Cloud for Family Office

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. 

FutureVault and BlueShore Press Release

BlueShore Financial Partners with FutureVault as the first Canadian Credit Union to Offer Premium Digital Vault

BlueShore Financial becomes the first Canadian Credit Union to launch a digital vault solution where client experience, information security, compliance, and workflow efficiency are at the forefront.  

 
VANCOUVER, British Columbia–BlueShore Financial, a full-service boutique financial institution, today announces the launch of the BlueShore Digital Vault in collaboration with FutureVault, an industry-leading provider of secure document exchange and digital vault solutions.  

With this offering, BlueShore Financial will further deliver on its commitment to providing a premium, world-class digital client experience. As the first mover amongst credit unions in Canada to deliver a secure user-friendly digital vault solution for its clients, the BlueShore Digital Vault effectively improves the collaboration between BlueShore’s trusted advisors and their clients allowing them to manage information and documents digitally on an encrypted platform. In particular, BlueShore Financial clients will be able to securely and efficiently receive, upload and share critical financial, personal, and business documents, leading to significant time savings and the added convenience of collaborating in real-time.  

In addition to the web-based platform delivered to Advisors and clients, the BlueShore Digital Vault mobile application will soon be made available to clients, providing them with the convenience of security, efficiency, and peace of mind anytime, anywhere.  

“Introducing the BlueShore Digital Vault and providing this premium offering to our clients will provide more value, time savings and peace of mind while safeguarding their most important financial, business, and personal documents,” said Fred Cook, Chief Information Officer, BlueShore Financial. “We have long prided ourselves in our ability to deliver premium client service, expert financial advice, and seamless technology.” 

Notable features and benefits of the BlueShore Digital Vault include: 

  • ➜ Enterprise-grade information security and compliance features 
  • ➜ Secure and efficient document exchange tools and features  
  • ➜ Downloadable mobile applications (iOS and Android) will be available for clients to access financial and personal documents anytime, anywhere easily and securely  
  • ➜ Structured taxonomy to securely and efficiently store, manage, and access enterprise and client documents 

“We are extremely excited to launch this innovative initiative with BlueShore Financial and the innovative team behind the project,” commented Daniel Kenny, FutureVault Chief Executive Officer. “They have been incredible partners in building and launching this best-in-class platform for their advisors and clients. Their attention to detail, expertise and thought leadership evidently demonstrates their commitment to delivering a premium client experience, and the prestigious reputation they continue to receive.” 

 
About BlueShore Financial Credit Union 
BlueShore Financial is a boutique financial institution providing a full range of personal and business banking, wealth management, insurance and commercial lending solutions. With a branch network located across the Lower Mainland and Sea-to-Sky Corridor, BlueShore Financial helps clients achieve financial wellness® through personalized solutions and expert advice, delivered in a unique Financial Spa® branch environment. BlueShore Financial manages over $6.9 billion in Assets Under Administration and is consistently ranked among the top 10 financial planning firms in Metro Vancouver. 

BlueShore Financial is an Imagine Canada Caring Company, contributing at least 1% of pre-tax profits annually to charities and not-for-profit organizations within the communities it serves. BlueShore Financial is the operating name of BlueShore Financial Credit Union. 

 
About FutureVault 
FutureVault is a market-leading provider of secure document exchange and Personal Life Management Digital Vault solutions purposely built for the financial services and wealth management industries. FutureVault’s innovative, multi-tiered platform enables firms, advisors, and clients/households to manage information better, together. FutureVault offers a powerful white-label solution that transforms the way organizations manage, store, and deliver documents and statements, meet information security and compliance requirements, and drive material operational efficiencies across front, middle, and back-office functions through automated workflows, integrations, and open APIs. FutureVault’s platform supports multiple languages including English, French, and Spanish. FutureVault is recognized as a top 100 most innovative global WealthTech solution provider. 

Zephyr and FutureVault Strategic Partnership and Integration

Informa’s Zephyr Announces Strategic Partnership and Integration with FutureVault

Powerful digital vault technology enables an optimized workflow experience and a well-designed compliance program for investment professionals 

 
NEW YORK, April 19, 2023 /PRNewswire/ — Zephyr, a subsidiary of Informa plc (LSE: INF), and a recognized leader in financial services software for investment professionals via their Zephyr investment management platform has entered into a strategic partnership with FutureVault, an industry-leading provider of SEC and FINRA-compliant digital document vault solutions. FutureVault has been at the forefront of developing software to address crucial compliance requirements. 

