Best Entity Management Practices for Wealth Management Firms

woman working on computer surrounded by files

As your firm and client list grow, so does the entity count in which you are managing. Operational needs begin to change as you begin to have more documents, filing deadlines, and overall management associated with your client’s entities. Don’t wait until you are buried deep, take control now with some of these best practices:  

Keep your data accessible 

Having quick and accurate access to data is key for success. Don’t limit yourself by not having access to your client’s entity data because you are not in the office. Giving yourself a platform that allows multiple user access and can be securely accessed via cloud helps those situations when you are in a bind. Providing access to those within your company can alleviate the stress caused by being the only person who has access to an Excel spreadsheet or key to a filing cabinet. 

Automate when you can 

Save yourself time and give your clients quick answers when changes need to be made to complex tasks such as organizational charts or cap tables. Automation allows you to stay on top of important entity and compliance tasks in less time so you can focus on other competing priorities. Take the hard work out of tasks that can easily be done in the fraction of time by utilizing software and machine learning to work alongside you.  

One single source of truth  

Keep yourself organized by having all documents and entity information in one place. Utilizing a software like EntityKeeper helps to securely store and organize multiple entities across your entire client list, which gives you one clear view into real-time updates. In addition, tracking important legal documents, contracts, ownership agreements, reports, and charts from one central location reduces risk and improves the client experience. EntityKeeper allows users to assign value to entities and manage ownership structures while making updates in a snap. The back and forth between Excel and PowerPoint to build reports and charts not only silos data but also can mean more human error.  

Don’t let growing your book of business be a hassle when it comes to your client’s entities. Have the right tools in place to help you operate. 

Want to learn more on how to improve the management of legal entities in your wealth management company? EntityKeeper is here to help you grow, reduce risk, and increase efficiency.

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