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He said She said…

In December, the FAIS Ombud released no less than eight determinations.

In a strange turn of events, one case was actually referred to the courts as the Ombud was unable to determine whether the client’s version of events was in fact true. This hinged on the fact that the client had made seven previous syndication investments with which he was happy. When number eight and nine failed, he complained to the Ombud that the adviser did not inform him of the risk involved. To add insult to injury, he actually approached the promoters of the syndication directly to avoid having to pay commission!

The Ombud’s task is to determine whose version of events is more accurate. Unfortunately, the dice are loaded against the adviser if the “prosecutor” and the “judge” share offices.

Inevitably, insufficient proof is the downfall of the adviser.

The most obvious solution to safeguard your interests is the acquisition of the right technology.

Ian Dunbar, chief executive officer of SuiteBox, noted in a recent article:

“With some forms of technology, it’s not that obvious that it would boost business growth – for example, will social media investment get you a greater dollar return? Possibly, but not necessarily.

Will digital advertising deliver more business growth and revenue? Again, it may or may not. It all depends on how effectively you reach your target audience – and how much you spend.

But some technology can provide you with an immediate capacity to more effectively engage with your clients and may be a quick productivity and revenue winner.

Introducing virtual meeting rooms into any service-orientated businesses, for example, may be one effective way to produce client outcomes at least equal to, or better than the results that would have been achieved in face-to-face meetings or through telephone calls.

Such technology allows you to set up online meetings with your clients, irrespective of where they are in the world.

Existing solutions such as SuiteBox allow you to share, amend and digitally sign documents with your customers in real time and authenticate documents on-screen to complete transactions immediately – and the benefits to your business can be significant from greater client engagement.”

You also have the facility to record each and every meeting to use as proof of what actually transpired in case of a dispute.

The key takeout points are that virtual meeting rooms can add significant value to most service-based businesses because they allow client interaction:

  • Anytime, anywhere: They save the expense of travel while retaining the personal connection of face-to-face communication; your specialist advisors can be available to your entire customer base, irrespective of geographic location.
  • Personal consultation: Virtual meetings in an online form enable you to maintain and build customer intimacy more effectively than phone or digital-based engagements such as emails.

From a management perspective, it provides the ideal opportunity to identify training areas, whilst at the same time being able to identify possible reputational threats, and taking corrective action timeously.

SuiteBox is endorsed by Moonstone.

To arrange a live demonstration of how Suitebox works, please click here

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