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The Role of the Document Vault in the Onboarding Workflow
Let's take a look at an example of how the document vault's features integrate into a firm's onboarding procedures.
When new clients come on board at Cherry Street Financial, the firm collects a number of financial statements from them to build the initial financial picture. Advisors at Cherry Street also provide a number of firm documents and forms, some standardized and some unique to the client.
Cherry Street Financial uses the document vault to facilitate these digital file exchanges through the following workflow:
For generic firm-related files, Cherry Street Financial uses Post to all future clients to provide all new clients with the ADV Part 2, welcome kit, contact sheet, etc. Those files are stored in the Onboarding document vault folder.
For client-specific files such as the Investment Advisory Agreement, the Cherry Street Financial CSA uses Post Documents on the Clients/Client Portals page to post directly to the individual new client. Those documents are filed in the Onboarding folder and labeled with the client's Household name, for example, Taylor Family.
For large numbers of external files, such as a batch of custodian tax documents, Cherry Street Financial uses Post From FTP to automatically match large batches of files with the appropriate client portals.
When files are posted, the advisor chooses to have a notification email sent to the client. When this automatic email is used, only one email is sent per job.
When the client logs in to the portal, a red badge on the Documents tab on indicates new files are available. Clicking the Documents tab, the client sees the new files marked in bold.
The client logs in to the portal, selects all the new files, and downloads them for review.
When the CSA notices that the new client has logged in to the client portal, the CSA uses the Access panel for each file in the document vault to confirm that the client has downloaded the files.
Cherry Street Financial enables uploading for all client portals to allow clients to securely share sensitive financial statements with their financial advisory teams.
The client uploads financial statements in one batch using the client portal Post Document.
When the client uploads files, the team who manages that Household is alerted with the New Document Posted by Client email notification. They also see new items in the announcements list.
The Cherry Street team member responsible sorts the document vault by Posted By to find files uploaded by the client. She selects all the files, applies the Household's unique label to them to facilitate finding the files in the future, and downloads the all the files at once to the firm's servers.
For more information on uploading, downloading, editing, deleting, sharing files and more document vault actions, see Use the Document Vault.