Why wealth managers should use call and meeting recording

The top five reasons wealth managers should be using call recording and audio transcription for client meetings
Reasons wealth managers should record client meetings

Wealth managers are tasked to deal with a client’s livelihood, they are trusted implicitly, with decisions that could completely change their lives. With such a responsibility, wealth managers should utilise every tool at their disposal to ensure they can deliver the best service possible in a sustainable and responsible manner.

Detailed below is our guide to why wealth managers need to use meeting recording and automated speech to text transcription tools.

To remain compliant

The heavily regulated nature of the financial services sector requires institutions to keep thorough client records. Conversations must be transparent and offer suitable, compliant advice. Demonstrating this requires a detailed audit trail covering the matters discussed so regulators can ensure that customers have consistently been treated fairly. Recordsure’s Capture tool was designed to address this, allowing managers to record, store and review conversations. This feat has been made increasingly difficult by remote working, with remote phone and video calling often lacking the infrastructure and safety checks present in the office environment. Tools like Capture give managers a robust and consistent audit trail across every channel whether remote or office-based as they adapt to a more hybrid model.

To ensure quality control is maintained

Detail plays such an important part in the financial services sector with human error alone accounting for roughly a $15 million loss in banking, and the loss of intangible assets like reputation and trust accounting for much more. Even before the pandemic, supervisors struggled to spend as much time with their advisers as they wanted. Add remote working into the equation and teams can be badly disconnected without the comfort of a shared office environment or the ability to sit in on meetings. Meeting recording offers managers a way to keep a finger on the pulse remotely, and without the need to spend all their time on the road getting to meetings.

To optimise training

It is difficult to see real-life examples of what perfect customer care looks like. Advisers are generally trained using role-play scenarios which have their limitations. Meeting recording gives managers a new tool to help train their teams: the ability to share recordings of excellent practice with other staff gives an extremely powerful way to build awareness and steer policy. Furthermore, giving advisers access to their conversation recordings gives them the means to self-review so they can constantly assess and improve their own performance.

To save time

Wealth managers are among the highest paid service providers, along with solicitors and lawyers: their time is highly valuable. Meanwhile, it has been reported that Paraplanners spend up to 24 hours a week on post-meeting admin chores. To ask teams to spend time on admin that can be streamlined would be profligate. By sharing meeting transcripts and recordings of meetings, advisers can free up time from tasks like briefing and completely remove the need for a second person to join them in the meeting to take notes. In addition to saving time by collecting data, Recordsure’s Extract feature pulls out key information and collates it into one dashboard to make processes more efficient further downstream. All of this saves the team time letting them demonstrate better value to clients.

To build trust and loyalty

It’s vital that wealth managers build professional relationships to ensure the client has full faith and trust in their guidance on important financial matters. Wealth managers depend on their excellent client service to maintain these relationships, and meeting recording has a part to play here too. Firstly, recording meetings completely removes the need to break the rhythm of a conversation by scribbling notes or updating CRM systems. This allows advisers to focus purely on their clients in meetings and offer an added level of client experience. Secondly, recording meetings reduces the need for follow up calls when key pieces of information have not been documented, which creates more admin work while simultaneously eroding client trust. Recording these conversations though gives firms a full account of every detail which was discussed. Wealth managers can focus on providing a quality continuous service, while the recording solution ticks away in the background silently backing up the facts for you to check through at a later date.

Interested in learning more or seeing Capture in action? Talk to us at info@recordsure.com or +44(0)20 3772 7272

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