FutureVault - New Product Capabilities - December 2023 Release

Specific File Requests, Advisor Contact Cards, View-Only Collaborators, and More (December 2023)

Well, here we are. We’ve made it.

Our final product release of the 2023 calendar year and we’re proud to say that it’s a good one bringing several feature enhancements and new capabilities to the FutureVault platform to make managing your everyday workflow much easier… and better! 

There’s something in this release for everyone; head office and compliance teams, front office and advisory teams, and for your clients, too.

Below is a summary to highlight what’s new and improved in FutureVault. Continue scrolling to learn more about how this release can benefit your firm, your advisors, and your clients.

And importantly, from all of us here at FutureVault, here’s to a festive holiday season and a happy new year! 🎅🎄🎊

NEW! Specific File Upload Requests

Exciting news! We’ve enhanced the Secure File Request feature by adding a new capability: the Specific File Upload Request. This addition complements the existing Generic File Upload Link by providing the capability to securely request specific documents that will get uploaded in a designated folder location. 

While the Generic File Upload Link is suited for gathering broader, less specific documents and can be included in your email signature, Specific File Upload Link Requests allow Admin users (including Head Office and Advisory teams) to specify exactly which documents are needed and from whom. 

Key Features

  • > Specify the exact documents that you need clients/users to upload.
  • > Schedule requests, set reminders, and expiration dates for each request.
  • > Secure requests with password-protected links.
  • > Receive email notifications when files are uploaded.
  • > Notify other contacts about the File Upload Request.
  • > Folders with Specific File Upload Links are marked with a link icon and the aggregated requests appear under the ‘Shared’ tab making them easily identifiable.
Specific File Upload Requests Within FutureVault

All your file upload requests, both Generic and Specific, can be conveniently managed under the ‘Shared’ tab in the left main menu. This tab allows you to view, modify, or delete any file requests.

Upload File Links for company folders can only be created for Level 2 or deeper level folders; they cannot be created or associated with parent (level 1) folders.

Enhancements to the Generic File Upload

You can now easily assign a name to your Generic File Requests for easy identification when viewing all links under the Share tab. Additionally, decide whether you’d like to receive email notifications when other users upload documents.

NEW! Introducing Personalized Contact Display Cards

Administrators and Representatives can now personalize and manage contact cards in Vaults (for client and advisor/professional Vaults) to provide a more connected experience.

Each Vault can display up to two contact cards relevant to the user. Admins/Reps can easily assign or unassign their own or any other user’s contact card across multiple Vaults in one go. These contact cards will be displayed in the right-hand side panel of the Vaultholder’s viewing experience, offering a personalized and connected experience for clients. 

Any updates to the contact card can be effortlessly managed through ‘Account Settings’ in the top right corner, and these changes will be seamlessly reflected across all Vaults where the same card is used.

Personalize and Assign Contact Cards to Vaults in FutureVault

NEW! Add Collaborators with View-Only Permissions for Enhanced Control

Administrators and Representatives can now add/assign Trusted Collaborators to Vaults with ‘View-Only’ access.

‘View-Only’ access allows collaborators to perform basic actions such as viewing documents and accessing the document audit trail while blocking other actions such as editing, setting reminders, sharing, etc.

Administrator setting up a Trusted Advisor with View-Only permissions

Bug Fixes & Additional Improvements

  • ➜ Head Office Admin viewing experience of Client Vaults inside an Advisor’s Portal
  • ➜ More capabilities available to Admins from the ‘Actions’ menu when activating new Vaults
  • ➜ ‘Select All’ options available when in Icon and Tile View (folders and documents)
  • ➜ Ability to customize the ‘Advisor Resources’ URL and name
Request to learn more about FutureVault

FutureVault Secure File Request

Secure File Requests, In-Review Documents, View-Only Collaborators, and More (November 2023)

Last week, our team released several new updates and enhancements to the FutureVault platform to make managing your everyday workflow much easier. 

Below are some major highlights from this release including what’s new and improved, and additional platform enhancements and upgrades. Continue scrolling to learn more about how this release can benefit your firm, your advisors, and your clients.

NEW! Secure File Request Links

This new and highly requested feature makes it easier than ever to securely request and collect documents from just above anyone (prospects, clients, partners), ensuring a seamless and secure document exchange experience. 

Follow the steps outlined below to get started with creating your Generic Upload Request Link(s).

  1. In your Vault, select the folder where you would like to collect and receive documents.
  2. Right-click and select File Upload Request.
  3. Create a new file request by clicking ‘Add New File Request’.
  4. Add an expiration date (Optional): You have the option to set an expiration date for any and all Generic Upload Request Links you create. To do this, simply click on the date and make the necessary adjustments. If you decide to remove the expiration date, click on the ‘X’ icon to clear it.

    For additional security, you can introduce a password to your Generic Upload Request Link(s). However, it’s important to note that you will need to share this password through an alternative method, such as a phone call or a text message, as this password will not be sent and delivered automatically.
  5. Copy the link and share it!

