One of the most important things you can do when setting up any kind of new technology with your clients is to effectively set expectations. Hubdoc can help mitigate much of the back-and-forth communication required to collect documents from your clients; however, it doesn’t eliminate the need for advisors and their clients to have excellent collaboration skills.
As part of your onboarding discussions, set expectations regarding:
- Manually uploading documents
- Managing passwords
- Maintaining automated connections
1. Manually uploading documents
Your clients will still have to play a part in sending in documents that cannot be automatically fetched by Hubdoc (i.e., paper receipts). Work with your client to establish the frequency at which they should be taking photos of receipts or scanning-in documents, and help them maintain diligence in following these practices.
- Set up a recurring event in your client’s calendar for a dedicated time every week where they can take photos of their receipts using the Hubdoc mobile app or manually upload any outstanding documents.
- Leverage Hubdoc’s ScanSnap Cloud integration so your clients can scan documents directly into Hubdoc. Learn more here.
2. Managing passwords
In order to set up automated connections, you’re going to need to request a lot of passwords from your clients. Take precautions to ensure you’re managing your clients’ sensitive information properly.
- Use a password manager (such as LastPass) for secure password transfer and management, and request read-only bank access wherever possible.
3. Maintaining automated connections
When establishing an automated connection in Hubdoc, you/your client may be prompted to enter answers to your Personal Verification Questions (PVQ), and/or a two-factor authentication (2FA) code for the account. Sometimes, the online vendor will require the PVQ/2FA in order for Hubdoc to fetch documents at a later date. Set expectations with clients regarding how they can re-enter PVQ/2FA information and maintain the connection.
Sometimes, entering PVQ/2FA information will not re-establish the connection – it’s important to set expectations with your client for these situations by explaining how Hubdoc’s technology works.
Hubdoc’s fetching technology – i.e., our “robots” – are built to perform a specific set of steps when fetching documents from a particular online account. They follow the exact same sequence of steps that a human would when downloading an online document (i.e., logging in, clicking on a particular account, etc.). When a bank or vendor updates their website/online portal, it often causes the robot to break. When this happens, documents cannot be fetched from the vendor in question until the robot is updated. Depending on the severity of the change, it can take anywhere from a few days to weeks to implement a fix.
- Set a regular cadence with your clients on how often they should check their Hubdoc connections (and re-enter their PVQ answers/2FA codes, when necessary).
- During onboarding, explain how Hubdoc’s fetching technology works to your clients. Providing this explanation will help to effectively set expectations about what’s required to maintain connections.