Toronto-based wealth-management firm 33seven is offering its high net-worth clients access to a digital filing system designed to provide secure access to important financial planning documents.
The boutique firm is working with Toronto-based FutureVault Inc. in providing a cloud-based platform that can be accessed by clients, family members and their most trusted advisors, such as wealth managers, insurance advisors, lawyers and accountants.
“FutureVault has definitely changed the relationship with my clients. There is a lot more transparency, trust, and new opportunities for value-added services and more comprehensive consultation,” says Derryn Shrosbree, founder of 33seven, in a statement.
“My staff doesn’t have to call the client for a document if it’s already in his or her 33seven vault,” he adds. “From an efficiency standpoint, my staff loves FutureVault; and for our clients, it’s given them clarity and control of their resources, finances and documents.”
The digital system includes FutureVault’s “trusted advisor” feature, which is currently in the process of being patented, through which the client can share documents with his or her trusted professionals and also keep track of which documents are being reviewed through a digital audit trail. Each client also receives a secure FutureVault email address so that those professionals can deliver documents directly to the client through the system.
“High net-worth individuals and families have a complex network of advisors, attorneys, accountants and bankers, resulting in mountains of paperwork,” says G. Scott Paterson, chairman and CEO of FutureVault, in a statement. “We are excited about the opportunity to work with 33seven and provide their clients with the most secure and comprehensive digital filing cabinet. We are also looking forward to augmenting the FutureVault product based on feedback from our new partner.”
This type of digital filing system will be essential to conducting business in the next five years, with parties such as advisors, asset managers and family offices implementing something similar to stay competitive and meet the needs of clients in a cloud-based digital environment, Paterson predicts.
Photo copyright: maxxyustas/123RF