Brokerprove and the Shredder

broker document shreddedFiles build up. It’s a fact of life for brokers and financial advisors, the more clients you have, the more files you have to store. So successful brokers have stacks and stacks of files. There a few problems that come with this success, and a big stack of files can be a real problem.

As a broker you’re required to keep a copy of all of your clients’ documentation for 6 years after a case closes. The more cases you deal with, the more clients you have; the more space you’ll lose to old case files.

So how do you deal with this problem? For most brokers it means their offices are taken over by filing cabinets and storage boxes. Or they pay to lease storage space. A constant cost that only ever goes up.

What if you could Just Shred it All?

What if you could shred all of that paper? What if you could cancel the storage and throw out some of those filing cabinets? It could mean huge savings. And it’s easy to do.

According to the Electronic Commerce Act 2000, documents that are held for compliance reasons can be held digitally. The Act states that information can be held digitally ‘if there exists a reliable assurance as to the integrity of the information from the time when it was first generated in its final form’.

This requirement has been preventing brokers, and other regulated industries, from using digital originals because ‘reliable assurances’ of digital document integrity have been difficult to come by. Digital documents are too easy to edit, too easy to falsify in terms of time and date created.

Brokerprove Means Compliant Digital Storage

But now there are ways to reliably verify the integrity of digital documents. With Digiprove, an integrated service included within the Brokerprove system, all of your documents are authenticated in a secure third party location. Digiprove allows you to create irrefutable proof that a document has not been altered, and evidence of other information about the document, such as the case, client, provider etc. As soon as you complete a document and save it within Brokerprove, it’s automatically verified through Digiprove.

With this verification and the fact that Brokerprove also creates an encrypted backup copy of the document, you fulfill your regulatory requirements without the need for the paper original. For brokers, that means an immediate cut in costs and a more efficient business.

All you need is Brokerprove, and a shredder.

Why not watch our on demand webinar which will explain all the business benefits of Brokerprove.

Watch Webinar Now

Leave a Reply

Your email address will not be published. Required fields are marked *