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How financial advisers can meet the new compliance mandates

How financial advisers can meet the new compliance mandates while reducing costs and improving client service

SYDNEY, Australia, 19 August 2020 – As financial advice firms in New Zealand increase their focus on governance and compliance to meet the requirements of the Financial Services Legislation Amendment Act 2019, productivity tools such as speech recognition solutions can prove invaluable.

The Act seeks to improve access to high-quality financial advice for New Zealanders, while creating a new regime for regulated financial advice.

For many financial advice providers, meeting the new compliance requirements is likely to increase demands on their time and administrative tasks, boost documentation, and escalate costs as they work to build and nurture client relationships.

The challenges involved with complying with the required financial documentation under the new regime are considerable, however, they need not be overwhelming.

Speech recognition solutions such as Nuance’s Dragon Professional can help advisers and advice firms work far more efficiently and effectively.

Nuance’s Dragon Professional software for Windows systems understands the sound of your voice and the language you use to transform spoken words into text to create detailed, compliant documentation.

Client plans, reports, disclosures and other paperwork can be created up to three time faster and with up to 99% accuracy by simply using your voice rather than typing.

Dragon also leverages the latest in Deep Learning technology, it constantly learns and adapts to your unique voice and environment even while you are dictating to deliver new levels of personalised accuracy and productivity.

The speed and precision of Dragon can help you alter your processes to record a far greater volume of information accurately and quickly, and maintain a detailed and auditable documentation trail to ensure compliance. In doing so, it helps reduce costs, saves time and frees you up so you can focus on client relationships.

Improving Compliance and Reducing Risk

When equipped with speech recognition solutions such as Dragon, advisers and advice firms are able to streamline documentation and their recordkeeping processes to ensure compliance.

Client conversations and consents, detailed financial plans, disclosures regarding advice and any potential conflicts of interest, as well as transactions can be quickly captured by voice.

The information can then be incorporated into your CRM system or simply maintained within the relevant client file.

The process also creates an auditable trail to help mitigate compliance risk while reducing the liability associated with incomplete or inaccurate documentation.

Meeting Educational and Behavioural Obligations

The new regime will also mean that financial advice providers will need to comply with the Code of Professional Conduct for Financial Advice Services and meet the Code’s competence, knowledge and skill requirements.

Dragon can help advisers and advice firms document educational attainment, record on-going development as well as update educational data quickly and efficiently.

Further, as Dragon helps streamline processes by capturing disclosures, transactions and client conversations and authorisations, you will be able to monitor and track irregular behaviour to identify, mitigate and report breaches.

Capturing Client Notes While on the Go

Advisers can also keep up with financial documentation from any location. Powered by the cloud, Nuance’s mobile app, Dragon Anywhere, delivers the powerful, professional productivity features of Dragon desktop speech recognition to Android mobile devices. It lets you complete and share documentation – by voice – directly on your device while you are on the move.

You can also automatically transcribe recorded notes or voice files of another single speaker into text quickly and easily. This lets you record client conversations in real-time and then create detailed, personalised action plans at a time that suits you.

Improving the Client Relationship

As Dragon lets you create high quality documents quickly and easily, you have more time to focus on what really matters – improving client responsiveness, adding value to your client relationships and growing your customer base.

Further, the ability to document all client interaction accurately and in detail, aids transparency. At the touch of a button you can see exactly what was discussed and agreed so as to avoid any miscommunication that may erode client trust.

Increasing Your Productivity

By using your voice, you can also complete other daily tasks faster including setting up meetings, managing emails, creating spreadsheets and preparing client presentations.

‘We are in a time poor world but Dragon has helped me achieve the greatest increase in my business productivity,’ explains Tony Gillett, Managing Director, Retirewell Financial Planning.

As the demands of the Act slowly become a reality, the benefits of speech recognition solutions such as Nuance Dragon Professional, are definitely worth exploring.

For more information on Nuance Dragon Professional download the free whitepaper here.

About Nuance Communications, Inc. Nuance Communications, Inc. is a leading provider of voice and language solutions for businesses and consumers around the world. Its technologies, applications and services make the user experience more compelling by transforming the way people interact with devices and systems. Every day, millions of users and thousands of businesses experience Nuance’s proven applications. For more information, please visit

Nuance, Dragon and the Nuance logo are trademarks or registered trademarks of Nuance Communications, Inc. or its subsidiaries in the United States of America and/or other countries. All other company names or product names may be the trademarks of their respective owners.

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