4. Account managers can now publish the same change across all related documents in a bundled document and include common content, like account numbers and client name and information automatically. The right content every time The likelihood of a document being published with incorrect information was reduced substantially due to the audited, permission-based content repository that ensures document language is correct in every instance across their entire library. The Company has also improved its standing under audit scenarios. Contact: LincWare , LLC 585.563.1669