Records Management Tips For Financial Institutions

Financial institutions have a unique set of challenges when it comes to managing customer data. In addition to organizational requirements, records for account holders are subject to a broad range of complex state, local, and federal regulations that govern their use. With the addition of privacy legislations, storage constraints, and costly litigation, financial institutions have a lot at stake. It’s imperative that they implement a comprehensive financial records management solution to protect their interests and prevent a customer data breach.

How Financial Institutions Benefit from Records Management

A reputable records management company can help your financial institution manage electronic and physical records from cradle to grave. From moving to storage to destruction, you want to ensure your solution uses innovative technologies and best practices designed specifically for institutions in the financial industry. The right plan helps you:

• Maintain and consolidate all client account records
• Exceed all IRS, state tax commission, and local tax authority requirements
• Improve employee productivity, increase efficiency, and make bank departments more accountable
• Establish records retention schedules for all paper and electronic documents-including the development of a classification system that helps quickly identify where financial records fall in the retention schedule
• Improve workflow and ensure 100 percent compliance with all transaction processes and records
• Track required certifications and training records for state, federal, or local compliance laws
• Easily manage deposit, withdrawal, and loan records
• Reduce the liability risks of transferring physical documents between two branches
• Increase the speed of credit and loan decisions by giving bank managers quick access to records and client information

How to Evaluate a Reliable Records Solution

A records management system must be as comprehensive as it is nimble to adapt to the changing demands of the financial services industry. From staying up-to-date with compliance requirements to making records retrieval fast and easy, your financial institution needs to be able to rely on a solution that consistently meets all of your needs. Since not all records systems are created the same, look for quality indicators such as:

• Consolidation: Physical and electronic records should be easily managed in a single, user-friendly system. A records management company can consolidate all of your paper and electronic records into one system for faster access and better efficiency.
• Customization: While consolidation into one system is important, remember that there’s no such thing as a one-size-fits-all records solution. You only want to work with a management company that truly understands your needs and goals, and then designs a solution that is tailored for your business. Scalability is also important so your records management system can easily grow with you.
• Security: A reputable records management company strives to reduce the amount of liability your financial institution takes on at every turn. From conducting employee background checks to providing offsite storage, you should be able to depend on the records company to secure all physical and electronic records at every step of the process.

A breach of customer records can cripple a financial institution overnight. If you don’t have the right systems in place, you’re bound to become another statistic. If your financial institution has been searching for a secure and compliant records system, look no further than Admiral Records Management. Admiral offers customized solutions designed to better manage financial records throughout their life cycle. From creation to archiving to secure disposal, Admiral provides your institution with the records services you need to thrive.

Important Things to Consider Before Hiring a Financial Consultant

Many companies will, throughout the life of their business, realise that need to hire financial help. This can be right at the start of setting up in business because of the need to have a solid financial plan, or further down the line due to the growth of the company or unexpected financial problems.

Thankfully, there are a huge number of options available on the market today for any company that finds themselves in any of the above situations. These can range from adding full-time specialist staff to their business or hiring a consultant, to seeking free advice from local authorities or investing in services from large financial advisory firms.

For many reasons, including cost and practicality, a popular choice among companies today is hiring independent consultants or consultancy firms to meet any financial advisory needs. However, there are several things to consider during the hiring process to make sure that a company gets the results they want.

The first thing that any company should ask is what licences, certifications and credentials a financial advisory consultant has. There are several different types of financial advisors, including the Certified Financial Planner (CFP), the Chartered Financial Consultant (ChFC), Registered Investment Advisor (RIA) and the Certified Public Account (CPA).

Each of these credentials is particularly suited to different types and sizes of business, so a company needs to do their research on which certification is best for their specific needs. Similarly, anyone wished to hire a consultant specialising in financial advisory needs to inform themselves about the specific services provided.

As well as learning exactly what services a consultant can deliver, it is important to know what they cannot provide to their client companies. A business that knows its needs in detail before searching for a financial advisory consultant is therefore more likely to find the ideal candidate and service much quicker.

Another important consideration for companies looking to hire an expert in financial advisory is considering the niche area of the consultant they are considering. If the company has particular values, such as social responsibility, a like-minded advisor with considerable experience in this area is more likely to be a good match.

Companies can also ask to see a sample financial plan from the consultant or consultancy firm they are looking at. As each expert in financial advisory has a different way of working, seeing a sample plan will allow a snapshot of what the reality of working with them can do for a business.

To give a specific example, some financial advisory consultants will provide very detailed financial plans, whilst others will provide a simplified and more easy-to-understand summary of key areas to focus on. Either of these may meet the demands of a business, or they may not. In the latter instance, a company will know to look elsewhere for a consultant more suited to them.

Last of all, a company should check whether they will be working with an individual or a team of consultants. Even though one of these options is not intrinsically better than the other, many companies will have preferences in the way of working in their business.

Working with a financial advisory team from a consultancy firm can bring benefits in the way of always being able to be in touch with expert help if it is needed, especially in urgent situations. On the other hand, working with an individual consultant can allow a more intimately knowledgeable relationship to build up between them and the company.

These are just a few of the important questions that companies should be asking when they are looking to invest in financial advisory services from an individual consultant or a consultancy firm.By evaluating their own specific needs and preferences for a way of working first, they can find a perfect match and the ideal financial solutions they require more rapidly.

Checkpoints to Consider While Selecting Funding Solutions

If you are running a business, you will most certainly require some outside source of funding. Same is the case when you are planning to create a new venture. A funding other than the in-hand capital is highly needed to meet the varied requirements of a business. You will certainly look forward to expanding your business and diversifying into different areas of services. This is possible only when you have that extra amount of cash available with you. It all comes down to the investment part and this need can only be fulfilled with the help of a proper funding solution.

Funding solutions are sources that help in achieving your financial obligations in day-to-day business. But, before you move forward with the decision, there are a few points you need to consider. The following checkpoints will help you in making the right deal:

Authenticity – There are many non-reliable lenders who lure small business owners with blatant advertisements. So the first thing you must ensure is to find the right bunch of trustworthy groups. An entrepreneur shouldn’t make her/his decisions basing on influencing advertisements. S/he must look for trustworthy providers who will never deceive the client.

Ability to repay – Are you having enough profits so that you can pay your loan interests after cutting out all the general expenses? This is the first question you need to ask yourself. The consistency in the influx of profits is another important aspect. The fund provider can sometimes charge huge fines that might have arisen due to untimely payments. Once you are confident about your business and feel that you can easily pay out the interests on time, only then get the funding.

Nature of loan – You need to make sure whether the borrowing is going to be a one-time affair or consistent. What type of loan you are applying for and how much, depends on the kind of business. You need to predict the nature of your business so that you can easily evaluate the nature of the loan you are going to apply for. For example, if you are having a brief business cycle, the funding shouldn’t be too high. A reasonable amount can be sufficient for this type of business.

Funding solutions prove to be the best source for investors who are willing to invest in new areas. With the help of a consistent funding, you can tap new markets and find better opportunities. This is an incredible financial solution that comes with the least amount of issues. All you need to do is to make proper use of it and convert it into profits for your business so that you can easily repay your loans in the future.