The Magic Wand of Transcription Technology

Day, Jo; Day, Kevin
March 2005
Journal of Financial Planning;Mar2005, Vol. 18 Issue 3, p36
Academic Journal
This article focuses on how firms can creatively employ a simple transcription technology to generate more time in their day to be with clients and more effectively hand off service actions to their support staff. In this article, the authors cover three different means of transcription technology: outsourcing, in-house, and automation, along with practice ideas. Various outside transcription services are available; one example is Copytalk, a Web-based provider of transcription services. If a firm wants more control over privacy or need a more finished version of its meeting notes to send directly to clients, performing dictation in-house is a viable option. Laura Countiss, administrative officer at Versant Capital Management in Phoenix, Arizona, found this to be a more palatable alternative. The authors recommend several resources for firms who want in-house control over their information. Meanwhile, if a firm wants to eliminate either delays in assigning action items to its staff or recurring costs, then automating the creation and assignment of follow-up actions is possible. While automation is many planners' dream, success takes both a time and firmwide cultural commitment. The author recommends some necessary tools.


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