Maintaining a professional standard and keeping focused on a client conversation is difficult when taking handwritten notes constantly pausing to scribble down something important. Note-taking in financial advice, as in many professions, can be seen as an administrative hassle, deprioritised with the preference to maintain the rapport and established trust with a potential client considered more important to many. Well-documented record-keeping is crucial in giving financial planners the evidence they need in litigation cases or if they are the subject of a complaint to the Australian Financial Complaints Authority (AFCA).”
The FPA said “The new guidance provides innovative ways for financial planners to create file notes, including a number of apps that can capture client communications using video or audio recording and convert it to text, such as OneNote, Notability and Evernote. The changes come in response to consumer complaints that highlighted gaps in records as part of subsequent investigations.
The Financial Planning Association (FPA) this week released guidance on best-practice approaches to file note records to support more transparent and detailed record-keeping.
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