Mike McKay
November 8, 2024
For this Success Chronicles episode, Kory Dogs interviews Corey Westphal, the founder and CEO of Mobile Assistant, a company that has transformed how financial advisors document client interactions through innovative dictation services. Corey shared his personal journey, highlighting his roots in Iowa and his college tennis experience at Northern Illinois University. After working in medical transcription for 16 years with his father, he pivoted to establish Mobile Assistant to better serve the financial industry, focusing on efficiency and compliance in documenting client meetings.
Corey discussed his evolving leadership style, emphasizing the importance of empowering his team rather than micromanaging. He noted that Mobile Assistant has successfully adapted to the remote work environment, which allowed them to thrive during the COVID-19 pandemic. Looking ahead, Corey aims to leverage emerging technologies, particularly in AI, to enhance the value of their services. He underscored the significance of accurate data and the human element in their operations, stating that while technology is advancing rapidly, the human component remains crucial for maintaining high standards of service.
Podcast Transcript:
Kory Dogs: Hello, everyone! I’m Kory Dogs from ActionCoach, and I’m thrilled to have Corey Westphal, the founder and CEO of Mobile Assistant, with us today. Since launching Mobile Assistant in 2010, Corey has been a trailblazer in advisor technology, transforming how client interaction data is captured and utilized. His innovative dictation template-driven workflows have changed the game for financial advisors, allowing them to document client interactions efficiently. Mobile Assistant combines advanced technology with skilled transcriptionists to deliver accurate transcripts and streamlined processes, helping advisory teams save time, enhance CRM usage, and improve client service.
A fun fact about Corey is that he is a proud father of five, and in his spare time, he enjoys watching his kids play competitive sports like tennis, hockey, and football. Now, let’s get to know Corey better and explore more about Mobile Assistant. Corey, welcome to the show!
Corey Westphal: Thanks for having me, Kory! I appreciate the introduction, even if it was a bit long.
Kory: No problem! I’d love to hear about your personal journey. Where were you born and raised, and what can you share about your family?
Corey: I currently live in Madison, Wisconsin, where I’ve been for over 25 years. I grew up in Iowa, so I’m a lifelong Hawkeye fan. My family still resides in Dubuque, and I make sure to visit them when I can. I also played tennis in college at Northern Illinois University, so I have a connection to both the Hawkeyes and the Huskies.
Kory: That’s great! How did you get started in your professional career? Did you launch your business right away?
Corey: After graduating in the 90s, I teamed up with my father to start a medical transcription company. We successfully grew that business over 16 years, serving clients like the Dean Clinic and other local hospitals. About 14 years ago, I wanted to diversify, so I founded Mobile Assistant to offer dictation services to the financial industry. We adapted our medical transcription model to help financial advisors efficiently document their client interactions.
Kory: Interesting! Let’s talk about your leadership style. How has it evolved over the years?
Corey: We currently have about 85 employees across the country. My leadership style has shifted significantly; I used to be very hands-on, but I’ve learned the value of empowering my team. It’s essential to let them take initiative and drive the company forward.
Kory: Did COVID-19 impact your leadership approach?
Corey: Fortunately, we were well-prepared for remote work since we’d had a remote workforce for two decades. The biggest challenge for me was managing the company from home while also juggling my five kids.
Kory: Can you tell us about your ideal client at Mobile Assistant?
Corey: We primarily target the financial industry. Financial advisors, like doctors, often find themselves pressed for time and need to document meetings accurately for compliance. Our app, “TalkIt,” allows advisors to dictate notes right after their meetings, helping them streamline the documentation process.
Kory: Do you still operate in the medical field?
Corey: No, my father and I sold our medical transcription company about 12 years ago. He retired and is now distilling bourbon in Iowa. After the sale, I focused entirely on growing Mobile Assistant in the financial sector.
Kory: So, was Mobile Assistant already established before you sold the medical company?
Corey: Yes, I had started Mobile Assistant about two years prior to selling the medical company. As the medical field began shifting towards electronic records, it became clear that diversifying into other markets was the right move.
Kory: At what point did you feel confident running your own business?
Corey: After selling our medical transcription company, I gained confidence from seeing that business through to the end. With Mobile Assistant, I’ve focused more on technological innovation, creating customizable dictation templates for financial advisors, which really differentiates us.
Kory: With AI and other tech advancements, how do you keep up in such a fast-evolving space?
Corey: AI is definitely a hot topic. Many AI solutions lack a reliable data source, but we’ve always prioritized accuracy. Our notes are 99.6% accurate because we use skilled human oversight. Now, AI tools can leverage our data, which is trusted for its accuracy. This positions us well to collaborate with other companies and take advantage of new technology.
Kory: That’s fantastic, Corey. It sounds like Mobile Assistant has really positioned itself as a trusted “source of truth” in the industry.
If you could look back, what would you do differently in your career?
Corey: The only thing I would change is implementing teamwork and delegation earlier on. My wife joined the company about eight years ago, bringing experience from corporate America, which highlighted the importance of building self-sustaining teams. Initially, I felt I needed to lead every meeting or discussion. But by stepping back and allowing team members to take charge, I saw them come up with ideas and solutions I hadn’t considered. I’d encourage leaders to trust their teams, letting them explore solutions on their own.
Kory: What’s a common myth about being a CEO you’d like to dispel?
Corey: People often think successful CEOs do it all alone, but that’s far from true. I wouldn’t be here without a strong team. Our mission focuses on technology and people, but we later added “the right people,” recognizing their crucial role in our success. Surrounding yourself with capable individuals is key.
Kory: What recent insight has been impactful for you?
Corey: The importance of accuracy in our work has only grown with advancing technology. Despite all the impressive tech available, it’s the human element combined with our technology that ensures high-quality, accurate results. As tech evolves, our human-driven approach continues to set us apart.
Kory: Is there something outside of business that you want to learn more about?
Corey: My faith. As a Christian, I’m making a conscious effort to deepen my relationship with God. It hasn’t always been something I discuss openly, but it’s becoming a priority in my life.
Kory: That’s awesome. Thanks for sharing. I’ve done a few of these, and spirituality comes up more frequently than you think, which is pretty cool.
What’s next for your business?
Corey: I want to focus on enhancing the value we provide to our industry. We’re looking at integrating AI and other advanced tools to benefit our clients even more. Exploring how these technologies can be leveraged is a top priority in the coming years.
Kory: What advice would you give to business owners trying to manage everything alone?
Corey: It’s crucial for business owners to be able to pivot quickly and adapt to changes. Often, we don’t have all the information we need when making decisions, so being flexible and ready to shift strategies is vital.
Kory: As we wrap up, is there anyone you want to acknowledge for their support along your journey?
Corey: Besides my dad and my wife, I want to thank Kevin Conroy, the CEO of Exact Sciences. He’s been generous with his time and advice during challenging periods in my career. It’s important to surround yourself with respected individuals who can provide valuable insights, regardless of their industry.
Kory: Great! If someone wants to learn more about Mobile Assistant, how can they reach you?
Corey: They can visit our website at www.mobileassistant.us for more information and to sign up for a free trial. Additionally, I’m active on LinkedIn, so feel free to connect with me there.
Kory: Thank you, Corey, for sharing your journey and insights today. It’s been a pleasure!