Leonard Johnson and Marc Duncan exhibited and presented at the Technology Tools for Today 2009 Conference, held at the InterContinental Hotel in Addison, Texas. This event targets the technology needs of Financial Services Advisors. This is the fourth conference held and the first for NetDocuments. There were about 400 attendees from across the nation. We were impressed with the attendees and their focused interest in learning more about technology, and looking for CRM, document management or other industry-specific technologies for their business.
Friday morning, I presented on a panel discussion titled, "Update on Document Management." I was impressed with the panel moderator and founder of the conference, Joel Bruckenstein, due to his knowledge of this industry, his knowledge and needed value of document management for this industry, and his leading questions to the approximately 40 people in attendance.
There is a good opportunity for NetDocuments in this industry due to our years of experience in the legal market servicing professionals and their document needs. NetDocuments provides a tremendous value to registered investment advisors (RIAs) for the following key reasons: 1) SEC and FINRA compliance 2) user efficiency to store, manage, secure and access their client document work; and 3) creating a client-centric portal that allows their clients to upload documents and access their financial information as managed and counseled by their advisors. The client portal was well received at the event and was clearly a leadership position that NetDocuments has among the other document management providers. Our set of features are deep and broad derived from years of experience that will carry over to this market. Our many existing financial services customers attest to this.
I was impressed with the other document management providers, namely Docupace, Inautix, and NgCabinet, who all focus 100% in this industry. Docupace and Inautix are SaaS as this industry already accepts the value of SaaS. However, I feel these other DM products focus on a narrow purpose for document management, namely, document storage and archival for compliance purposes—a backoffice solution.
With the dynamic nature of these advisors and their continual need to service and satisfy their clients, especially with the vicissitudes of the financial services industry, these advisors need to add value to their clients and offer full transparency of their work to the client. There is no better way than creating a client portal where the clients can have access, anywhere, anytime to all their documents. It becomes a vault, an online safe deposit box, if you will, and transforms their traditional "asset portfolio binder" to a "digital asset portfolio portal." It also streamlines the transfer of documents from the client to the advisor by having the client be able to upload, fax, or email directly to the portal. With the Internet as a social networking medium and NetDocuments leading the SaaS document management industry in this area, NetDocuments is the best solution for the Financial Services industry for both broker-dealers and advisors simply based on this one main feature set.