Still taking file notes by hand?

Despite their importance, file notes are rarely an adviser’s favourite activity. 

As TNT Advisor Solutions director Tamara Morey explains, they’re typically seen as a “time-consuming task, often taking the better part of an hour each time.”

The good news, Morey says, is that file notes don’t have to be such a pain: “By embracing best-practice processes, it means advisers can remain focused on client relationships and not get stuck in the behind-the-scenes work – no matter how simple it may seem.”

And with just a few shifts, you can make sure you’re approaching file notes as efficiently as possible.

Flow on impacts of file notes on your advice business

There are several areas where financial advice practices commonly struggle with file notes, and each of these pain-points has the potential to derail your productivity and outcomes.

The first is manual note-taking, where inconsistency can whittle away your team’s productivity.

According to Story Wealth Management CEO Anne Graham, practices often “struggle with the consistency of note taking across advisers.”

“If the practice has a process that is universally adopted,” she says, “that makes life so much easier for the rest of the team as they don’t have to familiarise themselves with how each adviser works. This principle applies regardless of whether notes are taken by hand or recorded using tech.” 

This consistent, strategic approach doesn’t just improve efficiencies in file note-taking; it also supports the timely delivery of advice, ensures clear and systemised processes and provides a clear structure that can assist you in identifying and pre-empting new client opportunities. 

There is tech you can use to streamline note taking, including programs that allow advisers to dictate directly into a file note in Xplan. Text-to-speech tools can also help cut down the time it takes to move a written file note into Xplan, which should ideally happen shortly following review meetings.

Iress product manager Zita White says: “Several third-party providers integrate with Xplan, including Voice Recognition, Lumiant and Avanser.”

White adds: “YBL also offers a third-party product that uses AI to listen to your meetings, providing prompts for missed questions and assisting in producing meeting notes. While it doesn't automatically save notes to Xplan yet, it can update fields in Xplan based on your meeting. This could be a great tool to increase efficiency.”

These types of tools can help you fast-track your timeline between a meeting and entering file notes into your system.

Moving on from clunky compliance processes

Many practices are still engaging in clunky, manual procedures and habits that can promote duplication, inaccuracy and compliance risks – often despite having a better approach well within their reach. 

As Morey notes, “Most practices are under-utilising the tech they already have. There needs to be a greater focus on committing resources to understand what manual tasks can be automated via tech – both existing and new. 

“Some quick wins can be gained in the areas of file notes, where you can systemise regular tasks and replace human effort.”

AI and other digital solutions have some serious advantages here, although Morey cautions that any advice business using them should be aware of the potential compliance and cybersecurity risks. 

“One significant risk,” she says, “is the security of client data. It's essential for paraplanners to understand where and how client information is stored and shared. Ensuring robust security measures are in place is paramount.”

Overall, a small investment in time and planning to revamp your approach to file notes can pay huge dividends across all areas of your business.