A number of technology business tools now available to advisers are helping to streamline the process of delivering financial advice, according to Synchron Chair Michael Harrison.
Speaking at the Association of Financial Advisers (AFA) road show in Sydney last week, Mr Harrison said that any investment in technology must either improve the efficiency of the practice or generate more business or both and on those two counts, a number of tools currently available
stack up as “absolute winners”.
Tools that make Mr Harrison’s list include:
- Dragon – speech recognition software available for PC, Mac, Blackberry or as an iPhone app. The suite of Dragon products is described by the manufacturer (Nuance) as being able to turn talk into text faster than most people can type. Dragon products also allow users to
operate their computers by voice command. “There were teething problems with earlier editions,” Mr Harrison says, “but recent versions are really very good.” - Eco Smartpen – essentially an ordinary pen for note taking combined with an audio-recorder – meaning users can take notes and record conversations at the same time. Manufactured by Livescribe, the latest version has a USB port which can be used to transfer notes and
audio to computer while recharging. “It’s brilliant,” says Mr Harrison, “because it will replay what was said at the point the note was made. It’s one of the best compliance tools around because it gives advisers the ability to attach an audio recording of a client interview to a
PDF record of the notes taken during the interview and download them to the adviser’s computer.” - Call Recorder for Skype – many advisers, particularly those in regional areas, are already using Skype to take advantage of free audio and video calls to clients. Video conferencing is also possible with Skype. With the introduction of Call Recorder, Skype calls and conferences
can be recorded and stored on the adviser’s computer. “And that,” says Mr Harrison, “Is another tick in the box – advisers can have a face-to-face record of client interviews for compliance purposes.” - Cloud computing – now available from many services, but according to Mr Harrison, Dropbox could be the pick of the bunch because it allows a number of devices to sync automatically. “Cloud computing is fast becoming the solution advisers can’t live without
because it allows them to access and edit office files via an internet “cloud” any time, anywhere. Back in the office everything syncs with everything else – without anyone having to plug anything in or lift a finger.”
Mr Harrison said there are lots of technology solutions available in the marketplace today but before spending any money on any technology, advisers must ask themselves two questions. “The questions are: ‘Will this make my business run more efficiently?’ or ‘Will this tool generate more business?’ If the answer to both these questions is ‘no’, then it’s not a business tool, it’s a toy.”
