Laserfiche released its new Avante business-process management software today for firms with $25 million to $1 billion in assets under management. The software aims to meet the need for small-to mid-size firms to manage documents and workflow electronically.

Avante organizes advisors’ documents, streamlines back-office functions and simplifies operations and frees advisors to devote time they would otherwise spend on those tasks to growing their businesses, according to Chris Wacker, senir vice president of business development at Laserfiche. The system can be integrated with leading industry software, such as Advent, Junxure and Black Diamond.

“As Wall Street undergoes change, demand for independent investment advice has increased, and firms are finding business process management an essential element for business success,” Wacker says.

A majority of advisors still rely heavily on paper trails to manage their back-office functions, taking up the equivalent of one month of a staffer’s time per quarter, according to Laserfiche. But a couple of findings suggest that the approach is increasingly archaic and costly. Only about 10% of financial planning clients actually read their reports, Laserfiche says. The Needham, Mass.-based TowerGroup, a research and consulting firm specializing in financial services, predicts that if the regulatory environment in the U.S. becomes stricter, then it will increase compliance costs by 10% to 20%.

The Avante SQL Express server starts at $1,500, a lower price point for small- and mid-sized firms that often consider BPM a luxury, according to Laserfiche. Workflow, which automates paper-based tasks and Snapshot, a program that allows users to examine consumer data drawn from multiple sources, cost an additional $500 per named user license. Add-on products for business procurement management are also available, according to the company.