In March of this year, the U.S. Department of Justice (DOJ) released the Evaluation of Corporate Compliance Programs, providing revised guidance requirements for corporate compliance. At issue according to the document: 1. Is the corporation’s compliance program well designed? 2. Is the program being applied earnestly and in good faith? In other words, is the program adequately resourced and empowered to function effectively? 3. Does the corporation’s compliance program work in practice? 
 

We see numerous applications for FutureVault’s Personal Life Management Vault

Chris Volpe, Head of Zephyr

FutureVault’s innovative technology provides seamless digital document retention in a secure, organized environment. Its secure document exchange enables the automated delivery of statements and reports to clients and institutions. 

“The new remote workplace for both investors and advisors has ushered in more forms of digital communication,” says Chris Volpe, head of Informa’s Zephyr business. “FutureVault technology automates the transfer of digital documents into a secure digital vault, which we believe satisfies the DOJ’s requirement of a well-designed compliance program.” 

FutureVault also offers expanded benefits for advisors through the company’s Personal Life Management Vault™. These individual digital vaults can be assigned to clients to house their investment documents. In addition, other important documents can also be uploaded. The client manages access to their vault via entitlements. 

“We see numerous applications for FutureVault’s Personal Life Management Vault™. It serves to ensure firms, advisors, and clients have seamless access to critical information, data, and documents on demand. It also expands the client-advisor relationship, creating a unique engagement model for generational services,” adds Volpe. 

“We know all too well that firms and advisors are faced with a considerable amount of workflow challenges with respect to technology, making it difficult for them to properly scale,” says Daniel Kenny, Chief Executive Officer at FutureVault. “Partnering with Chris Volpe and the exceptional team at Zephyr positions us to continue delivering a best-of-breed ecosystem of solutions for our clients that addresses industry challenges and elevates the experience for both clients and advisors across the board.” 

The Zephyr and FutureVault integration is scheduled for late Q2 2023.  

Zephyr provides investment professionals access to timely information, exclusive research and comprehensive data to keep their clients’ clients engaged and informed. Zephyr’s wealth and asset management software consistently scores high among users for its ease of use, custom client presentation options, portfolio proposal generation, portfolio performance, asset allocation and ESG analysis tools. The Zephyr team is committed to ensuring their customers possess all the necessary resources to exceed their client’s expectations. 

About Zephyr 
Zephyr’s financial services solution enables wealth managers and advisors to fully manage client investment goals with communication tools to create custom, professional proposals and presentations that convey advisor strategies and success. The platform consistently scores high among users for its ease of use with valuable tools including presentation center, portfolio proposal generation, performance measurement, asset allocation modeling, research, analytics and ESG ratings and reviews.  

Visit ZephyrFinancialSolutions.com to learn more. 

About FutureVault Inc. 
FutureVault is a market-leading provider of secure document exchange and Personal Life Management Digital Vault solutions purposely built for the financial services and wealth management industries. FutureVault’s innovative, multi-tiered platform enables firms, advisors, and clients/households to manage information better, together. FutureVault offers a powerful white-label solution that transforms the way organizations manage, store, and deliver documents and statements, meet information security and compliance requirements, and drive material operational efficiencies across front, middle, and back-office functions through automated workflows and integrations. FutureVault is recognized as a top 100 most innovative global WealthTech solution provider.  

5 Statistics Every Firm Needs to Know to Future-Proof Their Success - FutureVault

5 Statistics Every Firm Needs to Know to Future-Proof Their Success

Statistics provide us with valuable insights into current challenges that exist across the financial services and wealth management industry, along with how firms (and technology providers) can look for ways to improve their future chances of success. By analyzing data and identifying trends, firms can make informed decisions about their products, services, marketing strategies, and notably, technology investments.

Below are five statistics that are quite telling with respect to many of the current challenges (and thus opportunities) along with what the future has in store when it comes to implementing and overcoming (wealth)tech challenges.

More importantly, the five statistics referenced below all point toward the significance of partnering with and implementing best-of-breed technology that delivers seamless integration, workflow, and experiences for your staff, advisors, and importantly, your clients.

1) Relationship Managers spend 60 to 70 percent of their time on non-revenue-generating activities

According to insight shared by McKinsey & Company based on conversations with industry professionals and experts, it is estimated that Relationship Managers spend 60 to 70 percent of their time on non-revenue-generating activities, amid rising regulatory and compliance obligations.

In other words, more than 2/3 (two-thirds) of modern professionals’ time is spent in areas outside of where they would like to be—and need to be—spending their time.