    Hot Tip! Add a hyperlink in your email signature(s) to streamline receiving one-off documents (securely) from prospects, customers, and partners. 
Creating secure file requests

Managing your Generic Upload Request Links can be done under the ‘Shared’ tab (in the left-hand menu). You can easily view request details, access folders, copy links, and delete file request links with just a few clicks. 

Secure file requests

Visual Identification for Folders

A visual identifier indicated as a link icon is displayed next to any and all folders where File Request Links have been created, making it easy to quickly identify which folders are associated with incoming documents from secure file links.

Secure file request indicator on folders

NEW! An Aggregate View of all ‘In-Review’ Documents

The new ‘Documents In Review’ feature is an aggregated view of all ‘In Review’ documents across all client Vaults, making it easy to quickly monitor, manage, and publish documents from one convenient location rather than individually going through client Vaults one by one.

Documents that are being reviewed and have yet to be published (made available to clients) can be identified with the ‘IN REVIEW’ label below the document name and can only be viewed by the Admin user(s) until published.

Here are the steps you can take to start taking advantage of this feature:

  1. Login with your Admin account 
  2. Click on the ‘Documents in Review’ tab available to you in the left main menu bar.
  3. Centralized View: Gain a comprehensive view of all documents currently under review across various client vaults in a single, consolidated interface.
  4. Sort and Filter: Utilize sorting and filtering options to categorize documents based on the Document Name, Client Vault, Uploaded By, and Package Names.
  5. Publishing Documents: Admins can directly publish one or multiple under-review documents from the ‘Documents in Review’ tab, ensuring seamless and timely document sharing across all relevant client Vaults.

Info! Only Admins with the appropriate permissions will be able to access this feature.

Documents In Review for Admins

View-Only Trusted Advisor Permissions

Vault holders can now enable ‘View-Only’ (Read-Only) permissions when creating new or updating permissions to existing Trusted Advisors (Trusted Collaborators). View-Only permissions allow Trusted Advisors to only view documents, blocking them from doing actions like editing, deleting, sharing, and moving existing contents and documents within Vaults.

View Only Trusted Advisor Permissions

When a Trusted Advisor with View-Only access enters the vault, they can preview documents but are restricted from performing other primary actions on existing documents. However, they retain the ability to upload files and execute actions exclusively on documents they personally upload.

View Only Trusted Advisor Permissions

Enhance Efficiency with Drag and Drop Improvements

We are excited to introduce a new feature that simplifies document upload for all users. With this feature, any user (and role) can easily drag and drop documents directly from their desktop into folders without opening them in the Vault. This helps eliminate the need to click into folders first before uploading and adding documents.

Using this feature is straightforward:

  1. Open the Vault and navigate to the target folder where you want to upload documents.
  2. Locate the documents on your desktop that you want to upload.
  3. Simply drag the selected documents from your desktop and drop them into the Vault folder. The documents will be uploaded directly, without the need to open the folder first.
Drag and drop documents from desktop into folder locations

    Additional Enhancements and New Features for Admin Users

    To further empower Vault Admins, a host of new features and enhancements have been introduced to address common pain points and improve the overall experience.

    Improved End Client and Collaborator Permissions

    Previously, if end clients and collaborators (Vault holders and Trusted Advisors) created a folder within a sponsor company folder, it was treated as that sponsor company’s folder, restricting their ability to manage it. 

    This new improvement allows the clients to move, rename, or even delete those folders, except when they contain files (if the files are uploaded by Admin/Rep, the client will still not be able to delete the folder until those files are removed).

    Client List Enhancements

    Several enhancements have been introduced for Admins and Reps in the Client List:

    • Quickly discern the assigned Folder Template type within the Client List.
    • Re-add Co-Owners who were inadvertently removed.
    • Retain your preferred sorting settings, even after logging out from the system.
    • Inactive Vaults are now hidden by default. To show these Vaults, simply click on ‘Actions’ and unselect ‘Hide Inactive’.
    Client List Enhancements for Admins

    Incorporate an External Link into the left-hand menu of your Admin users (including Advisors), enabling convenient access to a Custom Knowledge Base, an enterprise resource, or even a link that provides quick access to other systems like your CRM.

    Quick Links for Admin Users

    Bugs Fixes

    • Re-create Co-Owners that were previously deleted: Previously, if Admin users removed a Co-Owner from client Vaults and attempted to add them back, the system would throw an error ‘Email already exists’. Now, Admins can easily remove and re-add Co-Owners without any issues.
    • Total documents under Entities: Under the Entity Management tool, Vault owners can now see the total number of documents associated and tagged to each respective Entity.
    Request to learn more about FutureVault

     

    Unpacking Best-of-Breed AdvisorTech Solutions with FutureVault

    Exclusive Interview: Unpacking Best-of-Breed AdvisorTech Solutions with FutureVault

    With such an accelerating and dizzying rate of AdvisorTech options available, making the right technology decisions and developing the right strategy for building your advisor technology stack becomes all the more critical. Studies are coming out on the challenges that advisors are having in adopting the right technology including these facts from Cerulli and the 2022 InvestmentNews Advisor Survey:

    • 94% of practice management professionals find limited technology integration creates productivity challenges.
    • 57% of advisors say the lack of integration between their core applications is the most significant pain point with technology. 

