ERISA1 Posted August 25, 2014 Share Posted August 25, 2014 Hi - Historically, we have delivered documents to our clients in hard copy binders. We want to switch to a digital vault. 1 Has anyone been working with vaults? What is your experiences? 2 Do you know of any service providers whose product is well suited to retirement plan administration? 3 Are using a secure system to send emails? Does that tie in to the vault? If not, can you recommend vendor? Thank you very much. Dave Link to comment Share on other sites More sharing options...
MoJo Posted August 25, 2014 Share Posted August 25, 2014 I work with people who have access to and use two such vaults. One was custom developed by the financial advisor group (large, multi-office) and mirrors a "checklist" of likely documents requested by regulatory audits (DOL or IRS) - so it contains plan docs, investment reviews, fee disclosures, service provider contracts and a bunch of other stuff. Frankly, I think it's more of a marketing tool than an actual one (meaning, they hype it to prospects, and use it to store things, but mostly clients ignore it - and if they ask for a document, someone emails it to them anyway (nothing with identifying info/SSNs, etc). It isn't used for any "admin" type of documents, or transactional info - so secure emails isn't linked in any way. The other vault available is an LPL provided solution (for their advisors) - which is similar to the custom vault. Keys to consider are ease of use for BOTH the one storing the document and the ones retrieving the document; the types of documents stored (are they "archived" or active?); and ease of use for the one storing the document and the ones retrieving the document (yes,I repeat myself because NEITHER one of the vaults available tot he people I work with are really easy to get things into them (but are pretty straight-forward in getting thigs out of them. Check out this article for some of the issues. Not sure what your business is, but this seemed to resonate with me: http://www.kitces.com/blog/have-financial-advisors-gotten-off-track-with-client-vaults/ Link to comment Share on other sites More sharing options...
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