Australian financial advisers are turning to new technology solutions to buy more time and build better efficiencies into their business. But some are reluctant to take up new technology too quickly, wary of the time, cost and complexity of unwinding a wrong decision.
For some, even working out what areas of an advice practice can benefit from a technology solution can be a complex task. But others have taken the plunge, and are finding real benefits.
Verse Wealth CEO Cory Wastle says video recording has been a great innovation that has produced tangible benefits for the business and its clients.
Wastle says he’s been using software to record videos since 2017. The platform he’s chosen is simple to use, requires no training and once a team is using it routinely, it will enhance the client experience and speed up operations, he says.
Wastle says the recording software turns what would have been a 30- to 60-minute email process into a two- to five-minute video.
“Not only does it save significant time, but it’s a far more engaging and effective communication method,” Wastle says.
“Videos replace long emails to clients, as well as lots of written internal communication such as emails between adviser and paraplanner, announcements from leadership, how to process documents and more. And words only account for around 20 per cent of how humans communicate,” Wastle says.
Dalton Financial Partners founder Josh Dalton also swears by video recording software, and uses it every day.
“This software sits on my desktop and allows me to quickly create video messages, which saves so much time and has a huge range of applications,” he says.
For clients, he uses the videos to replace long emails, explain advice concepts and present Records of Advice and even short Statements of Advice. The clients love it because they can watch it anytime and respond with their questions, replacing a lot of unnecessary meetings. It’s also great for staff communications, file reviews and training videos.
“The software has come a long way in the last couple of years. It’s faster and more reliable than ever. It also has an AI integration built into it now, which creates the video title and summary text quite accurately.”
RFS Advice founding partner Troy Theobold says he uses his laptop every meeting to stream to a TV in the office to allow the team to have a live portfolio for the client on the screen for all to see.
“We use [a] platform that allows us to bring up a mirror of the client’s exact login,” Theobold says.
“This allows you to explain market performance, asset allocation, fees and cashflow all live in a login that the client can then access at home or on their phone or laptop.”
Theobold says providing the client with the same experience that they can then replicate at home has been a game-changer for the firm.
“This live experience will even update each 20 minutes, illustrating to the client how live and transparent the investment is,” he says.
“This has been a true enabler for our office. Some of the best outcomes come from linking a number of teach ideas together.”
Sometimes simple technologies can be the most effective. Rasiah Private Wealth Management founder Thabojan Rasiah says Calendly has been a game-changer for him. The booking management system has provided his team with the greatest efficiency gains.
“The biggest time saver is that it allows us to avoid the back-and-forth emails and phone calls when trying to book appointments,” Rasiah says.
“Its flexibility also allows our clients, team and third parties to identify the best times to have appointments that suit both sides.”
Rasiah says he can tailor availability, duration, medium and location to different types of appointments, as well as automate reminders.
“We can also select multiple people that can be included in the appointment,” Rasiah says.
A free software product has changed the way that Steps Financial handles product comparisons, according to director Antoinette Mullins.
Mullins says the software does a better job than many paid versions, is easy to use and is well-supported.
While not affiliated or linked to the software at all, Mullins explains that regular enhancements improve functionality, adding that it’s accurate, easy to use and produces customisable reports.
