When document management and Customer Relationship Management (“CRM”) systems are integrated, employees can find things easily and become more productive. Plancorp, a Registered Investment Advisor, transformed their systems and streamlined their business processes using Worldox Cloud and Salesforce so that their advisors could focus more on client service rather than their IT infrastructure.
The Business Challenge
Dr. Bob Tucker joined Plancorp just as they were installing a document management system 10 years ago. Because of his experience with electronic records in a prior career, he was selected to lead the implementation. That system was provided by a local company who had built their own platform. Three years later, a change in Plancorp’s IT infrastructure gave them access to SharePoint. They migrated to SharePoint in order to lower costs and because it integrated with their Microsoft Dynamics CRM solution.
Plancorp is part of a national network of wealth management firms called the Zero Alpha Group. This geographically diverse group shares their knowledge and expertise about better and more efficient ways to serve their clients. One of the member firms developed a number of helpful tools based around Salesforce. Plancorp decided to switch from Microsoft Dynamics to Salesforce so that they could take advantage of these resources to better serve their clients.
Around that time, Plancorp decided that they needed even more robust search capabilities than SharePoint could provide. They needed an efficient way to store different types of data (compliance, marketing and policy documents) in addition to their client documents.
In looking for a replacement product, client confidentiality and data security were of the utmost importance. For a company of their size, a Cloud-based solution would provide them with greater security and business continuity capabilities than they could achieve with an on-premises solution. Knowing their data was protected allowed them to focus more on client service. They evaluated several products before deciding that Worldox Cloud offered them the tools and security they needed. Worldox document security features include authentication, a Cabinet structure, ethical walls, file level security, group security features, audit trails, the audited ability to check files out and in, versioning, salvage bins, legal hold repositories, and automatic virus protection.
Plancorp worked with Trumpet, Inc., a certified Worldox partner, who also provides custom workflow solutions for financial advisory firms, to implement their Worldox Cloud solution. Trumpet collaborated with Plancorp on the configuration of their Worldox Cloud environment and migrated most of their data into production client Cabinets for them. The small amount of remaining client data that did not follow specific structural or naming conventions was migrated manually by Plancorp. Meanwhile, Trumpet’s development group implemented integration with Salesforce that allowed complete access to data for clients directly from Salesforce using Worldox hyperlinks. The Worldox Cloud system also provided seamless integration with the Microsoft Office applications as well as Adobe Reader.
The Worldox Cloud system also allowed them to set up other repositories for practice management documents. With Trumpet’s help, they migrated their compliance documents, policy documents and marketing resources that are not client specific into the Worldox Cloud system.
This gradual migration of data allowed their advisors to ease into the transition to a new system so that client service would not be disrupted.
The migration to Worldox Cloud exponentially increased their ability to find documents quickly. The direct integration with Salesforce provided by Trumpet gave them a single point from which to access client data and an easy transition to a new system since it was accessed through their existing CRM product. Client data became easy to find and access. Once everyone was comfortable accessing client data through Salesforce and Worldox Cloud, they transitioned additional data to the Worldox Cloud system that was accessed directly through Worldox.
This journey resulted in the implementation of a new system that increased the efficiency of Plancorp’s advisors. The ease of their transition, flexibility and expandability of Worldox Cloud in combination with the knowledge that their data is protected and safely located in a hardened data center allows them to focus on client service instead of their IT infrastructure.
Plancorp is currently migrating corporate documents and internal accounting files into the Worldox Cloud environment. They are happy with the way their cabinet structure is organized and the easy way in which they can access all types of files. Plancorp staff members enjoy Worldox Cloud’s scalability and performance and feel reassured by the financial compliance and strict security measures.
Founded in 1983, Plancorp is registered as an Investment Advisor with the SEC. The firm oversees approximately $3.0 billion (December 31, 2015) of both individual and institutional assets. Their primary business focuses on providing financial planning services and asset management to high net worth individuals and families and to the small and mid-sized institutional market. Other services that they offer include business advisory, family office, 401(k) plan design and investment management. Their management team and support staff consist of 47 people. Plancorp has 10 shareholders and a wealth management team of 28.
Plancorp has been certified by the Center of Fiduciary Excellence (CEFEX) every year since 2007. They have custodial relationships with Charles Schwab, Fidelity Investments, and TD Ameritrade Institutional. They maintain their principal office in St. Louis County and they have a satellite office in Sarasota, Florida. Plancorp is privately held.
By Dr. Bob Tucker, Vice President, Wealth Manager, of Plancorp & Rebecca Sattin, CIO at World Software Corporation