In this episode of the Trusted Adviser Podcast, Rob speaks with Corey Wastle, founder of Verse Wealth, about rethinking the traditional Statement of Advice (SOA) and building a more client-friendly, technology-enabled advice process. Corey shares how Verse Wealth replaced long written advice documents with a “video-first” approach, combining recorded client meetings with a concise visual Summary of Advice.
The conversation explores how the model improves compliance, dramatically reduces paraplanning time, and enhances the client experience. Corey also outlines the firm’s end-to-end advice process, the role of technology and AI in scaling advice delivery, and his vision for a Client Experience Manager (CXM) platform that brings the entire advice journey to life for clients.
LISTEN
SHOW NOTES
Topics Discussed
- Reinventing the traditional Statement of Advice using a video-first model
- Why long, compliance-driven advice documents harm the client experience
- Combining recorded meetings with concise written summaries to meet SOA requirements
- The operational impact of reducing advice documents from 80+ pages to ~20 pages
- How video SOAs improve compliance and reduce paraplanning workload
- Verse Wealth’s structured client journey from the intro meeting to advice delivery
- Integrating values, intentions, and financial well-being into the planning process
- Using technology and AI to streamline operations and reduce manual work
- Building a Client Experience Manager (CXM) to digitise the client relationship
- The future of advice firms combining strategy, coaching, and technology
Episode Highlights
(Timestamps are approximate)
- [00:00] – Introduction
Rob introduces Corey Wastle and his work pioneering video-first Statements of Advice. - [01:26] – About Verse Wealth
Corey shares the firm’s background, team structure, and core client segments. - [02:33] – The Origin of Video SOAs
How Verse Wealth began experimenting with video-first advice delivery. - [03:00] – The SOA Spectrum
Corey explains the range from traditional 80-page documents to fully video-based advice. - [04:49] – Creating the Summary of Advice
How Verse reduced documents from 15,000 words to around 3,500 words. - [06:15] – Why the Model Worked
Implementation proved smoother than expected with minimal iteration required. - [07:22] – Meeting Compliance Requirements
How recorded meetings and documentation combine to meet regulatory SOA criteria. - [11:24] – Delivering Advice Clearly in Conversation
The importance of strong verbal communication in advice delivery. - [12:19] – Using the Summary Document During Meetings
Advisors reference a visual advice document while walking clients through strategies. - [16:41] – Removing the Authority to Proceed
Capturing informed consent through recorded meetings instead of written signatures. - [17:59] – Recording Client Meetings
How Verse records both virtual and in-person advice meetings. - [21:55] – The SOA Digital Folder
Using SharePoint to house all advice materials, videos, and supporting documents. - [23:05] – Solving the Paraplanning Bottleneck
Advice preparation time reduced from eight hours to around two and a half hours. - [30:01] – Verse Wealth’s Client Journey
The three-meeting process: Intro Chat, My Best Life Session, and Advice Workshop. - [31:10] – Values, Intentions, and Financial Wellbeing
How Verse structures deeper conversations around client motivations. - [37:22] – Technology Stack
Salesforce, AI, and integrated systems supporting the advice process. - [41:42] – Introducing the CXM Concept
Corey’s vision for a Client Experience Manager platform. - [43:09] – Demonstrating the Value of Advice
Helping clients see the progress they’ve made over time. - [51:22] – Getting Better to Get Bigger
Corey shares Verse’s philosophy on growth and building a sustainable advice business.
Quotes from Corey Wastle
“The traditional advice document has been more compliance-led than client experience-led.”
“If you simply record your client meetings, you’re already most of the way toward meeting the SOA requirements.”
“We reduced the average advice document from about 15,000 words to around 3,500.”
“Clients don’t need an 80-page document to understand their advice. They need clarity and confidence.”
“How you feel about your money matters just as much as what the numbers say.”
“If we lined up three clients today and asked what we’ve done for them over ten years, they’d remember only a small fraction of it.”
“We’re focused on getting better in order to get bigger.”
Key Takeaways
- Verse Wealth pioneered a video-first advice model combining recorded meetings with a concise Summary of Advice.
- Traditional SOAs often exceed 80 pages and 15,000 words, which can overwhelm clients.
- The firm reduced written advice to ~20 pages and 3,500 words while improving clarity.
- Recorded meetings capture many compliance elements naturally during advisor conversations.
- The new process reduced paraplanning time from eight hours to about two and a half hours.
- Client consent can be captured through recorded meetings instead of written signatures.
- Verse’s advice process focuses on values, intentions, and financial wellbeing, not just strategy.
- Technology and AI play a key role in streamlining operations and improving efficiency.
- Corey is developing a Client Experience Manager (CXM) to digitise the client journey and evidence the value of advice.
- The firm prioritises building a better business before pursuing aggressive growth.
Resources & Links
- The Trusted Adviser: https://thetrustedadviser.com.au/
- Verse Wealth: https://www.versewealth.com.au/
- Connect with Rob Pyne on LinkedIn
- Connect with Corey Wastle on LinkedIn
- Follow The Trusted Adviser Podcast
Show notes and transcript
For the full show notes and transcript from this episode, head to the episode page on The Trusted Adviser Website here.