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bjbj >> WINTERBERG: Hi, I'm Bill Winterberg of FPPAD. Here with me today is Patrick Welsch
of CitiesDigital. Patrick, thank you for joining me today. >> WELSCH: Thank you, Bill. >> WINTERBERG:
So describe a little bit about what CitiesDigital does in the financial advisor space. >> WELSCH:
Well, CitiesDigital offers document management, email archiving, social media archiving and
consulting services for RIAs that want to become more efficient. >> WINTERBERG: Cool.
So tell me more about your Laserfiche implementations. I know that a lot of studies show that very
few advisors are actually using real document management solutions, so what do you see as
the biggest obstacle for some firms to take the lead and really implement a document management
system. >> WELSCH: I think that the biggest challenge is setting aside time to evaluate
solutions as well as evaluate the challenges within their firm where document management
can really solve a lot of problems like back office workflow, integration into client portals
and really the taxonomy and indexing that goes into proper records management. >> WINTERBERG:
So there's a lot of moving parts here, so you -- describe your experience of getting
into an RIA firm and learning what you can about them and customizing that Laserfiche
implementation for them. >> WELSCH: When we typically work with RIAs, what we end up doing
is first of all, trying to understand what they're trying to solve. What's the -- really
the biggest issue that their employees are facing, as well as their customers. And when
we try and help them go paperless, the next step is really talking about compliance, because
that's where we need to start. So what are we going to be doing with all this content,
where are we going to be storing it, how are we going to index it so we can make sure that
it's reproducible easily and it's readily accessible, and then the next step is how
do we want to tie it into their business line, so whether it's going to be a line of business
application, whether it's going to be CRM, whether it's going to be their reporting system,
potentially even their trading system, depending on what type of firm it is, so we talk about
the CRM integration next. And usually that revolves around some of the big names like
Salesforce and Junxure and Microsoft CRM and others out there in the industry. We talk
about how they want that integrated, and again, how they want their users to actually experience
document management as it's integrated with CRM. >> WINTERBERG: So Laserfiche is not only
-- it's not the only solution that you provide as a service from CitiesDigital, what are
some of the other solutions that you found some need for in the RIA space that you've
been able to deliver. >> WELSCH: Some of the other solutions we offer are email archiving,
social media archiving, and we also offer tools like client portals and, again, integration
into applications like reporting systems. >> WINTERBERG: So you found a way to complement
a Laserfiche installation with some of these add-ons, maybe they're not add-ons, but some
of these additional services, so your email archiving, your social media, they can all
be routed into Laserfiche; is that right? >> WELSCH: That's correct. We can actually
capture email real time right out of either an Exchange environment or even a web-hosted
email system. We can take that email and not only archive it to the same system where document
management is occurring, but also we can utilize that email better, so advisors are able to
capture email that might have contracts attached, so if their clients are emailing in signed
copies of contracts, they can actually capture it and then real time process those attachments,
like contracts, for auto indexing linking it to a client portal, linking it to their
CRM, and it's all done automatically in the background by utilizing our MagniMail email
archiving system and the Laserfiche document management. From a social media side, we are
able to capture Tweets, we are able to capture Facebook posts, LinkedIn updates from all
of the advisors as they are out there communicating with clients. We can capture that real time
as well and push it into one central content management system. >> WINTERBERG: I think
that's pretty cool how you've extended the core features of Laserfiche and you've really
covered a lot of different compliance areas and other needs that advisors have in their
office. So tell me just about the average implementation. So for advisors out there
that are excited about the opportunities to go paperless and implement a document management
system, what does that average implementation look like? >> WELSCH: Typical implementation
on the document management side, if advisors are looking to go paperless in utilizing a
tool like Laserfiche, can be spread out into an investment over a few years where cost
is actually only a few hundred dollars per month, so it's very competitive in the marketplace;
however, if they prefer to outright purchase it, it can be a little bit more expensive
as an investment, but it's flexible. We also have -- regarding email archiving and social
media archiving for a typical RIA of five to ten people, the cost is, again, typically
only a few hundred dollars per month for either email or social media archiving. >> WINTERBERG:
See, I think generally a lot of advisors think that it might be a multi-thousand dollar,
maybe ten thousand dollar commitment right up front, but it's interesting to hear that
there are more flexible options available to them. >> WELSCH: Exactly. It ends up being
a very competitive environment when you compare it against a completely SaaS online system
versus a tool like Laserfiche which has extremely comprehensive setup tools, and you can get
it at a very comparable price. >> WINTERBERG: Well, I like that. I like that. So, Patrick,
where can advisors find more information about Laserfiche and CitiesDigital? >> WELSCH: The
best place to go is our website at citiesdigital.com. And at citiesdigital.com, you'll find information
about all of our integrations with Laserfiche, the Laserfiche document management application,
our email archiving and social media archiving application with brochures and videos. >> WINTERBERG:
Excellent, Patrick. Well, thank you so much for taking time to meet with me today, and
I hope you have a great conference here at T3. >> WELSCH: Thank you, Bill. You, too.
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