    These industry tech difficulties have led to a growing debate between all-in-one and best-of-breed technology platforms.  

    To better explore these tech issues, we reached out to Institute members Daniel Kenny, Chief Executive Officer, and Kristian Borghesan, Chief Marketing Officer, of FutureVault – an industry leader in digital vault and secure document exchange solutions and pioneers of the Client Life Management Vault. Their firm was recognized by FinTech Global as a top 100 most innovative global WealthTech solution provider along with receiving recognition from a variety of industry publications including WealthManagement.com and Wealth Professional.

    Having developed their digital vault technology platform into a best-of-breed solution for the wealth management industry, we asked questions to better understand the issues and decisions they practically had to grapple with. 

    Hortz: What exactly does ‘Best-of-Breed’ tech solutions refer to?

    Kenny: “Best-of-breed” refers to technology solution providers that are regarded as top solutions in one or two categories and providers that are hyper-specialized in what they offer, their approach, and who they work with, often within a particular vertical or segment.

    A best-of-breed ecosystem approach is a technology implementation strategy where firms deliberately move away from siloed implementations and/or do not rely on a single vendor to deliver technology. Instead, firms leverage an open technology architecture, enabling multiple best-of-breed solutions to work in collaboration.

    A best-of-breed ecosystem includes solutions that span the end-to-end wealth management delivery process across the organization and across all functional requirements to deliver efficiency and value at every intersection. It is about bringing together the best solutions in their respective domains and areas of expertise; solutions that continue to demonstrate delivery of success, provide seamless integration and connection with one another, and have experience working with one another.

    It might be helpful to look at an integrated best-of-breed ecosystem implementation as a well-thought-out, defined, and very strategic roadmap toward success that considers the functional requirements across the organization and has a deep understanding of the long-term vision for the future. Best-of-breed solutions de-risk digital transformation strategies and increase the likelihood of success, reduce the number of resources, technology learning curves, disconnected or disjointed workflows, regulatory hurdles, poor client experiences, etc.

    Ultimately, it is about future-proofing your business and eliminating friction points to maximize output and scale. 

    Hortz: How did this concept evolve and why is it an important issue for advisors to consider? 

    Borghesan: Over time, and certainly when we look back over the last 3-5 years, we have witnessed first-hand the transformative shift that the wealth management industry has gone through. This has led to a massive technological evolution where we have seen more and more of a need, and an overall appetite, across key stakeholders and decision makers for adopting the latest tech solutions.

    Technology’s role across the industry has evolved to the point where tech is quite literally at the intersection of every major area and process within modern wealth management. Every bit of interaction with teams and clients is tech-enabled, if not tech-led.

    As a result, we are seeing herds of new providers emerge— the good, the bad, and the ugly. This is precisely why the concept of best-of-breed is so important when discussing technology—as a firm or a wealth professional, you want to always ensure that you are in the best, most capable hands and are working with technology providers that are known to deliver the best solutions. This is important for everyone; for your home and back-office teams, for your staff and advisors, and most importantly, for your clients.

    To further add to the importance of a best-of-breed approach and tying back to what Daniel mentioned, this type of strategy recognizes that the many different aspects of wealth management such as financial and estate planning, secure document handling, and the digital vault component, risk assessment, books and records compliance, portfolio management, and so on, are often best served by distinct and specialized technologies. By assembling a portfolio of the best tech solutions, we are seeing firms and advisors create a comprehensive and highly efficient technology stack that really addresses and caters to their unique needs and challenges. 

    When talking about the benefits of taking on a best-of-breed approach, they speak for themselves. Ideally, a best-of-breed strategy allows firms to leverage innovations across specific domains without being constrained by the limitations of a monolithic, all-in-one solution. This approach acknowledges the dynamic nature of the wealth management landscape and the importance of agility and adaptability in meeting the evolving demands of wealth management. 

    Hortz: What are the biggest risks firms need to consider when working with multiple tech providers?

    Kenny: Implementing and rolling out new technology, whether it is one solution or many, inherently comes with a set of risks and considerations. This is something that should always be communicated to any buyer of new tech.

    When we are talking specifically about a best-of-breed approach, there are three fundamental risks and concerns you need to start with:

    The first would be data protection and information security when dealing with multiple vendors that may be and likely are responsible for managing client data.

    The second is the integration capabilities and reliability of APIs to connect and create a seamless experience across multiple tools.

    The third, which is an extension of the integration piece, is all about the interoperability of teams and workforce, ensuring that the vendors you select can demonstrate a working relationship.

    This latter point is an area that our team at FutureVault strongly values and is core to our overall corporate strategy. We have been able to build and establish relationships with other best-of-breed solutions where we not only demonstrate our ability to integrate with other providers but also demonstrate an active working relationship with our partners and our customers. 

    Hortz: When is a tech solution considered to be a best-of-breed solution?

    Borghesan: Being labeled as a best-of-breed solution really means that providers are known for core competencies and specializations; when they have demonstrated their ability to meet and exceed expectations with real use cases and real customers showing their success; and importantly, best-of-breed solutions demonstrate integration capabilities and interoperability with other solution providers. 

