File Note best practices from FPA

We found plenty of practical guidance and clarity about File Notes in this guidance document published the Financial Planning Association of Australia.

FILE NOTE GUIDANCE

A client objective setting discussion is an effective tool for advisors to clarify client needs and intents while motivating them to take action.  Usually, objective setting discussions are conducted annually or semi-annually.  However, financial planning organizations should also have interim reviews as changes emerge the market or as the client's life situation shifts.   As a financial planner, its good advice to keep a detailed record of every objective setting discussion with your clients. 

​An accurate and concise record of client discussions is one of the most important tasks that the advisor needs to perform after the conversation.  As File Notes will potentially be considered important or discoverable documents during a complaint or litigation, it is important to understand the significant consequences of their use. 

Importance of File Notes to document financial planning conversations

Good documentation of your client conversations makes complaints and claims less of a headache.  Documenting goals and intentions after the fact is not so easy as our memories aren't perfect and good note taking is hard.  Recalling all the information gathered is a critical task when dealing with a large base of clients.  So, a well-designed and standardized template that captures all the essential key points and topics will help you minimize missing or forgetting those points. 

Key points

Be sure to describe each goal or intent and the reasoning behind it

Indicate what the client expects to happen in the future if they do and do not meet that goal

Prepare specific questions before you begin the conversation 

Start with open-ended questions to warm up the conversation and potentially identify surprise topics

Ensure you clarify any areas that are not clear

Document any timelines for goals or intentions that were discussed

Confirm commitments made by the advisor to follow up on

SpotON AI provides the financial planning community with an easy-to-use tool for automatically capturing your phone and web meetings, including templates to structure conversations to meet your specific interviewing needs.