It is fair to say that financial advisors have started to move with the times and are adapting and embracing different ways of working. This includes outsourcing work to businesses that support them from outsourced transcription to IT services. When you think of outsourcing work, we often only think about the savings that will be achieved by getting the work done at a lower cost. However, most financial advisors overlook the fact they benefit from a wide range of additional factors. So, what are the benefits of outsourcing for financial advisors using financial transcription services?
1. Helps You Increase Productivity
One of the most immediate benefits of outsourced transcription for financial advisors is productivity.
Why is dictation more efficient than typing?
The simple fact is that we can all speak considerably faster than we can physically type, as demonstrated by these stats:
“The average person types between 38 and 40 words per minute”.
A “good rate of speech ranges between 140 -160 words per minute.”
This means that dictation is up to four times faster than typing. For financial advisors who are constantly balancing client meetings, portfolio reviews and regulatory documentation, this time saving is significant.
By using outsourced financial transcription services, financial advisors can dictate reports, suitability letters and meeting notes while continuing to focus on client relationships and revenue generating activity. The result is improved efficiency without increasing workload pressure.
2. Gives You Access to Highly Experienced Transcriptionists When You Need Them
At OutSec we believe in having highly experienced financial services sector transcriptionists who have worked in finance departments, banking, accounting and advisory environments. Indeed, we have been providing transcription services to this niche market since 2002. Our transcriptionists truly understand the importance of client confidentiality and accuracy in their work.
This makes outsourced transcription an ideal solution for financial advisors who require specialist knowledge, particularly when dealing with regulated financial documentation.
This means you gain immediate access to experienced professionals who understand financial terminology, compliance language and client confidentiality standards without the cost or delay of recruitment.
Are you:
- Having issues recruiting in your area;
- Finding it difficult to hire a transcriptionist with the right experience;
- Struggling with a backlog of work.
Then outsourced transcription services can provide immediate support for financial advisors without long onboarding processes or training delays.
3. Reduces Costs
When you employ staff you must pay monthly salaries, PAYE costs, National Insurance contributions, offer a pension scheme and pay a certain percentage of tax per employee. You also have other fixed costs such as desk space and office costs per employee, and the costs of infrastructure like computers, telephones and workspaces.
For financial advisors, these costs are often absorbed into wider operational budgets but they still directly impact profitability.
Unproductive Time
What most employers forget is the indirect costs of employment such as unproductive time. Recent research suggests that:
“In an eight hour day, the average worker is only productive for two hours 53 minutes”.
For financial advisors this is particularly relevant because non-client-facing administrative work directly reduces billable time.
By outsourcing transcription, you eliminate this inefficiency. You pay only for completed dictation rather than time spent in the office. This ensures that every minute of cost is directly linked to productive output.
Reduces Expensive Office Space
By outsourcing transcription, financial advisors can also reduce the amount of office space required.
According to Business Matters Magazine:
Cate Hudson leads the developer experience team for Automattic, a large multi-national company where every single one of the 930 staff work remotely. In an interview to the BBC she states:
“There’s definitely some cost saving to not having an office; you don’t spend money on the office, especially in the tech hubs like London and San Francisco and New York where office rental costs are shockingly high.”
According to Business Matters Magazine:
“The average cost to rent an office space per person, per month is between £650 and £1,500” in London.
For financial advisors operating in London or other major UK financial hubs, this represents a substantial overhead. Outsourced transcription reduces the need for dedicated office-based administrative staff, which can significantly reduce space requirements and associated costs.
Reduces HR Costs
Hiring, training and supervising your firm’s support staff can require an investment of your HR manager’s time. There are costs involved in advertising for qualified transcriptionists. By outsourcing, you remove these recruitment and management burdens entirely.
According to the National Office of Statistics, an “estimated 185.6 million working days were lost because of sickness or injury in 2022”. This worked out to be 5.7 working days per worker. The most common reasons for sicknesses were:
- Minor illnesses;
- Mental health conditions; and
- Musculoskeletal problems.
For financial advisors, staff absence directly affects client response times and documentation turnaround.
Holiday Pay
Whilst statutory paid holiday entitlement in the UK is 28 paid holiday days, most employers in the UK give considerably more holidays to their employees.
Indeed, “the average UK holiday entitlement including public holidays is 33.5 days – that’s more than a week above the statutory minimum”.
Outsourced transcription removes this cost entirely, ensuring continuity of service without additional staffing cover.
Changes a Fixed Cost into a Flexible Cost
Many financial advisors recognise that replacing a static fixed cost with a flexible outsourced provider has many positives.
If your transcription requirements are low, then the costs are low. If demand increases, capacity scales instantly.
Consequently, outsourced transcription services can operate as either a complete solution or as overflow support for financial advisors who need additional capacity during peak periods.
This flexibility is particularly valuable in financial services where workloads fluctuate with regulatory cycles, client reviews and market activity.
4. Business Continuity Planning
In 2020, businesses around the world had their business continuity plans truly put to the test, as Covid-19 swept the globe. Whilst some businesses were forced to close their doors when lockdowns came into effect, OutSec continued to operate as normal.
OutSec continued to support our clients and those that needed our help during this difficult time. As one of our clients stated:
“We are so glad that we have you as it certainly makes it less stressful not having to worry about getting typing completed. I know some firms are struggling if staff cannot get in”.
For financial advisors, business continuity is critical. Client communication, compliance documentation and meeting notes cannot wait.
Using outsourced transcription provides a resilient operational model that ensures financial advisors can continue working regardless of disruption, staff absence or remote working challenges.
5. Eliminate the Need for Temporary Staff
As any manager knows, the need for temporary transcriptionists or support staff can fluctuate over time.
Staff holidays, illness and seasonal pressures can all create sudden spikes in workload. Financial advisors often experience increased demand during tax planning periods, year end reviews and regulatory deadlines.
Environmental factors such as snow or extreme weather events can also result in staff being unable to make it into the office.
By using outsourced transcription services, financial advisors gain immediate access to experienced transcription support without relying on temporary staffing agencies or emergency cover arrangements. This reduces cost, improves reliability and ensures consistent turnaround times.
Final Thoughts
For financial advisors, outsourced transcription is not simply a cost saving exercise. It is a strategic operational decision that improves productivity, strengthens business continuity and increases flexibility.
When you consider the full picture including productivity gains, reduced overheads, improved scalability and access to specialist expertise, outsourced transcription becomes a powerful tool for modern financial advisory practices.
The question is no longer whether financial transcription can be done in-house. The real question is whether it should be.
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About OutSec
OutSec is the UK’s leading online transcription company whose business has grown substantially since its inception in 2002. We are now one of the most successful outsourced transcription companies in the United Kingdom.
The OutSec Group provides secure outsourced transcription services to the medical, legal, property and surveying, universities, media and interviews, advisory boards, conferences & seminars, inventories, financial, corporate, HR, recruitment and Executive Search sectors.
Accounts are free, you pay on a per-minute basis (rounded to the nearest minute) on a pay-as-you-go basis, with no contracts or minimum spend. We also provide a boutique remote personal assistant service, Crystal Clara