Video and recordings to be future of advice

Rob Jones Peloton Partners Enlightened Financial Solutions James Wortley statement of advice SOA video video advice Future of Advice

30 September 2021
| By Jassmyn |
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The future of advice will be using video recordings, video statement of advice (SoA), and advisers with an ability to service 200 to 300 clients, according to an adviser.

Enlightened Financial Solutions chief executive, James Wortley, said the only way advice firms would be able to have scale and be efficient was through recording all meetings whether it be face-to-face or digitally as it would save time on file notes and was a form of evidence.

“If you haven't got a file note, you didn't do it. It's your word versus the client's word but when you have a recording there, it really doesn't matter,” he said.

“I know the big licensees won't like that, because video advice makes it really difficult for them to be able to do a compliance audit on something like that.”

Wortley said when scale was reached, advisers would be able to see 200 to 300 clients but that advice firms would need the right technology stack to enable this. This would allow advisers to spend most of their time with clients as opposed to filling out compliance.

“I think from a compliance and red tape point of view that will start to go away, we're moving into a profession so there's so much opportunity,” he said.

“We got these baby boomers coming through the next five to seven years and you’re going to have the most opportunity that you've probably ever had ever before.”

“So you need to make sure that you're geared up for that through support staff and trying to bring these younger financial advisers in and coaching them as well. It’s going to be a great opportunity for the industry moving to a profession.”

Peloton Partners chief executive, Rob Jones, said the most profitable advice firm he had come across in the country had just one adviser who spent 70% of his time in front of clients and was moving that percentage up.

“He structures 16 client meetings a week and has five support staff. So this firm decided that they would be heavy in the back light in the front with the sole owner just for the clients,” Jones said.

“I know it sounds like a lot but it is the most profitable firm in the country that I've dealt with and I've seen 600 to 700 firms, including my own, and this one is at the top of the range.

“It’s genuine as well because of that service proposition. It's not for every firm but it's a stand out as far as we're concerned.”

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