I found a short article published in the Australian “ifa” online newsletter very interesting.
The JBS Financial Strategists boss and 2013 AFA Adviser of the Year (Jenny Brown) told ifa that she originally introduced audio recordings as a compliance measure, but has found numerous “business benefits” from the tactic.
From a training perspective, Ms Brown said she frequently listens to recordings of meetings and offers her advisers tips on how to advise the client.
Making use of recordings certainly has benefits, especially from a compliance perspective. If you discussed material terms of a contract, and the client develops selective memory loss later when laying a complaint with the Ombud, you have solid proof on your side.
This is even better than including this in your record of advice, as the client may deny that you did in fact discuss this during the presentation.
Please remember that, where a transaction or contract in respect of a financial product is concluded by or on behalf of the client as a result of the advice furnished, you are still obliged to provide the client with a written record of advice. You may want to consider sending a transcript of the conversation or, if you do not have facilities for this, the standard document you currently use. The recording of the conversation may be a very useful additional back-up in case it is required later.
It would be polite to inform the client that you will be recording the conversation. It is just possible that this knowledge may prevent future memory lapses, too.
The training benefit of listening to representatives’ presentations has at least two advantages: apart from knowing what your representatives are saying to clients, you can also take corrective action, or guide them to recognise opportunities they may have missed.
Another advantage is that this need not cost you an arm and a leg. Most smart phones have voice recording facilities which can be downloaded on you PC when you are back in the office.
Please click here to read the ifa article.