Wealth managers are unlikely to be able to serve their clients effectively without a digitized operating model that supports both advisory and non-advisory activities.

In a highly connected world, clients not only want but expect faster and more convenient offerings and a cutting-edge digital experience. Amid rising competition, established wealth managers need to keep pace with new offerings as they retain the values that set them apart.

Source: McKinsey

2) 94% of practice management professionals find limited technology integration creates productivity challenges

According to recent research from Cerulli & Associates, 94% of practice management professionals have reported that limited technology integration creates productivity challenges for their organizations.

The lack of integration between various technologies results in time-consuming manual data entry, duplication of efforts, and difficulty in accessing information across systems. This limitation ultimately hinders the productivity of the organization and prevents them from realizing their full potential. The study highlights the need for firms to invest in integrating their technologies to enhance productivity, streamline processes, and remain competitive in today’s digital landscape… all of which can be achieved by leveraging a best-of-breed ecosystem.

Source: InvestmentNews Research 2022 Adviser Technology Study

3) 57% of advisors say the lack of integration between their core applications is the most significant pain point with technology

Interoperability, in other words, the ability to seamlessly connect technology and workflow, is fundamental to driving business outcomes and creating a well-thought-out, seamless experience both across the enterprise and with clients.

By partnering with and rolling out best-of-breed solutions that have demonstrated interoperability with one another along with solid working relationships, firms, and institutions can significantly increase the success rate of their digital transformation initiatives with confidence.

True interoperability, however, goes far beyond its technological component. Interoperability is as much about connecting people and the vision as it is about providing an integrated experience and workflow between core applications.

Source: InvestmentNews Research 2022 Adviser Technology Study

4) More than 70% of heirs are likely to fire or change financial advisors after inheriting their parents’ wealth

According to Cerulli, more than 70% of heirs are likely to fire or change financial advisors after inheriting their parents’ wealth.

This disconnect can become a significant wrench in any estate, let alone for an advisor’s business continuity. Advisory practices that have not already done so will need to shift their mindset and strategically engage their clients’ spouses and children on a more regular basis.

“The looming wealth transfer presents a significant opportunity for advisory firms that can adapt to a shifting landscape and evolving wealth demographic… It remains critical for wealth management firms to have thorough discussions with clients and ensure they have well-designed and adaptable intergenerational plans in place.” (Chayce Horton, Analyst)

More than ever, it’s evident that advisors need to establish an intergenerational continuity plan that not only helps to retain assets, but also facilitates the transfer of knowledge, expertise, and critical information to family members.

Having a structured information management plan in place and providing family members with access to this information is a key component of any continuity and succession plan. This will help to ensure a smooth transition of assets and provide peace of mind for clients and their families.

One of the most effective ways firms and advisors can execute an intergenerational continuity plan is by implementing a secure digital vault for family legacy information and documents.

A well-structured digital vault can serve as a central repository for all of the important documents and information that clients and their families need to access in the event of a change in circumstances, such as the passing of a family member or the retirement of an advisor.

Source: Cerulli & Associates

5) 51% of financial advisors are thinking about leaving for an organization with better tech tools

According to recent research from Deloitte, 51% of financial advisors are thinking about leaving for an organization with better tech tools.

The alarming reality here is that 50% of your staff and advisors could hand in their resignation tomorrow all because they do not have access to the best technology, tools, and resources.

Technology matters.

To your Back Office.

To your Advisors.

To your clients.

To the next generation.

Investing in best-of-breed solutions isn’t just a “technology” investment — it’s a people, culture, and overall strategic business investment for today and for the future.

Source: Deloitte

FutureVault Platform Release Version 4.4 - March 2023

FutureVault Updates & Enhancements: Platform Release V4.4 (March 2023)

Platform Release V4.4 (March 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 FEATURES AND UPGRADES 

Securely archive and store email conversations

Securely Archive Emails Conversations

All Vault Holders (including Admins and Advisors) can now easily archive important email conversations (saved as PDFs in the Vault) by forwarding any email thread to their unique Inbound Email Address

From vendor and client conversations to proposals and trade confirmations via email, this feature provides an efficient way to track and archive email conversations with various stakeholders to improve recordkeeping governance and to ensure that important information is stored in Vaults. 

Adding links in Checklist items

Attach Links to Checklist Items 

Administrative and Representative Users can now attach clickable links to Checklist Items. This makes it easy for assigned users to quickly access external information or resources relevant to the item assigned to them.  

Co-Owner of Vaults

Add Co-Owners to Client Vaults 

Admins can now add Co-Owners to a Client Vault. Vault Co-Owners have the same permissions as the primary Vault Holder, effectively allowing for shared management of the Vault. 