    As an example, we really take pride in working with and continuing to support the firms we work with by providing meaningful solutions to better engage and drive conversation with clients, to meet books and records and document retention requirements, and to streamline and gain more than 30% in back office and administrative efficiencies through automating document-driven processes like delivering multi-custodial client statements. 

    For us, that means a large part of our growth strategy as a company is investing time and resources into building integrations and relationships with other best-of-breed providers in the industry. We are proud to partner and integrate with other best-of-breed solutions across the different categories ranging from CRMs, digital financial wellness, and planning solutions to portfolio management software, e-signature tools, risk management software, and proposal generation software.

    Hortz: What kind of technology, design, and partnership decisions did you make in creating your best-of-breed solution? 

    Kenny: We have made very intentional and strategic decisions across technology, design, and partnerships that allow us to continue building on top of our foundation and core competencies to position us as the best digital vault and client life management (engagement) solution for the wealth management industry. A few key decisions we made and ongoing considerations that we continue to kick around that we often find ourselves discussing with our strategic partners include: 

    Technology Decisions:

    • ➜ Specialization: Strategically selecting a specific area or functionality within the industry to specialize in, addressing a particular need or pain point effectively.
    • ➜ Innovation: Investing in continuous research and development to stay at the forefront of technological advancements and incorporate innovative features.
    • ➜ Scalability: Designing the platform to be scalable, ensuring it can accommodate increased data, users and transaction volumes as the client’s business grows.
    • ➜ Interoperability: Developing with open standards and robust APIs to facilitate seamless integration with other systems and technologies.

    Design Decisions:

    • ➜ User-Centric Design: Prioritizing user experience through intuitive and user-friendly interfaces, enhancing usability for both clients and internal users.
    • ➜ Customization: Providing flexibility and customization options to meet the unique needs and preferences of individual clients or businesses.
    • ➜ Mobile Accessibility: Considering the growing importance of mobile access and design interfaces that are responsive and optimized for various devices. 

    Partnership Decisions:

    • ➜ Integration Partnerships: Establishing partnerships with other technology providers to enable seamless integration with complementary tools, creating a more comprehensive ecosystem (which we refer to as a ‘best-of-breed ecosystem’) and foster working relationships to help firms scale.
    • ➜ Collaboration with Industry Experts: Collaborating with industry experts, financial advisors and wealth management professionals to really understand the evolving needs and challenges that persist across the industry. 

    Hortz: How can an advisor move forward with a best-of-breed digital transformation strategy if they choose that route?

    Borghesan: Moving forward with and implementing technology in general, and especially a best-of-breed technology strategy, really involves thoughtful consideration and diligence. There are a ton of considerations here, but it really starts with understanding three fundamental areas before going out to the market and assessing vendors. 

    The first place, and where every firm should always start, is defining the strategic objectives and goals of your firm. Next, assessing and identifying current needs and pain points and how technology can address them. And the third one revolves around initial research and getting an overview of the solution providers in respective categories. 

    Industry resources like the Kitces AdvisorTech solution map can provide firms with an initial overview of what solutions may be considered top performers in their respective categories. We would also recommend discussions with your existing technology partners and/or industry peers. 

    Hortz: From your experience, can you recommend to advisors how they can make the right strategic “bet” with tech partners and can de-risk their decisions?

    Borghesan: It really comes down to having a solid vendor due diligence in place to address everything (and more) that we have discussed as far as key risks and considerations go; to have a well-defined and structured vendor due diligence process.

    The area I would double down on is the interoperability of your partners both from an integration and a working/collaborating standpoint. We have all heard the horror stories of when this piece fails, everything else comes crashing down as well. Do not let bad blood between your vendors derail any chance of success you have.

    Kenny: Perhaps one last bit of advice here would be for firms not to do it alone. Whether you are looking to introduce an entirely new set of technology partners or if you are looking to introduce one new partner into the mix, we always recommend leaning on your existing relationships to get a feel for fit and interoperability. And fortunately, when you are dealing with technology providers considered best-of-breed like us here at FutureVault, you do not have to go it alone.

    Technology providers that are well-versed in their respective areas of expertise and implementations — and with transformation initiatives in general — can play the role of a trusted partner. More than just a vendor, these providers are immersed in the space in which they operate and are able to help your firm streamline processes while providing support every step of the way. Remember that good partners bring experience, expertise, and innovation to the table. And importantly, good partners are in it for your success and to deliver the best results they can. 

    This article was originally published by The Institute for Innovation Development. The Institute for Innovation Development is an educational and business development catalyst for growth-oriented financial advisors and financial services firms determined to lead their businesses in an operating environment of accelerating business and cultural change. We operate as a business innovation platform and educational resource with FinTech and financial services firm members to openly share their unique perspectives and activities. The goal is to build awareness and stimulate open thought leadership discussions on new or evolving industry approaches and thinking to facilitate next-generation growth, differentiation, and unique community engagement strategies.

    Clifton Schaller Joins FutureVault as Chief Growth Officer to Lead Growth

    FutureVault Lands Clifton Schaller as Chief Growth Officer 

    FutureVault appoints Clifton Schaller as Chief Growth Officer to lead the company’s corporate strategy and innovative growth.  

