E-Signature – An Integral Component of Wealth Management

Pem Guerry is the Executive Vice President at SIGNiX, the largest provider of digital signatures in North America. He possesses a wide range of financial, marketing, and technology management experience in the private and public sectors. Previously, Pem served as Assistant Commissioner of finance and administration for Tennessee, where he managed the state’s overall technology resources. Before starting his career, he played on a professional tennis tour and traveled the world.

In this episode…

E-signatures are rapidly becoming a staple in our daily lives, revolutionizing how we handle documentation and transactions. As their adoption grows within the wealth management industry, what are the key benefits and potential risks that firms should be aware of?

According to Pem Guerry, a seasoned expert in digital signatures, e-signatures offer compelling benefits for companies and their customers, including transforming initial client onboarding and account opening experiences. He highlights that while e-signatures offer significant efficiency and convenience, they also come with associated risks like identity and document fraud if not managed properly. Pem discusses how integrating e-signatures into onboarding and account opening processes can enhance client experiences and long-term relationships. However, he emphasizes the importance of implementing robust security measures to mitigate potential fraud and ensure high assurance and convenience for users.

In this episode of The Beacon Flash Podcast, host Chip Krispert sits down with Pem Guerry, Executive Vice President at SIGNiX, to discuss the pivotal role of e-signatures in wealth management. They explore how e-signatures streamline onboarding processes, the growing concerns around fraud, and the increasing regulatory scrutiny in the industry. Tune in to learn about the benefits, challenges, and future innovations in the world of digital signatures.

[2:59] Pem Guerry highlights the fine balance between the benefits and potential risks of adopting e-signature technology
[3:32] The importance of due diligence and precautions to prevent accelerating fraud in e-signatures
[3:49] How e-signature can transform initial client onboarding and account opening experiences
[5:14] How firms tackle phishing attacks and identity fraud linked to e-signature transactions
[10:36] The value of integrating e-signature with existing wealth management processes and software
[14:25] What new tools are SIGNiX developing to detect suspicious e-signature activities and prevent fraud automatically?
[21:21] Pem shares the importance of distinguishing between basic e-signatures and true digital signatures

“The compelling benefits to companies and their customers should have us excited about e-signature, but the associated risks require precautions.”
“Integration of e-signature with the software that creates signable documents is extremely important.”
“We’re finding more use cases for e-signature, but we don’t always know how our customers use them – it’s private to them.”
“We’ve automated the process of combing through audit trails to identify suspicious e-signature activities.”
“True digital signatures embed legal evidence in the document and make every version tamper evident, aligning with global laws and standards.”

Review and update your firm’s adoption of e-signature technology to ensure a balance between customer experience and security: This ensures compliance with regulatory standards and mitigates the risk of fraud, emphasizing the need for high-assurance solutions.
Integrate digital signature processes with existing wealth management software to create seamless user experiences: Seamless integration can significantly reduce friction and errors in digital transactions, raising efficiency and client satisfaction.
Educate yourself and your team on the differences between basic e-signatures and true digital signatures: Proper understanding can guide informed decisions, align with industry trends, and reduce legal disputes originating from digital transactions.
Implement automated tools to detect suspicious e-signature activities in real time: Automated fraud detection can provide early warning signs and prevent potential losses, as discussed in the episode.