The Future of Document Management


Recorded at the T3 Advisor Conference 2022.  Presented by:


Advisorpedia Interviewed Luke Kyleman, Chief Technology Officer at FutureVault, at the T3 Advisor Conference in May, 2022

Resources: FutureVault

Related: Make Your Clients the Hero of the Story with Kristian Borghesan


There's a lot of problems with the traditional approach to document management and wealth. The first one is probably that a lot of it is done by the advisor or the advisors assistants. Our view at FutureVault is that we need to automate these activities, so that we're taking work off of the advisor and their assistants, and doing it automatically. . .

And so that you know, means things like statements are delivered to a vault means all the onboarding documents are automatically delivered to a digital vault securely. And you know, available to the advisor. They're the households they serve, and also visible to the broker dealers that need to have a view from a compliance perspective, we come at security, privacy and compliance from about two or three different lenses. One is on the product development, side, security first and privacy first. So anything in a vault is encrypted. And private, we allow our customers to bring their own encryption keys.

So even we can't see the content, too, when it comes to third parties, attesting that we're meeting our obligations, you know, on the process side, we've got our sock two, type two certification, as it relates to compliance. You know, most of these firms, broker dealers, traditionally an operational department, and we'll take a look to see that everything is managed properly, we give a perspective from that broker dealer view, and visibility that all these documents are maintained and report against that. So instead of it becoming a headache for the advisor, you know, it's a delight. Yeah, I think the future of document management is obviously AI. So we've built out a classification engine, where when anything comes into the vault, we make a filing suggestion. And over time, you can train a neural network to do a really good job of automating the storage in a vault. So imagine a statement comes in from a random source to the vault, you know, whether it's forwarded through an email or from another system, we can classify it and then store it in the appropriate spot in a vault.

Today, a lot of these things are API driven. Tomorrow, it might be a little more disparate. And so we're making a big investment and making sure that as things move from being point solutions to aggregated in one spot, we've we've solved the problem of auto filing for our Wealth Advisors.