e-signatures for wealth management: accelerating the move ... · · increase sales productivity –...

E-Signatures for Wealth Management:

Accelerating the Move to Online and Mobile Transactions

WHEN E-SIGNATURES MATTER TO YOUR BUSINESS™

Table of ContentsIndustry Overview

E-Signature Education 101

E-Signatures in Action: RBC Royal Bank of Canada and California-based PlanMember Securities

Best Practices

How to Get Started

Industry OverviewE-Signatures & Wealth Management

Electronic Signatures for Wealth Management

© 2014 Silanis Technology. All trademarks are the property of their respective owners.

E-Signatures for Wealth Management Firms

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Wealth management firms are turning to e-signatures to provide better service to clients

Today, your clients want service quickly, at their convenience. They need to be able to open accounts, transfer funds, and sign paperwork from anywhere, at any time, on any device. As a result, the traditional way of signing forms and documents is changing – from paper to paperless. This requires electronic signatures.

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Are you serving clients on their terms?

· More than 273 million North American adults use the Internet

· In the US alone, 56% of adults own a smartphone

· That’s 125 million people who have the ability to sign online now

· In three years, there will be 126 million tablets and 257 million smartphones in use by US consumers

*Cisco System’s Visual Networking Index










Clients can e-sign on your website, in the office or elsewhere

· Imagine Jim and Mary, a couple who has an appointment in your office. Jim gets held up at work and can’t make the appointment.

· Since Mary is already there, she can e-sign right in your office.

· At the same time, Jim can e-sign over the Internet – from his office, the airport or any other location – without ever having to set foot in your office.

· Or imagine your advisors meeting with HNW clients at their home or office, without having to carry piles of paperwork.

· Wouldn’t your clients love that kind of convenience?










The value to wealth management

· Deliver a better client experience, in the office, at the kitchen table – wherever your advisors meet with clients

· Cut costs by eliminating the need to manually prepare, ship and archive paper document packages

· Increase sales productivity – spend less time managing and chasing paper

· Reduce errors (missing data, documents and signatures) by automating and enforcing workflow rules

· Strengthen legal and compliance position by gathering evidence of what transpired during the signing process

· Grow revenue

· Demonstrate green business practices










Streamline the new client on-boarding processThe paper process

Client visits office

Verify ID Photocopy final copies for client

Client leaves the office

1 2 3 4 5 6 7 8

Spend the remaining time understanding your client’s needs

Fill out e-forms together on laptop

or tablet

2

E-Sign the e-forms

3

Verify ID

4

Client accesses e-signed forms online at their

convenience

5

Client meets with WM advisor –

anywhere

1

Sign formsComplete paperwork electronically

Meets F2F with WM advisor

Print forms so they can be signed

The shorter, faster digital route

Documents sent to imaging clerk

Clerk scans documents into the system

Paper documents filed for retention or destruction

If there are errors, documents return to WM advisor for correction

QC: Inspect documents for errors and omissions

BACK

OFF

ICE

9 10 1211 13










According to a 2014 wealth management round table, analysts at CEB TowerGroup found that many survey respondents felt their firm would adopt electronic signature capabilities in the near term. Round table feedback included comments like:

• “We are trying to take mobile to the next level, which will require e-signature to be part of the discussion.”

• “Everyone is so familiar with electronic signature. When you can’t deliver it, it is a black mark against your name.”

• “What does it matter if you are in the office and pull out a signature pad? Is that really a transformative solution? Versus pulling out e-signature capabilities on the client site? That is a differentiator.”

Source: Preparing for E-Signature Insights from CEB TowerGroup Wealth Management’s Technology Executive Roundtable February, 2014

Within [7] years, “...nearly every John Hancock on every policy will be scrawled on an electronic pad, signed with a mouse click or verified with a few spoken or text-messaged words...”“Sign of the Times”, Insurance Networking News, July 2010, quoting Steven Leigh of Gartner

What analysts are saying










E-Signature adoption in wealth management

“Consumers are ready to embrace e-signatures.”

James McGuire Vice President Digital Strategy and Experience RBC Royal Bank

“E-Signatures provide a better experience for our customers and advisors.”

Terry Janeway EVP and Chief Operating Officer PlanMember Securities










What wealth management firms & advisors are saying:

“With e-signatures…our clients receive a better and more eco-friendly experience, it’s easier for our employees to

sell and fulfill on investments, and we’re reducing the overall cost of delivering investments.”






E-Signature 101Frequently Asked Questions





What is an electronic signature?

An e-signature is first and foremost a legal concept. It is about having a lasting record of someone’s intent. The term “e-signature” is often confused with “digital signature”. Digital signature refers to the encryption technology used in a number of security, e-business and e-commerce applications, including e-signatures.

