The Future of Financial Advice (FOFA) is about ensuring that businesses in the financial services industry always act in the best interest of their clients. When it comes to captured telephone calls, it’s important to keep track of all conversations and interactions between business and customers. With FOFA it is implied that a record of all forms of interactions should be gathered and stored safely to assist financial advisers so they can review conversations to collect and verify information. Also if any information is requested, the information is always available for auditing and review.

This logic allows for instances of potential risk to be mitigated, and dispute resolution addressed effectively. This, of course, also refers to interactions on the voice channel. FOFA aims to ensure that the advice given to customers is fair, and that customers really understand the implications of their dealings and interactions. It’s about the “availability, accessibility, and affordability of high quality financial advice to retail investors.” What kind of advice are you giving to your customers?

How Record Retrieve helps:

  • Address best practice issues to ensure transparency for customers and auditors
  • Satisfy legal requirements and compliance standards with effective technology
  • Create a culture of compliance within your business
  • Meet compliance standards with an effective call compliance framework
  • Cloud based approach (no software, no hardware) means that you don’t have to make large infrastructure adjustments
  • Keep track of the conversations occurring on the voice channel
  • Free financial planners to focus on the customer, and avoid distracting tasks such as note-taking
  • Mitigate potential risk of situations and address dispute resolution by being able to easily verify content of conversation

Address best practice and FOFA by joining Record Retrieve today.

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