Hood Sweeney Securities
Hood Sweeney Securities Enhances Compliance and Efficiency with M-Files
Highlights
- 2 hours saved per week on document sorting
- 20-25 hours saved per annum on file room resource use
- 15-20 minutes saved per statement of advice
- Reduction from weeks to days in processing compliance documentation
Use Case
Client Information Management
Compliance Management
Records Management
Industry
Financial Services
Country
Australia
Share This Story
Company Introduction
Hood Sweeney Securities (HSS), a service offering of Hood Sweeney, is a South Australian professional services firm with almost 50 years of experience working with clients across diverse and connected service offerings, from accounting to business advisory, financial planning, technology, and growth consulting. The company's 140 staff members support more than 3,000 professional and business clients from healthcare providers to farmers, small-to-medium-sized businesses (SMBs), family businesses, and businesses ready to grow, across its Adelaide head office and Clare, Kadina, Port Augusta, and Whyalla regional offices.
HSS, the financial planning service offering of Hood Sweeney, faced substantial challenges in managing its extensive documentation for compliance and client services. HSS's incumbent document management system was nearing end of life, introducing operational inefficiencies and system errors that began to undermine productivity and compliance standards.
The HSS management team wanted a more adaptable digital solution that could meet the intricate demands of financial services, particularly in an environment regulated by stringent compliance requirements. HSS engaged and implemented M-Files for its advanced features to transform its document management processes into a dynamic, efficient, and secure knowledge work automation system.
Key Challenges Before M-Files
System Obsolescence and Functional Limitations
HSS’s legacy document management system was nearing the end of life and was no longer receiving support after being operational for more than a decade, resulting in operational inefficiencies that became increasingly prevalent.
Crucially, the existing system also had metadata limitations which hindered document tagging, retrieval, and organization, necessitating a shift towards a more comprehensive system that could handle complex metadata with ease.
Celine Barnes, Advice Business Manager, HSS, said, “The old system wasn’t just failing regularly, it was also inadequate for HSS’s growing needs. We couldn’t sort or retrieve documents efficiently, which was disrupting our client information management. Additionally, not being able to collate related documents in one spot was a major issue in terms of auditing and compliance.”
Evolving Compliance Requirements
The incumbent document management system could no longer keep up as regulatory demands in the financial services sector continued to evolve. The need for stringent data security and traceable document management processes became more acute, and HSS required a solution that could ensure compliance with ever-tightening regulations, while safeguarding client information and maintaining operational transparency.
“The regulatory landscape is getting tougher, and our incumbent system simply wasn’t equipped to handle the new compliance demands. We needed to improve efficiency and enhance our compliance capabilities in tandem, ensuring every piece of advice and client interaction is documented and traceable for audit purposes,” Celine said.
“M-Files provided the flexibility in metadata management and compliance capabilities that we urgently needed. We knew that M-Files' ability to create ‘buckets’ for related documents would also streamline HSS’s advice production, which can involve up to 50 supporting documents per comprehensive strategy. The OCR capability has been a game changer when it comes to filing client investment-related mail.”
Celine Barnes, Advice Business Manager, Hood Sweeney Securities
"HSS has saved two hours per week on average on sorting documents alone. Resource use in the filing room to scan documents has also been reduced from about 20-25 hours per annum, and 10 hours yearly on annual tax packs, down to negligible amounts. Additionally, HSS’s advice production team saves 15-20 minutes per Statement of Advice, which, considering the team processed 171 statements of advice last year, adds up significantly in terms of efficiency gains."
Celine Barnes, Advice Business Manager, Hood Sweeney Securities
The M-Files Solution
Tailoring Solutions to Departmental Needs
HSS recognized the necessity of service offering-specific knowledge work automation solutions. Initially, Hood Sweeney considered a firmwide solution but recognized the value of each service offering, exploring a best-fit solution and evaluating different systems tailored to their unique requirements. This approach led to the financial planning service offering choosing M-Files after a comprehensive evaluation of market solutions. The decision was influenced by M-Files' flexible metadata management, compliance features and OCR capabilities, which were crucial for meeting the stringent standards of financial services and managing the diverse types of documentation overseen by this team.
“We conducted a thorough exploration of different knowledge work automation systems, and the financial planning team found M-Files to be the best fit for HSS. M-Files provided the flexibility in metadata management and compliance capabilities that we urgently needed. We knew that M-Files' ability to create ‘buckets’ for related documents would also streamline HSS’s advice production, which can involve up to 50 supporting documents per comprehensive strategy. The OCR capability has been a game changer when it comes to filing client investment-related mail," Celine said.
