/
Case Study: Top 10 RIA Firm's Custom Paperless Solution with Quik! API

Case Study: Top 10 RIA Firm's Custom Paperless Solution with Quik! API

Owned by Rich Walker
Nov 07, 2023
2 min read

Overview

A leading RIA firm, ranking within the top 10 nationwide, has developed a custom, paperless New Account Opening solution using Quik! API's. This innovative approach has not only streamlined their operations but also provided a competitive edge in the wealth management industry.

Challenge

The firm's goal was to eliminate paper-based processes and improve the efficiency of opening new accounts. With over 50,000 households served and generating more than 120,000 forms annually, the firm needed a solution that could handle a high volume of transactions without compromising on the user experience or data integrity.

Solution

The custom-built solution on Quik! API's allowed the firm to collect data within their application and seamlessly transfer it to forms for e-signing with DocuSign. This process ensured that financial professionals could complete the new account opening process without directly interacting with the form itself, thereby creating a truly paperless experience.

Results

  • Extensive Professional Use: The platform serves over 500 financial professionals.

  • High Volume Processing: Annually, the firm generates over 120,000 forms using Quik!.

  • Full Platform Adoption: They have achieved an adoption rate of over 100%.

  • Streamlined Account Opening: The solution provides a complete paperless account opening process with advanced features like householding and enhanced document visibility.

  • 100% Complete Form Filling: Leveraging the Quik! Field Definition with over 1.2m unique fields, they were able to map and prefill all of their form fields to produce complete, ready-to-sign documents

Phased Implementation and Quik!'s Support

The customer rolled out the Quik! solution over three phases within 18 months, with Quik! actively participating in implementation meetings, trainings, and customer communications.

  • Phase 1 (3 months): Matched the functionality of their existing system.

  • Phase 2 (8 months): Enhanced workflow and ensured complete data capture before form presentation.

  • Phase 3 (6 months): Integrated advanced features such as householding, draft mode, and document visibility within DocuSign.

Customer Testimonial

"Our partnership with Quik! has been transformative. The custom solution we've built on their API's has not only made our new account opening process paperless but also remarkably efficient. We've gained a significant competitive advantage, as our advisors can now focus more on client service rather than paperwork. This efficiency has been a game-changer for us in the wealth management industry." - CIO, Top 10 RIA Firm

Statement from Rich Walker, CEO of Quik!

"This RIA firm has leveraged our APIs to create what I believe is the best user experience in the industry. Their custom solution is a testament to the power and flexibility of Quik!'s APIs. It's not just an incremental improvement; it's a leap forward that gives them a definitive edge in the market." - Rich Walker, CEO of Quik!

Conclusion

The top 10 RIA firm's custom solution, powered by Quik! API's, has set a new standard for efficiency and user experience in the financial services sector. The firm's strategic phased implementation and Quik!'s dedicated support have culminated in a state-of-the-art paperless account opening process that stands out as a model of innovation and operational excellence.

For help regarding Quik! Forms and the Quik! API
Email: support@quikforms.com | Phone: (877) 456-QUIK