Docupace Acquires Hubly: Transforming Back-Office Operations for RIAs
Docupace, a leading provider of back-office software solutions tailored for WealthTech firms and financial advisors, has recently made headlines with its acquisition of Hubly, a renowned workflow management platform. This strategic acquisition aims to enhance operational efficiency and client service for registered investment advisors (RIAs) and wealth management firms.
Docupace Expands Its Back-Office Ecosystem
The acquisition of Hubly marks a significant advancement in Docupace’s efforts to build a comprehensive back-office ecosystem for the financial services sector. While the financial details of the acquisition remain undisclosed, this merger aligns with Docupace’s vision to optimize operations for TAMPs, broker-dealers, banks, and RIAs.
Enhancing Efficiency in Wealth Management
Docupace is recognized for delivering essential software solutions that simplify intricate back-office operations within the wealth management industry. This integration with Hubly will:
- Streamline client service workflows: Hubly specializes in enhancing client onboarding, account management, and tax preparation processes.
- Boost operational efficiency: The collaboration is expected to improve the overall client experience for financial advisors.
Immediate Integration and Transition Plans
The merger will see the immediate integration of Hubly into the Docupace suite of services. This approach is designed to ensure a smooth transition for employees, clients, and partners alike. Docupace has previously made strategic acquisitions, including the purchase of PreciseFP in 2021, which has helped solidify its market position.
Impact on Financial Advisory Firms
Research indicates that automating processes can significantly enhance the growth and profitability of financial advisory firms. Notably, data suggests that users of Hubly have achieved faster growth in assets under management (AUM) over one and five-year spans compared to their RIA peers.
“Hubly and Docupace share a passion for transforming the complex and often cumbersome areas of the wealth management industry into a unified, transparent, and intelligent experience,” stated David Knoch, CEO of Docupace.
Meanwhile, Louis Retief, CEO and Co-Founder of Hubly, expressed excitement about the merger, saying, “We’re incredibly proud of what the Hubly team has accomplished, and as we join forces with Docupace, we look forward to accelerating functionality and value for the market we serve, moving further toward efficiency and automation.”
This acquisition not only signifies a pivotal moment for both companies but also reflects a broader trend in the financial services industry toward automation and enhanced client service. For more information on Docupace and its innovative solutions, visit their official website at Docupace.
