Personal Life Management: A New Paradigm and the Future of Digital Client Experiences

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We believe that the world is about to see the advent of what will become one of the largest categories ever created: Personal Life Management.  

Over the next five to ten years, nearly every individual will have a Personal Life Management Vault™ where they will store and manage their personal, legal, and financial documents. This would include your driver’s license, passport, bank statements, life insurance policies, financial and estate plans, car lease paperwork, kids’ report cards, vaccination records, and the growing list of nearly every important document in your life.   

Here at FutureVault, our team believes 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 key documents are in my Vault and that my Trusted Advisors (accountants, insurance agents, doctors, lawyers, etc.) are permissioned to manage the documents that are only relevant to them within my Vault. This means that all document activities concerning the relationship with my Trusted Advisors take place securely within my Vault.  

Material Efficiency Gains Across the Organization 

We initially embarked on our journey by building a B2B2C platform as we believe that Personal Life Management Vaults will be initially deployed by financial institutions and wealth management firms as they strive to extend their value propositions to their clients and the households they serve.  

In or pursuit of building a platform that delivers the ultimate client and consumer experience, we naturally began building a product and suite of functionality where FutureVault has become sufficiently equipped to add material value to an organization’s head office and front office (Advisors).  

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

The benefits of having integrated our platform into the process flow of our Financial Services clients enable 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™. 

For clients and households, Personal Life Management represents an enhanced digital client experience, control over information assets and critical documents, convenience and security with a modern approach, and ultimately, more time with family, friends, and your network.  

For front office teams and advisors, Personal Life Management represents a modern approach to improving client relationships, driving acquisition and retention, protecting family assets across the household, and ultimately, saving significant time and money when managing information and documentation.  

For the enterprise and firms, Personal Life Management represents provides enormous back-office efficiency gains, the ability to attract top talent by enabling professional productivity, improving information security, meeting regulatory requirements (including document retention), and ultimately, building authority and reputation for generations to come.  

Security is Everything: InfoSec, Data Privacy, and Compliance  

Largely as a result of COVID-19 and the rapid shift to a remote, digital-first world, information security, data privacy, and compliance garnered tremendous attention, making their way into nearly every board room as a major area of concern – and opportunity – within the last few years.  

This rapid shift rippled through industries, notably within highly regulated industries such as financial services and wealth management, resulting in an increase in IT, infosec, and compliance budgets to better manage, serve, and protect clients and their information.  

To better protect, secure, access, and manage our most important information and documents, there needs to be some sort of secure digital repository. We have witnessed this first-hand and have seen the initial adoption and progression toward protecting and managing clients’ information and documents.  

In our view, having a Personal Life Management Vault™ will fundamentally change the way information is delivered to you and the way consumers will manage and protect their information.  

Enterprises, professionals, and clients everywhere will soon pay – if they are not already – for secure and efficient ways to protect and properly manage personal, business, and financial information.  

The Future of Digital Client Experience via Personal Life Management 

Personal Life Management Vaults represent a large part of the future of the digital client experience, enabling institutions, firms, and advisors with the ability to provide value for clients and their families, today. 

The next five years promise to be very exciting as we pioneer this sea change that is coming to the wealth management industry. 

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 not only create stickiness with clients but also provide significant operational and compliance benefits. 

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Learn how we’re successfully improving compliance, driving operational efficiencies, and helping front, middle, and back-office teams scale through secure document exchange and digital vault solutions. 

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154 University Ave, Suite 601
Toronto, ON, M5H 3Y9