Co-Ownership drives household engagement by being able to add a spouse or partner and enables valuable assistance with end-of-life planning by granting Co-Ownership to a legal caregiver.   

ADDITIONAL ENHANCEMENTS

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

➜ Audit trail enhancements to include Publish Document actions

➜ Additional white-label configuration customizations 

➜ Enhanced document upload capabilities for Private Folders (a private section in Client Vaults that only Advisors/Admin can access)

➜ Additional email notifications to reduce the risk of data loss Enhanced experience when viewing and managing Entities 

FutureVault - How Digital Vault Technology Can Transform Financial Services and Wealth Management

How Digital Vault Technology is Transforming Financial Services and Wealth Management

The following article was originally published by the Institute for Innovation Development‘s founder William Hortz as an exclusive interview with FutureVault’s Founder & Executive Chairman, G. Scott Paterson, Chief Executive Officer, Daniel Kenny, and Chief Marketing Officer, Kristian Borghesan.


Digital Vault technology is a key structural component toward digital transformation of financial services and wealth management. This technology can transform the way financial firms organize, manage, store, and deliver client documents; onboard and retain clients; attract talent and elite advisors; manage (and meet) compliance and streamline audits; and provide advisors with a competitive edge to materially improve the engagement and relationship they have with new and existing clients–and their families.

To better understand the technology and applications of Digital Vaults, we reached out to Institute Founding Corporate members, Daniel Kenny (CEO), Kristian Borghesan (CMO), and G Scott Paterson, Co-founder and Executive Chairman of Canadian FinTech firm FutureVault – a leading provider of secure document exchange and Digital Vault solutions for the financial services and wealth management industry. We asked them questions to better understand the benefits and implications of Digital Vaults.

Interview Question 1

Hortz: What was your motivation for starting FutureVault? What industry challenges are you addressing?

Paterson: Years ago, I needed a place where I could access all my financial accounts at once, in the same place. In fact, I realized that I wanted access to all my point solutions (we are all adding more and more point solutions daily) in one aggregated spot. This was the initial genesis of building FutureVault.

Fast forward to today, my colleagues and I believe that the world is about to see the advent of what will become one of the biggest industries ever created: Personal Life Management. We strongly believe that within five years, every person will have a Personal Life Management Vault™ where they will store and manage their personal, legal, and financial documents including their driver’s license, passport, bank statements, life insurance policies, car lease paperwork, kids’ report cards, vaccination records and on and on and on.

We believe this new paradigm will change the way the world does business saving people countless hours and costs due to the efficiency gains that accrue from utilizing the digital vault construct. Personally, my own Personal Life Management Vault™ recently crossed a new milestone as the 10,000th document was deposited. I sleep better at night knowing all my key documents are in my Vault and that my Trusted Advisors (accountants, insurance agents, doctors, lawyers, etc.) are permissioned to manage the documents relevant to them in my Vault.

We embarked on our journey by building a B2B2C platform as we believe that Personal Life Management Vaults will be initially deployed by financial institutions as they strive to extend their value propositions to their clients. In the throes of building our platform for the ultimate client/consumer experience, we discovered that the FutureVault platform has become sufficiently equipped to add material value to an organization’s head office and front office (Advisors). The next five years promise to be very exciting as we pioneer this sea change that is coming to the wealth management industry.

Interview Question 2

Hortz: Can you explain to us what exactly is a Digital Vault?

Kenny: A Digital Vault is the virtual equivalent of a security deposit box with respect to storing critical documents, data, and digital assets, but with the advantage of our patented software that can simplify and manage a person’s digital life. Our Digital Vault platform resides in the cloud and leverages all the benefits of data availability, redundancy, and low storage costs. More importantly, though, the vaults leverage our bank-grade security model to encapsulate those documents, data, and digital assets within a secure environment providing our customers with the best of both worlds.

Borghesan: Adding to what Daniel has mentioned here, we strongly believe and are beginning to witness that Digital Vault platforms are becoming the next iteration and the future of secure document management by providing firms (and their advisors) accountability, efficiency, structure, compliance, and protection—all areas that enable organizations to scale document management practices across the many levels of their organization, and most importantly, to extend and enhance the value proposition delivered to their clients.

Interview Question 3

Hortz: How are you uniquely designing your technology to address industry challenges? What are the primary pillars of differentiation and value that you offer firms and advisors?

