Call recording is an important tool in a variety of industries, whether it’s to protect the caller or the one receiving the call. In a VoIP environment, these captured interactions can be stored for future use, attached to customer accounts and integrated into training programs. In some cases, the activity is also used to demonstrate compliance with specific laws.
In the call center industry, VoIP call recording is used to capture correct information when speaking with a customer, as well as to adhere to specific regulations in the respective industry. For financial advisors, it can also serve as proof that specific information was provided to a customer before a conversation takes place.
The Future of Financial Advice (FOFA) Act was introduced in July and has helped to spark a growing demand for VoIP call recording. Financial advisors have to demonstrate that they provide the correct advice and implement it fairly for customers calling on the phone. These professionals have to play a standard warning before they can converse with customers on the phone. A failure to play the recording is a failure to comply with the FOFA Act.
Financial advisors have to demonstrate that they have played the recording or that a link was provided to the customer who could then play the recording on their own. It’s very common in the industry to keep emails demonstrating that the link was provided. However, many of these professionals also want to be able to prove that they are following exact protocol on all phone conversations.
In essence, it’s a challenge for the financial advisor to prove verbatim best intent was provided for the customer. With VoIP call recording in place in the all IP environment, the advisor is essentially putting an insurance policy in place, proving that disclosure was provided. Phone (News - Alert) calls may be recorded through cloud software or launched through a smartphone app for call capture.
Regardless of who instigates the call, it is up to the financial advisor to not only provide the disclosure, but to also be able to prove that the disclosure was provided. If a conversation happens via voice, the call recording can capture the disclosure and then attach it to the client account if it needs to be referenced at a later date. It not only protects the customer by ensuring disclosure was provided; it also demonstrates that the advisor was following the rules.
Edited by Alisen Downey