How to Make Brokerage Compliance Easy with Back Office Software

Is your brokerage compliance process a pain?

To be compliant, your brokerage has to keep meticulous records, store all communications, fill out and submit the right forms, and more. Manually managing compliance can waste hundreds of hours a year. And, with manual compliance, it’s easy to forget to document a record or fill out a form – leading to major compliance headaches.

Instead of manually managing compliance, your brokerage can make compliance easier and faster with back office software. Wondering how? We’ll cover the top ways back office software can make compliance a breeze. To start, let’s take a look at the first way – keeping all data in the same place.

Store all data in one place

The first way back office software can make compliance easy for your brokerage is by providing one place to store all your compliance records.

To be compliant, you need to keep detailed records. With manual compliance management, your team likely stores records in a variety of places – like paper folders, emails, and computer files. When you need records for an audit, your team has to scramble to find where the records are stored. Even after hours of searching, your team may not be able to find the right files – causing compliance problems.

With the right back office software, it’s easy for your team to store records in one place. Your back office platform provides a single place to store documents. When your team needs documents for compliance, they know exactly where to look. That way, your team can spend less time on compliance and more on helping your brokerage grow.

Automate record-keeping

Another way back office software can make compliance a breeze is by automating recording-keeping.

When manually managing compliance, it’s easy to forget to file necessary documents. While this might not be a problem in the short term, missing documents can lead to major compliance issues for your brokerage and agents in the long run.

The right back office software automatically stores your transaction documents and any other files you need to be compliant. By automatically storing every document, the right back office software eliminates the possibility of missing documents. This automation means your brokerage has the records needed to be compliant, and your back office team can spend more time on high-value tasks.

Integrate widely

Along with automatic record-keeping, good integration can simplify compliance for your brokerage.

Compliance documents come from across your back office systems – like transaction management, agent onboarding, and offer management. If none of your compliance systems integrate, your team has to manually move data and compliance documents between your systems. Manually transferring and entering data is more error-prone, which can lead to inaccurate compliance data.

Instead of relying on manual data transfer, your team can use back office software to enable seamless data flow. With the right back office software, your data can automatically move through your entire back office. That way, your team no longer has to manually move data and potentially cause errors – leading to easier and faster compliance.

Boost agent compliance with onboarding

Back office software can also make compliance easier by improving the onboarding process to ensure agent compliance.

During onboarding, your brokerage needs to get all necessary compliance documents from new agents. Manually managing the onboarding process means your back office team has to keep track of each new agent. And, follow up with agents who haven’t submitted the documents. However, this manual process makes it easy to miss agent documents – causing compliance problems for your brokerage and the agent.

With the right back office software, it’s easy to make sure you have all compliance documents for every agent. Using back office software, your team can create agent profiles for new agents. In these agent profiles, your team can create onboarding checklists that require agents to complete each step before moving on to the next one.

These onboarding checklists make it easy to see who has and hasn’t uploaded compliance documents. And, these checklists prevent agents from moving on to brokerage work without the necessary compliance documents. With the right back office software, it’s easy for your team to ensure all agents are compliant.

Use transaction checklists

You can also make brokerage compliance easier with back office software that uses transaction checklists.

To complete a transaction, your agents need to remember a lot of steps. With so many steps, it can be easy for your agents to forget crucial compliance activities – like saving all transaction and communication documents. When your agents forget these steps, your brokerage doesn’t have what it needs to be compliant.

By using transaction checklists, back office software makes it easy for your agents to be compliant. Like with onboarding, agents have to complete each step of the transaction checklist before moving on to the next step. With transaction checklists, it’s easy for agents to do everything they need to be compliant.

eSign documents

Lastly, back office software makes compliance easy for your brokerage with eSigned documents.

With traditionally signed documents, your back office team has to keep track of a lot of paper files. Tracking down documents, filing them in the right place, and remembering where the documents were filed is time-consuming for your team. And, paper files are easier to lose – resulting in compliance issues.

Back office software with eSignature digitizes these documents and stores them in your back office software. This saves your team time and makes it easy to know where your compliance documents are. By spending less time on keeping track of documents, your team can spend more time helping your brokerage grow.

Wrapping it up

While necessary, brokerage compliance can be time-consuming, tedious, and frustrating with manual methods. However, with the right back office software, your brokerage compliance can be easy and quick.

Back office software can make your brokerage compliance easy by storing data in one place, automating record-keeping, having good integration, improving onboarding, providing transaction checklists, and using eSignature. With back office software, your team can spend less time on compliance and more time on what matters.

Looking for back office software to simplify your compliance? Brokermint is the way to go. With its complete, back office platform, Brokermint makes it easy to store all data in one place and have a seamless data flow. Plus, Brokermint has automated record-keeping, onboarding and transaction checklists, and built-in eSignature to make compliance even easier.

Along with compliance, Brokermint’s five modules (transaction management, commission automation, accounting, agent management, and reporting/analytics) have everything you need to streamline and modernize your back office.

Book your Brokermint demo today to see how the right back office software can make your compliance a breeze.