Effective contract management is crucial in the financial advice sector, where professionals handle sensitive client agreements and regulatory requirements daily. However, many firms still rely on outdated processes that lead to inefficiencies, compliance risks, and client frustration.
In this blog, we explore the key challenges financial advisers face when managing contracts, best practices for improving efficiency, and how digital solutions like Videosign can help streamline the process.
Financial advisers work within a highly regulated environment, requiring precise documentation and a clear audit trail. Managing contracts manually or with disconnected systems often leads to issues such as:
Financial Conduct Authority (FCA) regulations require advisers to keep thorough records of client agreements, signed contracts, and any changes to financial plans. Paper-based or email-driven contract processes can result in lost documents, version control issues, and difficulty proving compliance in audits.
Traditional contract management often involves printing, scanning, emailing, and chasing signatures. This slows down client onboarding, delays transactions, and takes advisers away from revenue-generating activities.
Clients expect seamless digital interactions. Lengthy, paper-heavy processes can feel outdated and inconvenient, leading to delays and potential client dissatisfaction.
Sensitive financial contracts require robust security measures. Sending documents via email or storing them in unencrypted locations can expose client data to cyber threats.
Modern financial advice firms are increasingly adopting digital-first approaches to contract management. Here are some best practices to enhance efficiency and compliance:
Using pre-approved templates reduces the risk of errors, ensures consistency, and speeds up the drafting process. Many firms now use contract libraries within digital platforms for quick access and easy customisation.
E-signatures are legally recognised in the UK and can significantly cut down the time needed to complete agreements. Secure platforms ensure that signatures are verified, tamper-proof, and fully auditable.
Automating reminders for unsigned contracts and tracking document status prevents delays and eliminates the need for manual follow-ups. This also ensures that no contract falls through the cracks.
A cloud-based contract management system enables financial advisers to store, access, and retrieve documents instantly. This is essential for regulatory compliance and audit readiness.
Linking contract management tools with customer relationship management (CRM) or financial planning software improves workflow efficiency. Advisers can pull client details directly into contracts, reducing duplication and errors. Videosign currently has integrations in place with intelliflo and Xplan, with more integrations coming very soon!
Technology has transformed contract management, making processes faster, more secure, and fully compliant with industry regulations.
Videosign is a contract management platform designed to help financial advisers handle agreements more efficiently while maintaining full compliance. It enables:
With Videosign, financial advisers can manage contracts with confidence, knowing that every document is secure, trackable, and legally robust.
Contract management in financial advice doesn’t have to be a burden. By adopting digital solutions, firms can reduce risk, enhance efficiency, and deliver a smoother client experience. As regulatory requirements evolve, staying ahead with smart contract management tools will be key to success.
If you’re looking to modernise your contract process, why not explore how Videosign can help? Book a demo today to see it in action.