Kenny: Traditional document management solutions come with a handful of challenges for firms and advisors. It is not uncommon for these systems to focus on providing value to one function or ‘level’ of an organization; usually, that ends up being either a back-office and compliance focus or on the advisor. This results in a very disconnected document handling workflow across front, middle, and back-office teams along with key stakeholders involved in the process chain. This typically results in significant professional time spent handling unnecessary, manual tasks.

Another significant challenge, which is a massive oversight in the industry, is that the needs of the investor, or end client, are almost always ignored. This results in a less-than-optimal experience with respect to accessing, managing, and protecting personal and financial information. Our founder, Scott Paterson, recognized this gap which was the genesis for creating FutureVault and delivering Personal Life Management Vaults.

Fortunately, we have been able to clearly identify these challenges, positioning us to build a unique and innovative approach to managing documents and the processes that they are involved with through a multi-tiered solution where all constituents involved — front, middle, and back-office teams, along with clients and households – benefit and gain tremendous value.

Borghesan: We often refer to three core value pillars here at FutureVault. The first is driving operational efficiencies and improving productivity across the organization. The second is enabling firms to confidently meet information security and compliance requirements. And most importantly, the third is all about enhancing the digital client experience while improving the advisor-client relationship that extends across the household.

Interview Question 4

Hortz: What are the particular benefits and use cases in connecting front, middle and back-office teams via a Digital Vault?

Kenny: Our B2B2C model for delivering Personal Life Management digital vaults requires us to integrate into the natural flow of documents within an organization from generation to client delivery. For example, monthly statements provided by a Wealth Advisory firm traverse multiple tiers ranging from the custodian to the back office for enrichment, front office to ensure Advisor visibility, and ultimately to the Client in their digital vault. 

The benefits of having integrated our platform into the process flows of our Financial Services clients enables straight-through-processing automation and all the operational efficiencies that come with a fully integrated solution, in addition to providing clients with exceptional value every step of the way via their Personal Life Management Vault™.

Borghesan: Most of these benefits really boil down to enablement for optimal output by freeing up professional time and capacity, saving money, and building trust with clients.

Common use cases that we are seeing with Broker-Dealers and RIAs include automating the delivery of statements to advisors and clients; eliminating the back-and-forth manual exchanges and non-compliant file-sharing methods; standardizing the document collection process; streamlining onboarding processes, meeting compliance, and document retention requirements; providing trusted collaborators and third parties with secure access to key portions within vaults to streamline workflow; enabling clients and their family members to easily manage sensitive documentation with their centers of influence; among many others.

Key to all of this is integration to and with back-office, advisor, and client-facing solutions that supports critical workflow, creates efficiencies, and ultimately attracts and retains clients.

Interview Question 5

Hortz: How exactly does your Digital Vault platform create unique value and positive user experiences across the different levels of an organization?

Kenny: Value is created across the organization through a multi-tiered architecture. We view multi-tiering as a game-changer with respect to how firms manage information assets and documents across the organization.

Each tier has different roles, permissions, and features to streamline daily workflow, and ultimately save significant time and improve productivity.

You can imagine the power and structure this affords organizations—from the back-office to front-office advisors, relationship managers, office managers, to clients, their network, and their families – everyone has a unique “role” within the Vault.

The concept of multi-tiering moves away from a one-way, inefficient, rigid, insecure email-based document “feed” to a secure, collaborative document exchange platform. A fiduciary audit trail of all activity across the tiers and within Vaults provides an additional value proposition to the organization.

Borghesan: Head office or back-office teams, whether at Broker-Dealers, RIAs, or even Credit Unions, for example, can view and manage their Advisors and advisory teams, along with the document exchanges that take place between advisors and their clients, in addition to the Head Office being able to deliver documents securely (and automatically) to advisors and clients. This provides compliance with the extra nod of confidence knowing compliant activities are being adhered to.

For front office teams and financial advisors, having secure administrative access makes it easy to manage all their clients and securely exchange, collect, and manage all the various types of documents en masse in one centralized place. This reduces and eliminates significant time spent on manual document-related tasks and compliance risks, while streamlining document workflows to efficiently scale and build more trust with clients.

And lastly, clients reap the ultimate benefit of being able to manage their personal life’s content securely and efficiently, at their fingertips, by having access to their own Personal Life Management Vault™, materially improving collaboration and engagement with not only their financial advisor, but with their centers of influence and other Trusted Advisors.

Interview Question 6

Hortz: We are in the middle of a major industry shift towards creating enriched digital client experiences. How would you communicate the value that digital vaults can provide advisors’ clients?

