In financial services, compliance isn’t optional – it’s essential. Yet, many brokers still fall into the same traps that can result in wasted time, frustrated clients, and even regulatory issues. The good news? With the right automation tools in place, these risks can be drastically reduced.
Here are the top seven compliance mistakes brokers still make – and how automation can help you avoid them.
1. Relying on Manual Documentation
Paper contracts, spreadsheets, and manual data entry leave room for human error. A single missed field or outdated template can cause compliance breaches.
How automation helps: Digital document automation ensures every contract is built from the latest approved template, with mandatory fields completed correctly. Errors drop, compliance improves.
2. Using Outdated Templates
Regulations change – but many brokers still rely on static Word docs sitting in a shared folder. That creates risk if a colleague accidentally uses an out-of-date version.
How automation helps: Centralised template libraries ensure everyone uses the latest, compliant versions every time. No more digging through folders or worrying about “version control.”
3. Inconsistent Record Keeping
Scattered files across emails, desktops, and shared drives make it hard to demonstrate compliance during audits.
How automation helps: Automated workflows store every document in one secure, searchable place. This makes audits smoother and gives you peace of mind that records are properly maintained.
4. Missing Mandatory Disclosures
Manually checking each contract for the right disclaimers and disclosures is time-consuming and error-prone. Forgetting even one line can cause serious compliance headaches.
How automation helps: Automated contract generation inserts the correct clauses every time, ensuring no critical information is overlooked.
5. Delayed Approvals
Passing contracts back and forth over email slows things down – and increases the risk of non-compliant documents being signed off prematurely.
How automation helps: Built-in approval workflows route contracts to the right people instantly, creating a clear audit trail and reducing turnaround times.
6. Poor Audit Trails
When regulators come knocking, brokers often scramble to piece together email threads, file versions, and approval notes. That wastes time and looks unprofessional.
How automation helps: Every action – from drafting to approval – is automatically logged, giving you a clean, transparent audit trail ready at a moment’s notice.
7. Neglecting Data Security
Sending sensitive client contracts via email or storing them in unsecured drives is risky, both for compliance and client trust.
How automation helps: Automated platforms store documents securely with encryption, access controls, and GDPR-compliant safeguards, protecting both brokers and clients.
Final Thoughts
Compliance mistakes are often the result of outdated manual processes. By embracing automation, brokers can streamline their workflows, reduce risk, and focus on what really matters: serving clients and growing their business.
With Doc2, creating compliant contracts takes minutes – not hours – giving you confidence that every document meets regulatory standards.
👉 Ready to stop making compliance mistakes? Book a discovery call with Doc2 today