     
    TORONTO, October 9, 2023 — FutureVault Inc. (“FutureVault”), an industry-leader in secure document exchange and digital vault solutions pioneering the Personal Life Management Vault™ for financial services and wealth management organizations, announced earlier today the appointment of Clifton Schaller as the company’s Chief Growth Officer. 

    “We could not be more pleased to introduce Clifton Schaller as our Chief Growth Officer, whose strategic vision and expertise in driving business expansion will be instrumental in our company’s success,” commented Daniel Kenny, Chief Executive Officer at FutureVault. “With a proven track record in developing innovative growth strategies at well-known organizations, Clifton brings a wealth of industry experience and expertise to our executive team.” 

    Clifton holds an extensive professional background in North American Wealth Management and WealthTech (Wealth Technology), having previously served in key leadership roles at prominent organizations, including Capital One, Morningstar, and Nitrogen Wealth (formerly Riskalyze). Clifton also serves as an advisory board member for the rising startup, Smart KX

    Clifton has a passion for customer-driven insights, striving to identify the biggest trends, pain points, and opportunities for innovation across the entire financial services ecosystem, and then looking for people or technology best positioned to address them. With an impressive background spanning corporate development, product management, and strategic partnerships. As the company’s Chief Growth Officer, Clifton will be responsible for managing multiple departments and driving FutureVault’s corporate strategy.  

    “I’m thrilled to announce my new role here at FutureVault as the company’s Chief Growth Officer and I look forward to accelerating product-led growth with an incredibly talented executive team and strong company culture”, commented Clifton Schaller.  

    FutureVault Co-founder and Executive Chair, G Scott Paterson, commented, “Clifton is a world-class product, growth, and technology leader who brings deep strategic experience and corporate development expertise that will position FutureVault to grow, scale, and become an industry leader in digital vaults and Personal Life Management.” 

    For media inquiries, additional information about FutureVault’s patented, industry-leading Digital Vault technology, and demo requests, please fill out the form below to get in touch with our team.

    FutureVault Version 4.7 Platform Release

    FutureVault Updates & Enhancements: Platform Release V4.7 (September 2023)

    Platform Release V4.7 (September 2023)

    Last week, our team released several new updates and enhancements to the FutureVault platform to make managing your everyday workflow much easier. 

    Below are some major highlights from this release including what’s new and improved, and additional platform enhancements and upgrades. Continue scrolling to learn more about how this release can benefit your firm, your advisors, and your clients.

    CHECKLIST IMPROVEMENTS

    Individual Document Filing Locations 

    Vault Administrators and Representatives now have the ability to select and assign the filing location per individual checklist item.

    When creating a new Checklist Template, Admins and Reps will still need to assign a Default filing location for the checklist. Depending on the Checklist itself or the type(s) of documents being requested, Admins and Reps may need to file these documents in different folders for better organization. This is where being able to override the Default location by selecting and assigning the individual filing location comes into play. 

    Watch the video below of how Admins and Reps can select and assign an individual filing location.

    Checklist UI Improvements

    Along with the above improvement, the overall design and interface of the Checklist functionality has been improved to create more consistency across all areas of the Vault. Stay tuned for more improvements, updates, and enhancements coming to Checklists in the near future!

    UI & UX IMPROVEMENTS FOR ADMINS & VAULTHOLDERS

    Administrative UI and UX Improvements 

    Several enhancements and improvements have been made for Admin and Rep users, providing a better overall experience when navigating through the vault and managing user/client lists, co-owners, Trusted Advisors, folders, documents, and more. 

    • Unassign Co-owners.
    • Accepting French characters on Client names.

    Vaultholder UI and UX Improvements 

    Several enhancements and improvements have been made for clients and Vaultholders to create a more seamless and frictionless experience when uploading/managing documents, managing contacts and Trusted Advisors, and more.

    • Allow commas, #, and apostrophes on document and folder names.

    Bug Fixes

    • Maintain document labels when moving documents from the unfiled section.
    • Vaultholders can successfully edit subfolders they have created within company folders.
    • Display accurate Co-owner account status.
    • Resolved spacing issue on reference numbers.
    • Ensure all Admin users receive upload notifications if enabled. 
    Request to learn more about FutureVault

     

    FutureVault Version 4.6 Product Release Notes

    FutureVault Updates & Enhancements: Platform Release V4.6 (September 2023)

    Platform Release V4.6 (September 2023)

    Last week, our team released several new updates and enhancements to the FutureVault platform to make managing your everyday workflow much easier. 

    Below are some major highlights from this release including what’s new and improved, and additional platform enhancements and upgrades. Continue scrolling to learn more about how this release can benefit your firm, your advisors, and your clients.

    V4.6 NEW FEATURES AND UPGRADES

    Quick access Help Widget on the login page

    All login pages now come equipped with an easy-to-access Help Widget providing additional support for your staff and importantly for your clients and members. 

    Effortlessly resolve account access issues, access helpful platform tips, follow step-by-step guides, and gain insights from experts, all conveniently accessible directly from the login page.