Borghesan: Extending value to clients and enhancing the digital client experience is at the core of everything we do here and there are a few ways we go about communicating this with firms and advisors.

First, it’s all about enabling advisors to empower their clients by providing an easy, secure, and efficient way to access important information and documents. This includes monthly or quarterly statements, onboarding documents, financial and estate plans, you name it.

Second, clients gain peace of mind by knowing that their documents and information always remain safe and secure, and better yet, in one centralized location for easy access.

Lastly, Advisors have a real opportunity here to extend value well beyond the nature of their relationship with clients by providing a Personal Life Management Vault™ where clients can efficiently manage their life in a structured and secure way via personal and private folders.

This is significant for firms because it represents much more than providing a secure way for clients to manage their own information, this represents a completely new way of conducting “business-as-usual” and how advisors are able to engage with clients and their family members.

Interview Question 7

Hortz: Are there any recommendations or advice you can share for advisors on how they might best be able to apply this Digital Vault technology to their firm and practice right now?

Borghesan: This is an important question that has quite a few implications for firms and advisors.

One of the first points I want to surface here — in an effort to make sure firms and advisors are really coming at this with the right perspective and understanding as they are building their technology stack — is that not all digital vaults are created equal. There are existing platforms and solutions that have some sort of basic document vault “feature”, and what we are discovering through conversations with advisors and advisory firms is that these features are very limited and fall short of solving important use cases and workflow challenges. This is particularly important for organizations looking to “future-proof” their business by way of digitally transforming their processes and taking the advisor-client experience to the next level.

Next, I’d be remiss not to mention the significance of the impending generational transfer of wealth and the notion of heirs to this wealth likely moving the inheritance away from their parents’ advisor to a new institution. Digital Vault platforms afford firms and advisors a massive opportunity to “keep their house in order” by securely organizing and structuring their clients’ information and documents for generations to come.

Finally, we have all seen an acceleration toward the digital client experience. Institutions and firms that are looking for ways to win over their clients and put their best foot forward in creating a value proposition that extends well beyond the immediate advisor-client relationship with their firm will, in due time, consider white-labeled, branded, Personal Life Management digital vaults that will create stickiness with clients. The firms and advisors who focus on delighting clients—and their families—will almost always come out on top.

Kenny: FutureVault can not only provide a world-leading digital vault platform to differentiate your business, but we also bring partnerships with onboarding and KYC platformsfee and reporting solutions, portfolio management platforms, industry data connectors, and CRMs.

Before you embark on a digital transformation, resist the temptation of the “all-in-one” solutions. Instead, ensure you have the best players in the industry to build a world-class end-to-end solution that meets your business model. We want all institutions and firms to know that they are not alone, we bring our expertise and relationships to the table – helping them transform and future-proof their business. 


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 position our members with the necessary ongoing innovation resources and best practices to drive and facilitate their next-generation growth, differentiation, and unique community engagement strategies. The institute was launched with the support and foresight of our founding sponsors – Ultimus Fund Solutions, NASDAQ, FLX Networks, Advisorpedia, Pershing, Fidelity, Voya Financial, and Charter Financial Publishing (publisher of Financial Advisor and Private Wealth magazines).

Mandeville Vault Mobile Experience

Mandeville Private Client Inc. further enhances the client experience by providing access to Mandeville Vault via its mobile app

BURLINGTON, Ontario—Mandeville Private Client Inc. (“Mandeville”) is pleased to announce that Mandeville Vault, Mandeville’s secure digital vault offered through its enterprise relationship with FutureVault, is now accessible via its existing mobile app, delivering a seamless digital client experience.

Originally launched in 2021, Mandeville’s mobile app provides a user-friendly, interactive way for clients to view their Mandeville accounts using their Client Portal login. Now, as part of an enhanced and fully integrated mobile experience, advisors and clients can securely access their critical Mandeville documents (including statements and tax documents) and their personal and business documents in their Mandeville Vault at the touch of their fingertips via the Mandeville mobile app.

“This technological capability is just another part of the client-advisor experience roadmap that Mandeville is pursuing. For advisors to effectively retain and grow their client base, they need to ensure consistent, timely and relevant communication across all digital channels. Mandeville Vault provides a competitive differentiator for our organization as it allows for the secure and seamless management and delivery of documents from our back office to advisors through to our clients and their families. We are able to improve information distribution at every single intersection to deliver the ultimate in client experience,” commented Frank Laferriere, Mandeville’s Senior Vice President and Chief Operating Officer.

