While keeping audio records of client meetings helps advisers meet compliance obligations, it can also improve the quality of their training and advice, says adviser and commentator Jenny Brown.
The JBS Financial Strategists boss and 2013 AFA Adviser of the Year 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.
“I'll go through and listen to it and say, 'Have you thought about talking to a client about this or that?’” she said.
“It's about making sure everything has been covered.”
She suggested this approach has resulted in advisers giving more thorough service to clients.
“Advisers then start thinking more and more about everything that they're doing,” she said.
In addition, audio recordings allow advisers to use the client’s own words in Statements of Advice, which creates a better relationship, she said.
She suggested a major flaw identified by ASIC in its report on the risk industry was that advisers “don’t know their clients”.
“If you can actually demonstrate to ASIC and to the client that you have understood them in their language, then it makes it a lot easier for the client to believe you understand what you're talking about and that you're on the same wavelength,” she said.
Fidelity International has committed to halving emissions from its investment portfolio by 2030 and has set deadlines for the phase out of thermal c...
ASIC has revealed surveillance of personal investment switching by directors and senior executives of superannuation trustees has identified conflict...
The Australian Prudential Regulation Authority has published its findings on fund expenditure. ...