Summary
What this article covers in 30 seconds
- Paraplanners may spend 1-3 hours transcribing recordings and writing meeting documentation.
- Recordsure research said 14 hours a week could be saved through Extract.
- That time could support around 9 client meetings.
- Reclaimed time can also support training, development and sector knowledge.
Paraplanners spend an average of 1-3 hours transcribing voice recordings and writing documentation after client meetings. Recordsure research said 14 hours could be saved each week through the implementation of its Extract solution.
That reclaimed time can be redirected into client work, development and sector learning.
Using reclaimed time
The 14 hours saved could be used for around 9 client meetings, helping advisers strengthen existing relationships and potentially identify new recommendations from those meetings.
It could also be used for personal development, including additional training or revisiting the basics. Advisers and paraplanners could also use the time to improve industry knowledge by attending webinars and events, spotting emerging sector trends and taking advantage of relevant developments.
Reducing administrative duties
Reducing administrative duties can save paraplanners and advisers a substantial amount of time each week. That time can be used for business development, client work or professional development.
Because no two firms are the same, Recordsure developed a tool to help firms calculate potential reclaimed hours. The Time Saving Calculator helps firms estimate the time they could save.
Frequently asked questions
Paraplanners spend an average of 1-3 hours transcribing voice recordings and writing documentation after client meetings.
Recordsure research said 14 hours could be saved each week through the implementation of Extract.
Advisers could use the time for around 9 client meetings, personal development, training and industry learning.