He also added, “As a further enhancement, we are thrilled that clients will now have anytime, anywhere secure access to all of their personal documents via the Mandeville mobile app”

Mandeville Vault has redefined back-office document and compliance-handling processes by automating the secure delivery of critical documents directly to advisors and clients, in addition to several other material use cases. With the addition of the tightly integrated mobile experience, Mandeville Vault will effectively improve the collaboration and relationship between advisors and clients by equipping them with a secure and convenient way to upload, store, and manage documents across any device, anytime, anywhere.

 A few key components of the Mandeville Vault mobile experience include:

  • • Enterprise-grade information security and compliance
  • • A seamless single-sign-on integration within the existing Mandeville app
  • • Direct access to critical Mandeville-related documents available at clients’ fingertips (including monthly statements and tax documents)
  • • Anytime, anywhere access to personal and business documents (upload, store, access)
  • • Security, protection, and peace of mind on the go

“We are extremely excited to provide a seamless experience where Mandeville Vault is deeply integrated into Mandeville’s existing application for their advisors and clients,” commented FutureVault Chief Technology Officer, Luke Kyleman. He further added, “It has been great to work closely with Frank Laferriere and his talented team where Mandeville continues to focus on digital-led capabilities and enhancing the experience of Mandeville clients.”

The integration of the Mandeville Vault mobile experience is a major milestone in Mandeville’s pursuit to deliver a harmonious experience for its advisors and clients.

About Mandeville Holdings Inc.

Mandeville Holdings Inc., founded by Michael Lee-Chin, is the parent company of the Mandeville group of companies, which includes Mandeville Private Client Inc., Mandeville Insurance Services Inc. and Portland Investment Counsel Inc. Clients of the Mandeville group of companies have ACCESS to the benefits of our family office resources (via Portland Holdings Limited’s conglomeration), which means a unique opportunity to invest in quality offerings alongside some of the world’s most successful institutions and affluent investors. “The Wealthy Invest Differently.”- Mandeville understands this and is committed to democratizing opportunities for wealth creation typically reserved for the affluent and institutional investor.

About FutureVault

FutureVault is a market-leading provider of secure document exchange and Personal Life Management  Digital Vault solutions purposely built for the financial services and wealth management industries. FutureVault’s innovative, multi-tiered platform enables firms, advisors, and clients/households to manage information better, together. FutureVault offers a powerful white-label solution that transforms the way organizations manage, store, and deliver documents and statements, meet information security and compliance requirements, and drive material operational efficiencies across front, middle, and back-office functions through automated workflows and integrations. FutureVault is recognized as a top 100 most innovative global WealthTech solution provider.

Visit futurevault.com to learn more. Follow us on LinkedIn.

Contacts

Mandeville

Diana Oddi, Director Marketing, Communications and Practice Management
doddi@mandevillepc.com

FutureVault Inc.

Kristian Borghesan, Chief Marketing Officer
kris.borghesan@futurevaultinc.com

Platform Updates and Enhancements - FutureVault V4.3.2

FutureVault Updates & Enhancements: Platform Release V4.3.2 (December 2022)

Platform Release V4.3.2 (December 2022)

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, additional platform enhancements, and three featured integrations. Continue scrolling to learn more about how this release can benefit your firm, your advisors, and your clients.

NEW & IMPROVED

Review and Publish Documents

Administrative Users now have the ability for critical documents to be reviewed by other users (team members) before approving them and “publishing” them to clients. “In Review” documents remain only visible to admins, advisors, and key staff.

Once documents move from ‘In Review’ to ‘Published’, they will be made available to clients. 

Documents that are automatically delivered and ingested into the Vault from third-party tools (such as Portfolio Management Systems) can be automatically labeled as ‘In Review’ to ensure that they are reviewed and approved in one secure location. Keep scrolling to learn more about this below.  

Inreview

Summary Details & Activity Logs for Users and Clients  

There is an enhanced look and experience on both the User and Client details page that includes a new overview summary (with the ability to easily edit details) and a new Activity Log that tracks activities from all system users in a chronological timeline.  

client-dp

 

Upgraded Notification System

There are several new enhancements that have been made to our notification system including:

An enhanced look and experience with viewing notifications (badges based on the type of notification, easily dismiss and toggle notifications, users’ names displayed in the notification, better chronological ordering, and more).

Improved filtering capabilities to narrow down the type of notification(s) you are searching for or need to access.

