Here at Summit Brokerage, we are very excited to be implementing a new paperless workflow and storage system. This system brings tremendous opportunities both to our Boca Raton home office and to the offices of our independent financial advisors.
Summit contracted with one of the leading firms in the imaging industry to design and implement a solution that has been specifically tailored to our business and the needs of our financial advisors.
Users of this solution will realize two key benefits from the Summit Workflow Imaging Storage System (SWISS). Offices using SWISS will experience end-to-end connectivity with the Summit home office. This will allow them to seamlessly submit required documents, whether for clearing firm business or business done directly with a product sponsor. In addition, SWISS will function as a stand-alone electronic filing cabinet for the office. In addition to storing documents relating to their Summit business, financial advisors will also be able to use SWISS to store all of their other documents. Importantly, financial advisors retain full ownership of any “outside” documents stored in SWISS.
Within the Summit home office, SWISS provides important advantages as well. The most exciting feature within the system is workflow routing. Once a document enters SWISS, its type is identified, (such as new account form, letter of authorization, product sponsor application, etc.) It is then attached to an appropriate “transaction,” (such as opening a new account, a wire transfer request or a direct business purchase.) SWISS is guided by a complex set of rules. So, based on factors such as the type of form and the nature of the transaction, SWISS can automatically route paperwork to the appropriate person for processing and/or approval. In a simple example, a letter of authorization for a wire transfer from a brokerage account may be routed to a processor to verify that it has been entered into the clearing firm system. The form is then routed to one or more supervisors (based on the size of the request) for approval and then back to a processor to submit the approved request. Using SWISS, we are able to save the time formerly spent walking paperwork from desk to desk and checking to see which supervisors are available for approval.
The final key benefit of SWISS at the home office is document storage and retrieval. SWISS complies with all regulatory requirements for document storage. Forms stored in SWISS are available in real-time to any associate with the appropriate security permission. In addition, because the images are copied across multiple secure servers around the country, documents within SWISS are protected from any business interruption that may strike our home office and are available as soon as we resume operations from any location with an Internet connection.
SWISS is another critical component in Summit’s technology tool chest, all of which are deployed with only one goal in mind; to support our financial advisors in providing the best possible service to their clients.