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.