    Easy access to Help Widget on login page

    Feature improvements for Administrators

    Version 4.6 of the FutureVault platform brings more functionality and enhancements for Administrative Users. Admins can now quickly export user and client lists, add and manage client notes, and further customize the overall folder and document management experience with icons.

    Easily export client lists in a .csv format

    With just a few clicks, Administrators can export client lists, downloading details such as first name, last name, email address, status, and last login dates. 

    Here’s how:

    1. Select the users (clients) you want to export;

    2. Select the ‘Actions’ button;

    3. Click ‘Export’ to download the list as a CSV file. 

    Quickly export user and client list details as a CSV file

    Add internal notes under Client Details

    Administrators and Representatives can now create, add, and manage internal notes on the Client Details page. Clients cannot view or access these notes as these are on the Administrative view only, however, Trusted Advisors (Collaborators) with access to Client Vaults may have access to viewing these notes.

    Add internal notes under Client Details

    Add custom folder icons in folder template management

    Administrators with access to the folder Template Management tool will now be able to add custom icons to level 1 and level 2 folders, further customizing the overall user experience.

    Add custom folder icons in folder template management

    ADDITIONAL V4.6 ENHANCEMENTS

    Below is a list of additional enhancements, in addition to the new features and enhancements mentioned above, that have been made to the overall experience of the FutureVault platform:

    Administrators and Vault Holders can now choose custom folder icons from an expanded icon list

    ➜ More platform customizations when naming and labeling menu items

    ➜ Improvements to the Audit Trail and tracking changes to Labels

    Entity Management improvement when selecting the first Entity by default

    ➜ Several additional enhancements to the overall look and feel of the platform for Admins, Advisors, Reps, and Clients

    Request to learn more about FutureVault

     

    FutureVault Version 4.5 Platform Release

    FutureVault Updates & Enhancements: Platform Release V4.5 (August 2023)

    Platform Release V4.5 (August 2023)

    Earlier this week, our team released several new updates and enhancements to the FutureVault platform to make managing your everyday workflow much easier. 

    Below are some major highlights from this release including what’s new and improved, and additional platform enhancements and upgrades. Continue scrolling to learn more about how this release can benefit your firm, your advisors, and your clients.

    V4.5 NEW FEATURES AND UPGRADES

    ENHANCED SEARCH EXPERIENCE

    Enhanced search functionality and experience in FutureVault

    In this platform update (Version 4.5), we are excited to introduce an enhanced search experience, bringing more efficiency to navigating and searching for information within the Vault.

    Dedicated Search Page

    When searching for documents, folders, or contacts in the top search box, you now have the option of clicking on ‘View All’ to open a dedicated search page. In this newly designed and dedicated search page, users have access to view all of the search results related to the search query and can easily apply additional filters such as sorting by label and dates, and explore further information, making it a seamless and powerful search experience.

    Search within the History Tab

    This update also introduces a search enhancement to the document audit trail maintained under the History option. Whether searching for specific users, actions taken on documents (such as downloading, sharing, or viewing), or simply organizing audit trail data more efficiently, this improvement makes it easy to view and retrieve the audit trail. 

    ENHANCED TRUSTED ADVISOR PERMISSION MANAGEMENT

    Trusted Collaborator Enhancements

    The experience of managing Trusted Advisor (trusted collaborator) permissions has just been significantly improved. Below are some of the enhancements to the overall Trusted Advisor experience and functionality:

    Enhanced view and management experience of Trusted Advisors

    The overall layout and experience of viewing and managing Trusted Advisor permissions have improved, bringing everything onto a single page. Vaultholders and Administrators can now update folder and entity permissions from the Trusted Advisor contact details page.

    Add expiration time to trusted collaborator permissions

    This new feature enhancement now allows Vaultholders and Administrative users to assign collaborators, such as accountants, brokers, insurance agents, and lawyers, with time-bound access to specific folders and sub-folders within Vaults. With this enhanced control, setting an expiration date for Trusted Advisors is easy and efficient, and improves the overall level of security with respect to accessing information and documents.

    View time-stamped account status

    Vaultholders and Administrators can now conveniently view the time and date of when activation emails were sent and/or when accounts have been activated by the Trusted Advisor.

    ADMIN MANAGEMENT IMPROVEMENTS

    The latest platform release brings several feature enhancements for Administrative Users. Admins can now efficiently manage client representative access to enhance control and overall security. 

    From the newly designed Representative ‘Details’ page, an Administrator can now:

    1. Effortlessly view the Rep’s assigned list of Vaults (Advisors and/or Clients) under the ‘Access’ tab. 

    2. Easily assign new Vaults (Advisor or Client Vaults) to Representatives from the ‘Assign’ button by selecting the desired Vaults from the available pool and assigning them with a single click.