In short, you want an ELECTRONIC signature application that is built on DIGITAL signature security.










How does it work?

E-Signing is as easy as preparing a document, sending and signing. With e-SignLive, you can electronically prepare and securely sign your documents over the web. It’s quick and easy:

1. Upload your documents

2. Confirm who signs each document

3. Define where they sign by simply dragging a signature block to the correct location(s) in the document

4. Select the signature authentication method and send!

Want an integrated e-signature process? It’s easy to embed e-SignLive within your everyday platforms and systems, such as document generation, content management, forms filling, CCM, CRM and more. Integrating allows you to create and send out document packages to clients for e-signing, at the click of a button. Once e-signed, documents are automatically returned to your content management repository for instant, secure access. Integration with your core systems enables faster process execution, on any device, in face-to-face or remote transactions.










How does it work?

How a client’s signature would appear if they were e-signing online from home or any other remote location.

How a client’s signature would appear if they were e-signing during a face-to-face meeting with you.

The wealth management firm can display a watermark behind the signature if they want, as well as display or mask additional signature information such as signer’s name and date.

Clients need nothing more than a web browser to “click-to-sign” from home. Their signature will appear typed in a standard font.










Is it legal?

Today, 13 years after the passing of the ESIGN Act, there is no longer any question about whether electronic signatures are legal. Recent legal disputes indicate that e-signatures can actually provide a stronger legal defense than is possible with paper.

Regulations

FINRA: “FINRA will consider a valid electronic signature to be any electronic mark that clearly identifies the signatory and is otherwise in compliance with the Electronic Signatures in Global and National Commerce Act (ESIGN Act), the guidance issued by the SEC relating to the ESIGN Act and the guidance provided by FINRA through its interpretive letters, which address electronic approval processes generally.” For more information, see: http://bit.ly/1fGyVaS






http://www.finra.org/web/groups/industry/%40ip/%40reg/%40notice/documents/notices/p123548.pdf%20





Is it secure?

Yes. Security is always top of mind when organizations consider moving their signing processes online. To mitigate risk, e-SignLive provides three levels of security, as outlined on the next page.

Security for E-Signatures & E-Transactions

Read theWhitepaper






http://www.silanis.com/resource-center/26-electronic-signature-security





Process evidence • e-SignLive is the only e-signature solution to provide process evidence that gives you peace of mind and reduces odds of litigation and fraud

The goal of process evidence is to prove what took place during the signing process. This is accomplished by capturing a record of all web pages, documents, disclosures, or pop-up windows that were displayed; emails or SMS messages sent; any voice or image capture; IP address; as well as the time/date of each event.

Three levels of security

User authentication • Reduce fraud & ID theft e-SignLive offers multiple ways to verify the signer’s identity:

• Traditional login /password • Secret question and answer

• Third-party authentication services • SMS code

• And more...

Document authentication • Provides ironclad documents that meet regulations

e-SignLive digitally signs and encrypts the e-signed document to produce a tamper-evident seal. If someone attempts to make unauthorized changes after the fact, the e-signed document will be marked invalid. In addition, it is not possible to copy and paste a signature since e-SignLive secures all signature blocks with digital signature encryption. And at any point, the authenticity of the document and signatures can be easily verified in one click.






E-Signatures in ActionHow Others Are Using It





RBC Royal Bank of Canada• 8,000 wealth management & investment salespeople

use e-signatures to complete mutual funds, GIC and other investment transactions

• POS e-signing with stylus on tablet PC and signature capture pads (in the branch & on the road)

• Reduced document errors by 75%

• The bank saves at least 82,000 hours annually

• Reps complete the sale in 1 visit, preventing abandonment

• Transaction volume doubling each month

• $8 million in administrative savings/year

• “…our sales force struggle with not having enough hours in a day to get everything done. E-Signatures are one of the ways we’re trying to help ensure less of their time is tied up in after-sales administration, so they can focus on sales and relationship-building activities.” (Senior Manager, RBC)

Read the industry coverage:

American Banker: “Chase, RBC Sign Off on Signatures”

Bank Systems and Technology:“E-Signatures Deliver Savings and Efficiency for Royal Bank of Canada”

“Royal Bank of Canada is already making extensive use of [e-signature] technology throughout its business, starting with wealth management. [...] 63% of RBC wealth management staff said the e-sign process saved time. And compliance staff have reported that they’re able to avoid certain checks that are taken care of automatically by the software.”

