10 Reasons Why Financial Advisors Choose Electronic Signatures


Electronic Signatures are widely accepted as the most secure and effective way to secure signatures conveniently in today’s digital era. With the influx of banks taking their services and products on the Internet, online signatures have boomed in popularity and usage.

According to P&S Market Research, the digital signature market is expected to see an annual growth rate of nearly 29 percent between 2020 and 2030. This growth’s primary driver is the fastest adoption of this technology by the banking and finance industry. Banks and other financial institutions have to get signatures on a lot of documents, such as Blank w9, in a safe and secure manner.

10 Benefits of Electronic Signatures

Here are the topmost benefits of electronic signatures for banks, wealth managers, and financial advisors.

1. Increased Security of Documents

All popular electronic signature services come with a high security level, while some offer a higher level than you achieve with paper documents.

For instance, eSign Genie offers the highest possible security level to your documents when shared for signing. Using this tool, you can easily legally bind solutions that are recognized by top banks worldwide. It lets you search your documents for audits in seconds in a secure manner.

2. Reduced Errors

E-signature tools enable fully electronic transactions. These advanced tools have fewer errors and faster turnaround times. When using e-Sign tools, financial advisors present documents electronically. They collect data directly from signers. They can apply signatures in an easy-to-use and simple process.

Using a reliable e-signature tool, like eSign Genie, you can achieve a flexible and streamlined workflow. Many of these tools come integrated with storage, authentication, and several other useful services. On top of that, you can use these solutions across a wide range of devices, including smartphones and tablets.

3. Faster Turnaround on Paperwork

In a purely paper-based system, important documents are printed and then faxed, mailed, or signed in person. This resource-intensive process takes time, sometimes months. On top of that, it requires staff, papers, printers, and postage. All of this can lead to significant delays in accomplishing a process.

Once established, electronic signature solutions allow the sharing of documents within a few seconds. You can get the documents signed in a few minutes while eliminating all the time-consuming steps. Instead of mailing or facing signed documents, clients sign documents and instantly send them back to you using Internet-connected devices.

4. More Convenience for Clients

In today’s digital age, people, especially millennials, don’t want to own scanners or printers. They even don’t want to go through the inconvenience of accessing these devices. Moreover, visiting a financial advisor’s office in the middle of a workday can be troublesome and can often lead to mistakes.

So, in a competitive financial advising industry, putting your clients at convenience can be quite helpful. To appear welcoming to your clients, you have to put them at ease by availing an electronic signature as an option.

5. Reduced Costs

E-sign tools, such as eSign Genie, help reduce the overall costs across the board. It does not involve any ink, paper, mailing, postage, or faxing, thus cutting down associated costs. Moreover, the wet ink process is very time-consuming for staff. When it comes to signing so many documents at a time, it increases the risk of missing a signature on some documents.

Implementing electronic signature, alongside other paperless techniques, eliminates these risks and potential delays while reducing mailing, printing, and faxing costs.

6. Customers Can Sign From Any Device

The biggest convenience with electronic signature tools is that your clients don’t need any specific device to sign their documents. They can enjoy the flexibility of signing documents sent by financial advisors from anywhere and using any device.

Thus, e-sign tools make it easier for your clients to sign on the go. So, say goodbye to those days when clients need to be present in the office to sign documents. With cloud-based e-sign tools, you can send, sign, and track documents on any Internet-connected device. If you want to know about the electronic signature software, you can read this article as well.

7. Accurate Transactions

Unlike with paper documents, you can enable mandatory fields using electronic signature tools. With these tools, you get 100% complete documents every time. So, say goodbye to the hassle involved in tracking down signers. You don’t need to ask signers to re-sign or re-send incomplete documents.

So, you can say that e-sign tools, like eSign Genie, get your 100% accurate documents as you have full control over everything. You can enable or disable any desired field as you need.

8. Improved Internal Efficiency

When you spend more time printing, mailing, faxing, filing, and retrieving documents, it drives your focus away from core business activities.

With reliable free electronic signature software, you can do everything manually in a fraction of time. On top of that, you can easily complete documents on a secure cloud account using the search function.

9. Detailed Legal Evidence

In comparison to traditional paper processes, electronic signature services offer more legal evidence. Each document signed using these tools comes with a detail-intensive and legally binding log of events that occurred on each document.

This log is termed as an audit trail. An audit trail provides a complete set of evidence in case the court asks for any document.

10. Speed Up Customer Onboarding

Onboarding is the client’s first interaction with financial advisors. It compels advisors to offer advanced digital tools that simplify client experience right from the beginning.
E-signatures are the first and most important step towards enhancing the client onboarding experience. Financial advisors and banks are now replacing wet ink signatures with e-signature tools to allow their clients to complete tasks digitally.

E-signature tools, like eSign Genie, capture the signer’s intent to a legally enforceable agreement with added benefits, both to the advisor and the client.

Final Words

Financial advisors need to accommodate the growing trends of self-service while still developing and retaining personal relationships with their customers. Online signatures help prevent unnecessary hassles and headaches of getting documents signed timely. This technology also gives financial institutions sufficient time to focus on their business growth and their clients.

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