    ADDITIONAL V4.5 ENHANCEMENTS

    Below is a list of additional enhancements, in addition to the new features and enhancements mentioned above, that have been made to the overall experience of the FutureVault platform:

    Administrators and Vault Holders can customize new level 3 (and beyond) company folders, while Vault Holders can further customize their Personal folders by adding custom icons to the folders

    ➜ The use of special characters is now supported for Vault names

    ➜ Click on email addresses within the Contact Page to open up a new email window for Outlook users

    ➜ Allow for the use of commas when adding new folders and when using Template Management

    ➜ Quickly print documents, including password-protected ones, from the Actions tab using the ‘Print’ option that is now available

    ➜ Several additional enhancements to the overall look and feel of the platform for Admins, Advisors, Reps, and Clients (resizing pop-up windows, previewing long file names, modal consistency updates, introducing better contrast and font formats, etc)

    Request to learn more about FutureVault

     

    10 FutureVault Platform Use Cases

    10 Common FutureVault Use Cases for Firms and Advisors

    Here at FutureVault, our team regularly gets asked about how our platform offers solutions to address the numerous challenges standing in the way of advisors and firms.

    To respond to this question, we compiled a list of ten (10) of the most common use cases we’re seeing today with respect to how wealth management firms and wealth professionals are using the platform, showing the value and the utility of FutureVault as the industry standard of Digital Vault solutions.  

    Leveraging FutureVault to Meet Books and Records Regulation

    FutureVault’s platform is widely adopted to help firms and institutions confidently meet digital books and records regulation, including data residency, document retention, accessibility, and data redundancy requirements. FutureVault satisfies recordkeeping requirements provisioned by IIROC (now CIRO), FINRA, and the SEC, including SEC Rule 17a4 requirements, in addition to several others.

    Automating the Delivery of Statements

    One of the most time-saving and efficiency-gaining use cases is the platform’s ability to automate the secure delivery of client-facing documents.  Dozens of firms and institutions we work with leverage integrations (via APIs) and Bulk Uploads (via SFTPs) to automatically deliver important documents, which commonly include the following:

    • Monthly Account Statements (Multi-Custodial)
    • Account Opening and Onboarding Documents
    • Quarterly and Annual Reports
    • Tax Slips

    Several of our Broker-Dealer (Investment Dealer) customers are also leveraging APIs and SFTPs to automate the delivery of documentation directly to their Advisors, which includes monthly commission fee statements.

    Securely Exchange Documents with Clients  

    Communicating and exchanging critical information and documents with clients and their family members is a fundamental component of financial services. FutureVault makes this process both efficient and secure by offering tools and features like secure document checklists and encrypted document handling to ensure that the information you request, receive, access, and exchange with your clients is safe, secure, and compliant.

    Improving the Management of Client Files

    For many of our Family Office and Wealth Management clients, including Registered Investment Advisors (RIAs), FutureVault serves as the secure single source of truth of all client documents. For firms looking to improve the way client documents and files are stored, accessed, and managed, FutureVault can be easily implemented as an efficient digital filing cabinet, or as some of our customers refer to it, as the digital Personal Financial Organizer (dPFO) for their clients.

    By leveraging our platform, and leveraging the ability to create multiple standardized folder structures for different client segments (ex, UHNW clients, insurance-only clients, estate planning clients, etc.) and by also leveraging the different types of folders available within the platform (Essential, Private, In Review, Global, etc), your firm can materially improve the way you are organizing and accessing your clients’ most critical information and documents.

    This is especially invaluable for advisors and firms planning their succession to demonstrate governance or organization across the board.

    Streamline Internal and External Audits

    FutureVault helps to simplify and streamline internal and external audits by leveraging structured organization of folders and files across a large segment of end clients, along with other key tools and functionality including digital audit trails, Optical Character Recognition (OCR), and our patented permissioning model. One of the primary use cases with respect to Vault permissions includes Back Office or Advisory teams providing access to regulators, such as an SEC Auditor, where these individuals can access real-time information and the evidenced documentation within one spot, in real-time and on-demand as required.

    Drive Advisor-Client Engagement

    By having a centralized place to access and exchange critical documents and information, Advisors (and firms altogether) can drive more engagement with their clients. Additionally, the Personal Life Management Vault™ is a unique way to build more trust and create more value for clients by not only offering a client-facing portal, but by offering a secure platform for your clients to now store, access, and manage their legal, estate, business, and personal documentation, while being able to share this information and provide access to their family members and the next generation.

    Scale Trusted Collaborator Access to Information

    Collaborating and working with trusted third parties where information and documents are often shared, accessed, and exchanged, is not only inevitable, it’s traditionally challenging. FutureVault’s patented Trusted Advisor permissioning functionality allows for Vaultholders and administrative users to easily provide secure Vault access to specific areas within one or many Vaults.

    We see this feature being used in numerous ways and especially during tax season where both clients and firms are providing Vault permissions to accountants who can then access, retrieve, upload, and exchange information and documents required to file personal and business taxes.

    Family members of clients are also very commonly given permission to access and manage entire Vaults or specific areas of Vaults that relate to any critical information they may need to have access to such as financial information, insurance policies, and estate-related information.

    Family Legacy Planning

    Intergenerational continuity planning and family legacy matters continue to grow in terms of the attention it receives, largely influenced by The Great Wealth Transfer. We’re continuing to witness advisors and clients leverage the Vault as a secure way to encourage participation in family matters with additional members of the family, and notably, with the next generation.

