Over the years I’ve met and worked with business leaders in many document intensive sectors, from law enforcement, legal, to social and financial services. And while these industries may differ in many ways, one constant remains throughout: the important role documentation plays in meeting industry-specific regulatory and compliance mandates.
So, it was not surprising that when the Department of Labor partially implemented its new fiduciary rule back in June, we started hearing from our financial services partners – as well as prospects within the community, who were eager to talk about ways to help improve their documentation process and meet shifts in the industry.
Even though the Labor Department has proposed a delay in the full implementation of the ruling – with no specific date defined; as it stands today, financial advisors are still required to be stewards of the “best interest of their clients,” and, with this stewardship, comes added scrutiny on financial documentation and associated administrative work.
In fact, 63 percent of financial advisors say that new requirements will increase administrative and compliance costs, such as those associated with documentation and due diligence; and 24 percent say they are already spending one-quarter of their time on administrative activities, such as paperwork.*
The balance between tackling paperwork and compliance – as well as other essential duties, is not relegated to financial services alone. Take law enforcement as an example.
Many law enforcement professionals can spend upwards of 45 percent of their workday doing paperwork. These administrative tasks keep police officers at the station, which reduces their presence in the community. Or, when on patrol, can reduce their ability to be situationally aware – which makes them less safe. Couple this with the fact that if an incident report is inaccurate, or not submitted on time, there can be an actual delay – or end – to a criminal proceeding.
While inaccurate or inefficient documentation outcomes can be less dramatic for financial services advisors, it remains a business-critical need.
This is where technology, like speech recognition solutions, can play a pivotal role. By speeding and simplifying documentation tasks, by voice, financial advisors are gaining more control over their financial documentation.
As increased regulatory governance is putting more pressure on financial services firms to create detailed, accurate reports, plans, and disclosures to help meet compliance mandates, are you ready?
To learn how Nuance is helping financial services firms and advisors create detailed financial documentation to stay competitive, compliant and mitigate risk, attend our Webinar: Gain control of financial documentation, on December 12th at 2pm EST.
*Cerulli Associates, 2016 Marketplace Advisor Metrics