Dictation software for financial advisors: Top 5 Reasons Financial Advisors Should Use Dictation Software

Dictation software for financial advisors. It’s been around for a while now and its benefits are plentiful. Not only can using dictation software give you more control over your time, especially when it comes to documenting recurring events like client meetings, but it can also help with compliance. So why aren’t more advisors using this technology to their advantage?

Why aren’t more financial advisors using dictation software?

Mainly because it’s something new to learn and foreign. When we are already overwhelmed, the idea of having to learn a new skill and integrate a new process sounds awful. Plus, you are skeptical. Will it really work? Will it really save me that much time?

I understand your pushback. I also believe whole-heartedly in the power of using this tool to your advantage as a financial advisor. To help you take the leap, I am going to cover some of the benefits of using dictation software like Mobile Assistant as well as some of the ways you can integrate it into your routine right away.

Save Time

How much time would you estimate it takes you to write a client recap after a meeting is finished? According to a Nuance survey conducted with 45,000 financial advisors, advisors spend about 3 hours a day writing client meeting reports. This includes going back over his or her notes, writing up a recap, putting the activities in the CRM, and sending an update to the client.

But, once we have advisors start using Mobile Assistant, which easily integrates with Redtail and other popular advisor CRMs, like Salesforce and WealthBox, they are able to shave off about 80% of that time commitment and reallocate it to more client-facing or client acquisition activities.  

Capture More Detail

Using dictation software doesn’t just save time. The reports created are often more detailed, describing not just the “outcomes” or decisions of the meeting, but the context of the conversation between the client and advisor that led to that decision being made.

What do your current notes look like after a client meeting? Are there details you miss that you can’t recall once you go back to write the recap? All of that can be mitigated with dictation software. Instead of leaving a client meeting with ten bullet points written down on paper, you now have paragraphs worth of information with details you may have forgotten or needed to reference later.

Other reasons:

  • Improve Your Client Experience by Better Preparing for Upcoming Meetings

One great way to use this extra information is to review the notes from the previous meeting before meeting with the client again. You can refresh yourself on why certain decisions were made, and what was happening in your client’s lives, and be ready to address any new events in a more meaningful way. This level of care is what creates raving fans who can’t wait to tell their friends and family about you.

  • Reduce Risk & Eliminate Compliance Headaches

Having inaccurate or incomplete documentation is risky business for a financial advisor. So, perhaps the greatest part of having a running narrative of notes from each client meeting is that you can take at least one of your compliance headaches off your hands. When using dictation software, advisors can effortlessly capture client conversations and create detailed action plans, with speed and accuracy, just by speaking. Financial advisors are unique in facing these compliance challenges, but dictation software can help.

  • These software providers have mobile apps. 

Going to meet a client somewhere, their home, their office?  No need to wait until you return to your office, which might be until the next day, to transcribe your notes.  Click on a mobile app on your phone and start dictating.  The dictation will be in your office by the next morning, not sitting on your laptop or on a yellow notepad.

Dictation Software is Low-Hanging Fruit: Go Grab It!

Financial advisors have a lot to juggle from compliance requirements to client service, productivity, profitability, and generating revenue (to name a few). And better financial documentation drives better business outcomes by improving efficiency and accuracy, saving time and money. Dictation software is just one simple way to take back some of the time you’re missing to spend your attention where it is most needed.

At The Strategic Implementer, we work with financial advisors to make small, easy wins like these as well as the big, hairy wins that span out over time. That’s because we find it’s best to integrate top-down and bottom-up approaches simultaneously to improve the business most efficiently.

If you’re interested in learning how we partner with advisors to love their business again and regain the life they deserve, Schedule a Meeting with us today. In the meantime, you can Download the Free Business Diagnostic Checklist from our homepage to see where your business could use improvement.

Dictation software can greatly improve productivity and time management