Leeds-based firm develops a free time saving calculator

AI-driven analytics and automation provider, Recordsure have launched a Time Saving Calculator that will uncover just how much time financial firms are losing in administration after meetings. Recordsure has compiled years of expertise and knowledge of the financial sector to develop this tool to deliver clarity in an area most organisations invest an inordinate amount of time and energy.

IFAs and wealth managers have felt the burn, as many have from the global pandemic and Recordsure believes that RegTech innovation is key to optimising operations and improving client relationships across all points of contact.

The time saving calculator uses information like the size of the team, the split between advisers and support staff, and the frequency of client meetings to paint a picture of the potential time savings firms could aspire to make. The results show weekly time savings which could be drawn from advisers and support staff and the potential impact this could have in leveraging more time to spend with clients.

The free tool hopes to give financial services firms insight into the impact of all that admin and how that time could be better spent. Post-meeting administration takes up hundreds of hours of advisers’ time each year, which would be better spent working directly with clients or focusing on new business opportunities. With many staff reporting over 24 hours of post-meeting tasks each week, this is an area begging for stronger automation capabilities to free up adviser capacity.

“We work directly with financial service firms and understand some of their key pain points. A correlation between many of the firms was that most advisers or paraplanners were spending hours after each meeting conducting administration, whether its writing up notes or developing recommendation documentation. They were completing unnecessary amounts of administration that could be removed through sophisticated automation. We wanted to create something that would visually demonstrate just how much time is being wasted and the opportunities that are potentially being missed, as being able to clearly articulate your problem is typically the first challenge in finding a solution” says Joe Norburn, Recordsure CEO.

Recordsure are offering all of this insight to financial firms for free. They can access the calculator online which will develop a tailored report containing their unique results. In such a competitive landscape, time is money and Recordsure wants to make sure firms save both.