    Improve Enterprise and Advisor Governance

    One of the biggest challenges that we often see with the firms we engage with is that there are disparate systems being used, in many different ways with multiple stakeholders, for the different levels of the organization.

    With FutureVault, we’ve been able to help our customers take their information governance to the next level by providing a single source of truth for all documents of permanence for enterprise/compliance, advisor, and client documentation.

    In many cases with our implementations, the Home Office has access to a Corporate Vault and any additional types of operational Vaults. The Front Office and Advisors would have their own Business Vault. And lastly, clients and households would have access to a client-facing Vault, where essential information shared between the firm, advisor, and client is accessible to all parties.

    Automate eSignature-Driven Processes

    FutureVault integrates with eSignature platforms, such as DocuSign, to automate document filing and reduce post-onboarding administrative burdens. When documents are signed multiple actions can automatically take place:

    • New client Vaults can be created during the onboarding process;
    • Any and all e-signed documents can get deposited into mapped folders and sub-folder locations with notifications being sent to relevant parties;
    • Data can be extracted from forms and templates to send to downstream systems

    Conclusion

    FutureVault extends well beyond simple document management to provide material value across multiple stakeholders, and importantly to help firms deliver a unique value proposition to their clients and the next generation.

    In the words of our own partners and customers: Not all digital vaults are created equal.

    FutureVault Platform
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    A Digital Vault Platform for the Modern Family Office

    To effectively manage their unique and complex needs, Family Offices require a secure and structured Digital Vault to protect, store, access, share, and manage sensitive information, data, and documents across multiple entities, geographies, and generations.  Single and Multi-Family Offices that cater to High Net Worth (HNW) and Ultra-High Net Worth (UHNW) families are tasked with an […]

    9th Annual Wealthies - FutureVault Recognized as a Finalist for Second Year in a Row

    FutureVault Named 2023 Wealthies Finalist In 9th Annual WealthManagement.com Awards

    The 9th Annual WealthManagement.com Awards, known as the “Wealthies”, has officially named FutureVault as a Finalist in the Technology Providers of the Year – Document Management category for the second year in a row.

    TORONTO, ON, June 01, 2022 — WealthManagement.com officially announces the 2023 Wealthies Finalists in the 9th annual Wealth Management Industry Awards. FutureVault, an industry-leading provider of secure document exchange and Digital Vault solutions for financial services and wealth management organizations was officially named a Wealthies Finalist in the Technology Providers – Document Management category for a second year in a row.

    The Wealthies honor outstanding achievements by companies, organizations and individuals that support financial advisor success.  

    The Wealth Management Industry Awards received a record-breaking number of nominations this year compared to previous years, with the judges shortlisting and recognizing 253 organizations for their outstanding support of financial advisor success from more than 1,000 nominations.

    A full list of the Wealthies Finalists is available to download for free. View the full list of finalists

    “We’re proud to continue playing a pivotal role in supporting wealth management firms and advisors by providing technology that supports compliance requirements, improves efficiency with automation, and importantly, that delivers massive value to their clients and family members with the Personal Life Management Vault™”, commented Kristian Borghesan, Chief Marketing Officer at FutureVault. “We remain committed to helping firms and their advisors drive efficiency to ultimately scale their business; this recognition is a testament to the work, effort, and capabilities of our platform and better yet, our team.” 

    According to Managing Director, Mark Bruno, the Industry Awards program is another example of WealthManagement.com’s commitment to showcasing the industry’s finest and championing advisor success while shaping the future of financial services. “We are thrilled to unveil the finalists for our ninth annual industry awards, which recognize the exceptional achievements of organizations and individuals who play a crucial role in the daily activities of financial advisors. These two initiatives, though distinct, share a common goal: empowering advisors and driving innovation and growth in the ever-evolving financial services community. Together, they equip wealth advisors and planners with the necessary tools, knowledge, and innovation to build world-class wealth management firms and gain access to top-tier product and service providers in the industry.” 

    FutureVault was recently named a 2023 Excellence Awardee for WealthTech Provider of the Year by Wealth Professional Canada, along with previously being named and recognized as a Top 100 global WealthTech Provider by FinTech Global. 

    The annual Wealth Management Industry Awards ceremony will be held in person in New York City on Sept. 7th where the winners of each category will officially be announced.  

    About FutureVault

    FutureVault is an industry-leader in secure document exchange and Digital Vault solutions for financial services and wealth management organizations, changing the paradigm of document and information management with the Personal Life Management Vault™ and Business Life Management Vault™. FutureVault’s multi-tiered platform is transforming enterprise, advisor, and client value propositions by significantly improving the way documents, data, and information are managed within a secure, audit-ready, single source of truth.  

    FutureVault’s white-labeled platform and mobile applications help firms meet books and records compliance, improve data privacy, drive front and back-office efficiency with automation and open APIs, and deliver an enhanced digital client experience to better engage with households and the next generation. Data extraction and AI-driven patterns to gain additional efficiency and insight are available for enterprise customers.  

    FutureVault is recognized as a 5-star WealthTech provider and a top 100 most innovative global WealthTech solution provider.  

    Visit futurevault.com to learn more.