- American Banker article profiling RBC’s use of e-signatures, January 23, 2013






http://www.americanbanker.com/issues/178_16/chase-rbc-declare-esignatures-ready-for-production-1056072-1.html?zkPrintable=1&nopagination=1

http://www.banktech.com/management-strategies/e-signatures-deliver-savings-and-efficie/240151023





Broker-dealer PlanMember uses integrated cloud service

California-based PlanMember Securities is a leading national, independent retirement services broker-dealer with $5 billion in assets. The company is using e-SignLive™ integrated with the online forms filling application Laser App Anywhere to automate their account openings process and account maintenance transactions.The first process to use e-signatures is new account enrollments. This includes opening new accounts or adding new/additional products to an existing account holder. For PlanMember, the goal is that new account openings be paperless whenever possible.PlanMember’s 500 independent advisors have long wanted the ability to complete transactions electronically, both in face-to-face and remote self-serve scenarios.

Benefits• Strengthen Complicance• Achieve greater operational efficiency• Improve service quality• Eliminate NIGO rates• Generate hard cost savings -- the cost of fixing NIGO paperwork is 3–4x

the cost of a straight-through process (perfect paperwork)• Create competitive advantage

"We are pleased to be working with such an experienced e-signature partner. The Silanis integration with LaserApp, as well as Silanis’ presence and reputation in the financial services industry, gave us the confidence to move forward with e-signatures."

Terry Janeway EVP and Chief Operating Officer

View the Case Study






http://www.silanis.com/resource-center/e-signature-insights-for-broker-dealers

Best PracticesEase of Use, Branding, Mobility and More





Look for a solution that’s easy to start using, and easy to integratee-SignLive fully embraces the power of connecting to other solutions in the cloud for true straight-through processing. It is possible to embed e-SignLive into many popular platforms, including document generation, content management, forms filling, CCM, CRM and more. This enables employees and representatives to:

· Work more efficiently by quickly and accurately entering client data into the document.

· Initiate the e-sign transaction directly from within their everyday applications with the click of a button.

· Get documents e-signed by the client in just a few clicks.

· Automatically archive the final record in a content management repository.










With the most comprehensive and secure electronic evidence, e-SignLive gives you the strongest legal protection - bar none.

· Provides dual protection by capturing both document and process-level evidence and securing the signatures to prevent tampering.

· Enables you to prove - without a shadow of a doubt - the exact process that was used to capture signatures in documents.

· Reduces the time and cost of gathering evidence and demonstrating your legal and regulatory compliance.

Why ESIGN is Not Enough

Beyond ESIGN: Evidence Considerations for Electronic Signatures and Transactions

Read theWhitepaper

Watch theWebcast

“Silanis’ Process Replayer allows you to re-create the signing ceremony in case there is a dispute. This feature provided us with a great level of comfort in ensuring the e-signed contract is enforceable.” - Financial Services CIO, in a user review on G2Crowd.com

Be sure you can prove what transpired






http://www.silanis.com/resource-center/why-esign-is-not-enough-to-keep-you-out-of-court

http://www.silanis.com/resource-center/beyond-esign-evidence-considerations-for-electronic-signatures-transactions





Look for mobile support

Is your wealth management firm mobile-enabled?

e-SignLive supports web-enabled mobile devices, such as iOS and Android tablets, smartphones and laptops.

Even if your firm is not yet mobile-enabled, an e-signature solution should future-proof your investment by supporting mobile devices.






How to Get StartedFree Trial





Our Professional and Integrated Plans both offer the first 30 days free. You can then continue for a low monthly subscription fee.

Free trial

To speak with a Silanis representative about getting started, call 1-888-SILANIS (745-2647).






https://www.silanis.com/products/edition-and-pricing/sign-up-for-e-signlive/free-trial/step1

http://www.silanis.com/products/edition-and-pricing/professional

http://www.silanis.com/products/edition-and-pricing/integrated

http://www.silanis.com/products/edition-and-pricing/enterprise

Silanis Technology Inc. 1.888.SILANIS (745.2647) | www.silanis.com

Businesses of all sizes choose Silanis Technology when e-signatures matter. With more than 600 million documents processed every year, e-SignLive™ by Silanis is the most widely used e-signature solution around the world. Thousands of organizations, big and small, including the leading financial services providers, insurers, credit providers, pharmaceutical companies and government agencies trust e-SignLive as their platform to make business digital. On premise or in the cloud, e-SignLive delivers the best customer experience while improving legal and regulatory compliance.

“Silanis is the strongest vendor with both an on-premise and a cloud offering.” - The Forrester Wave™: E-Signatures, Q2 2013

2013 IBM Beacon Award for Best Industry Solution for Banking

2011 IBM Beacon Award for Best Industry Solution for Insurance

2011 IBM Lotus Award for Business Transformation Through Cloud Computing

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