Documents being referenced in the notification are now linked to the specific area they live within the Vault making for easy access.  

notifications

ADDITIONAL ENHANCEMENTS

In addition to the above, several additional upgrades and enhancements have been made across the platform including: 

➜ Assign Clients while setting up new Users for optimized workflows

➜ Accessibility improvements (new icons and quick access buttons)

➜ Receive notifications when new features and enhancements are live

➜ Use special characters for naming documents and files

Account Settings updates and improvements 

FEATURED INTEGRATIONS

Salesforce CRM 

Seamlessly access client and household data and documents from FutureVault directly within SalesForce. FutureVault proprietary householding and account features are synched with SalesForce to save you time, improve advisor workflow efficiency, and prevent duplicating activities. 

Harmony by Infinite Investments Systems

Automatically deliver quarterly statements and other key portfolio-related documents to FutureVault. Delivered documents can be set to ‘In Review’ to ensure they are approved by key staff and teams before being made available to clients in their Vault. 

NBIN: National Bank Investment Network

FutureVault’s automated document delivery process securely delivers all your clients’ monthly statements directly into their Vault to save your back and front office teams a tremendous amount of time, money, and effort. 

FutureVault Successfully Granted Third US Patent for Entity Functionality

FutureVault Granted U.S. Patent for Dynamic Visualization  

Proprietary Functionality Permits the Dynamic Visualization of Multiple Entities within a Digital Vault

Solves for Wealth Management “Householding” and Tees up Wealth Managers to Retain 2nd and 3rd Generation Family Relationships throughout the Impending Multi-Trillion-Dollar Great Wealth Transfer.

FOR IMMEDIATE RELEASE

Toronto, Ontario, December 14, 2022  — FutureVault, an industry-leading provider of secure digital document vault and Personal Life Management Vault™ solutions for the financial services and wealth management industry, is pleased to announce that the U.S. Patent and Trademark Office has successfully granted the patent application US11475074B2, Real-time document filtering systems and methods.

This patented functionality enables FutureVault users to effectively filter and dynamically view documentation, data, and information in real-time associated with the Entities created and managed by users within the platform.

FutureVault allows Vault Holders, whom are typically individual and household clients of financial services and wealth management firms including Family Offices, to create and manage multiple Entities within their FutureVault. Documentation, data, and information that reside within the secure digital vault are “tagged” to be associated with the respective Entities.

Examples of Entities include, but are not limited to:

  • ➜ People (spouse, children, parents)
  • ➜ Properties (principal residence, investment properties, recreational)
  • ➜ Businesses (holding companies and LLCs)
  • ➜ Accounts (Trusts, Foundations)

In the wealth management space, and in particular, with Multi-Family Office Managers dealing with high-net-worth Families, managing, sorting, and organizing household assets, information, and documents has traditionally been a time-consuming and cumbersome challenge. By leveraging the ability to create and dynamically manage Entities across a household, FutureVault’s platform equips wealth professionals with the ability to solve for many of the challenges related to the reporting and management of “householding”. The functionality also adds tremendous value to the household.

Managing the array of documents, data, and information across multiple generations is significant and top of mind for most, if not all, wealth management firms and wealth advisors. The FutureVault platform creates an opportunity for wealth management companies and their advisors to build deeper relationships with their clients and their 2nd and 3rd generations by helping households organize, preserve, and protect family assets indefinitely. This Entities feature will play an important role within the wealth management industry as it embraces a clear strategy to optimally participate in the coming intergenerational Great Wealth Transfer.

The Great Wealth Transfer has huge implications for the wealth management industry:  

  • ➜ 70 million baby boomers are preparing to pass an estimated $15 trillion in assets to younger cohorts in the next 10 years
  • ➜ An estimated 18,500 individuals with a net worth of $100 million or more will be transferring most of their assets to a new generation
  • ➜ Somewhere around 45% to 80% of heirs will “fire” their parent’s financial advisor(s) and switch firms

“We are incredibly pleased that the US Patent Office has recognized the uniqueness of the Entity management and dynamic visualization capabilities in our platform,” said G Scott Paterson, Co-Founder & Executive Chairman of FutureVault.  “This patent strengthens the differentiation of FutureVault’s platform by providing unique and sophisticated functionality to manage critical data, documents, and information across household entities, generations, and geographies. By doing so, we are able to create massive opportunities for wealth advisors to engage with the next generation, and for households to better manage, preserve, and protect their assets and their information.”

The successful grant of its third patent continues to position FutureVault as the industry leader in secure document vault and Personal Life Management Vault solutions.

Statistic sources:

https://www.wealthx.com/report/wealth-transfer-report-2019/

https://www.fa-mag.com/news/the-next-gen-redefines-retirement-59988.html