The M-Files implementation was strategically planned to ensure minimal disruption to daily activities. The team created a development vault to simulate the operational environment, facilitating extensive testing and adjustments before going live. This phase was critical in customizing the system to meet the specific needs of different functions within the financial planning team.
“HSS collaborated closely with the M-Files team throughout the discovery phase and planning phase, mirroring our operational needs in the development vault. This let us test and refine the system extensively before full deployment,” Celine said.
The Results
Improved Record Management and Collaboration
The HSS team has experienced significant improvements in record management and operational efficiency since implementing M-Files. The new digital record management system delivers a more organized approach to document storage and retrieval, reducing the time spent on administrative tasks significantly. This transformation freed staff to focus on higher-value activities, enhancing overall productivity within the department.
“Gone are the days when HSS staff had to manually sort through mountains of mail and file them. Gone are the days when the team wasted time trying to find related documents used to prepare a Statement of Advice when it needed to be checked or referenced later. Now, we can retrieve documents in seconds, enhancing efficiency significantly.
“HSS has saved two hours per week on average on sorting documents alone. Resource use in the filing room to scan documents has also been reduced from about 20-25 hours per annum, and 10 hours yearly on annual tax packs, down to negligible amounts. Additionally, HSS’s advice production team saves 15-20 minutes per Statement of Advice, which, considering the team processed 171 statements of advice last year, adds up significantly in terms of efficiency gains,” Celine said.
M-Files has also improved collaboration among team members, letting them link documents and information across different departments effortlessly. This has been particularly beneficial in managing client relationships.
"Gone are the days when HSS staff had to manually sort through mountains of mail and file them. Gone are the days when the team wasted time trying to find related documents used to prepare a Statement of Advice when it needed to be checked or referenced later. Now, we can retrieve documents in seconds, enhancing efficiency significantly."
Celine Barnes, Advice Business Manager, Hood Sweeney Securities
Enhanced Compliance and Security
M-Files lets HSS strengthen its data management processes through advanced security features and compliance tools, including real-time monitoring and alerts for unauthorized access attempts. It manages all documents in accordance with strict financial regulations, providing a clear audit trail for compliance purposes and automating compliance-related tasks that were previously prone to human error. This automation enhances operational transparency and safeguards the organization against potential legal vulnerabilities while reinforcing its reputation as a trustworthy financial advisor. These improvements support HSS to meet rigorous compliance standards more efficiently while facilitating quicker responses during regulatory reviews.
Outlook and Expansion
Following the success of M-Files in the financial planning service offering, other service offerings within Hood Sweeney are exploring its potential application. Beyond this, HSS is extending its use of M-Files to incorporate more sophisticated features including automated workflows and artificial intelligence (AI)-driven analytics, which are expected to drive even greater efficiencies and provide deeper insights into business operations. HSS is also exploring further integrations with client portals and electronic signature functionalities, which promise to streamline client interactions even more. These tools are expected to reduce turnaround times for client enquiries and improve the overall client experience.
“M-Files didn’t just solve HSS’s immediate challenges; it has set us up for future success. We now see a future where every piece of data, every document at HSS is digital, accessible, and, above all, secure," Celine concluded.
The Bottom Line
- Reduced time spent on administrative tasks, enhancing staff productivity.
- Ensured stringent compliance and data security across operations.
- Improved internal collaboration and client service responsiveness.
- Laid a foundation for future technological advancements and efficiencies.
"M-Files didn’t just solve HSS’s immediate challenges; it has set us up for future success. We now see a future where every piece of data, every document at HSS is digital, accessible, and, above all, secure."
Celine Barnes, Advice Business Manager, Hood Sweeney Securities
Partner
Orlo One
Orlo One is an experienced, Adelaide-based technology team that works with medium-sized and growing business across South Australia and in a myriad of key industries, from professional services to healthcare practices. The Orlo One brand was born in 2024, but the team behind it has been trusted in technology for two decades.
Contact
Orlo One
[email protected]
+61 8 8100 6177
Why M-Files?
M-Files is the leading platform for knowledge work automation. With the M-Files platform, knowledge workers can find information faster, work smarter, and achieve more. M-Files features an innovative metadata-driven architecture, embedded workflow engine, and advanced artificial intelligence. This enables customers to eliminate information chaos, improve process efficiency, and automate security and compliance.
