Advisor Assist: Investment Adviser Compliance with Softsquare

Client

Advisor Assist, a Boston-based compliance consulting firm, helps investment advisers, wealth managers, and financial planners navigate complex regulatory requirements with Investment Adviser Compliance Solutions developed by Softsquare. With tailored compliance programs and continuous support, Advisor Assist ensures clients maintain regulatory adherence, manage risk, and operate smoothly.

Our goal at Softsquare is to empower investment advisers to navigate compliance confidently, helping them achieve operational success with less effort.

As the client base grew, challenges in managing customer activities, tracking compliance tasks, and handling document volume increased. To tackle these issues, Advisor Assist sought an optimized solution from Softsquare.

Challenges

Managing a large portfolio of compliance-related tasks and documents presented several hurdles for Advisor Assist, including:

• Limited team visibility into compliance records.
• Complex tracking of numerous compliance activities and audits.
• Manual document management resulting in inefficiencies and potential compliance delays.

These issues not only impacted operational efficiency but also introduced potential compliance risks, prompting a need for a more structured and streamlined approach.

Solutions

Softsquare deployed a customized Salesforce Experience Cloud solution tailored to deliver effective Investment Adviser Compliance Solutions for Advisor Assist. Key features of the solution included:

1. Enhanced Data Visibility: The Experience Cloud solution improved data visibility and access for Advisor Assist’s customers, facilitating secure collaboration across teams and ensuring all stakeholders were aligned on compliance tasks.
   
2. Automated Compliance Activity Management: By developing a custom template structure within Salesforce, Advisor Assist could generate bulk compliance activities and detailed CRAFT assessment reports with a few clicks or a set schedule, reducing manual workloads.
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3. Integrated Document Management: To optimize storage and reduce costs, we integrated Google Drive with Salesforce, allowing Advisor Assist to leverage their existing Google Business Account for compliance documents. This integration maintained a clear audit trail and streamlined document access directly within Salesforce.

Result

The implemented solution led to significant improvements in Advisor Assist’s operations:

• Improved Team Collaboration: Increased visibility across compliance activities led to more cohesive team collaboration and smoother customer onboarding.
• Enhanced Efficiency: Automated task creation and document management reduced time spent on manual tasks by over 30%, boosting overall productivity.
• Cost Savings: The Google Drive integration reduced Salesforce storage costs, allowing Advisor Assist to allocate resources more efficiently.

Conclusion

By partnering with Softsquare, Advisor Assist successfully streamlined their compliance management processes, reducing manual effort, improving data visibility, and enhancing regulatory adherence. With continued support from Softsquare, Advisor Assist is well-positioned to tackle future compliance challenges and deliver unmatched value to their clients. This collaboration not only improved Advisor Assist’s operational efficiency but also positioned them as a more robust partner to their clients, helping them navigate complex regulatory requirements confidently.

Learn more about our Service Solutions on our Softsquare Website.

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