Orion Portfolio Solutions, an American registered investment advisor (RIA), has selected Docupace, a cloud-based fintech digital operations software firm, for automating workflows for its wealth management platform.
According to Docupace, the automation of compliance and business process rules is made easier by the workflow engine of its Docupace Platform, which is a cloud-based integrated software suite.
The automation is made easier by offering intelligent routing, standardisation and data synchronisation engine, configurable digital operations, alerts and notifications, and pre-built, easy-to-use workflows, said the California-based fintech company.
Docupace offers solutions focused on digitising and automating operations in the investment and financial advice sector.
Its platform is said to help financial services firms to enhance efficiency, reduce back-office expenses, bolster recruiting, and improve the experience of advisors and investors.
Docupace CEO David Knoch said: “Financial advisors and wealth management providers have worked so hard to deliver exceptional client experiences, that any hiccup in back office execution impacts both their brand and their reputation.
“It is an exciting opportunity for us to partner with another industry leader to delight financial advisors and their clients.”
Docupace stated that streamlined workflows and automation are essential across the wealth management industry.
Citing a recent study from Accenture, the company said that 93% of the executives who were surveyed during a study, expected to have streamlined front-to-back process automation across internal and external partners by 2025.
Orion Portfolio Solutions is a turnkey asset management programme (TAMP) with an open architecture which manages $60bn of wealth management platform assets.
Orion Wealth Management president Ryan Beach said: “Orion is pleased to partner with Docupace for workflow automation as we relentlessly pursue transformative outcomes.
“This is one more way Orion is creating a remarkable user experience as we integrate our robust wealthtech suite to help advisors manage their investments and grow their business.”
