New white paper outlines best practices and practical tips for identifying wealth for more effective marketing and prospecting
Bethesda, MD; October 2, 2012. WealthEngine, Inc.™, the leading provider of sophisticated wealth intelligence and analytics announced today the release of a new white paper, “An Analytical Approach to Wealth Intelligence: Applying Analytics for Effective Wealth Identification” that outlines the value of using analytics when developing an effective marketing and prospecting strategy.
Designed for financial services marketing and business development professionals, the white paper provides best practices, practical advice and a methodology for building a systematic understanding of customers by identifying exactly who they are, where they live, their wealth, disposable income, spending patterns, lifestyle, interests, demographics, business and more. Included are highlights of the wealth scores and custom predictive analytics that are available through WealthEngine, to provide financial services professionals with a foundational perspective when looking to adopt an analytical approach to marketing and prospecting.
The financial services and wealth management market continues to be in a state of transition, where more firms are entering the field and banks are refocusing their businesses. They are placing more emphasis on serving high net worth and ultra high net worth clients, as the asset share held by mass market and mass affluent investors has fallen. “To distinguish themselves in today’s market, financial services professionals need to convey a thorough understanding of their target audience and employ creative, strategic ways to prospect,” explains Tony Glowacki, WealthEngine’s President & CEO.
For private wealth managers, asset managers, commercial banks and insurance agents and brokers, building a business among high net worth and ultra high net worth customers requires an analytical approach. Wealth intelligence gives these organizations an understanding of who their best customers and prospects are–their wealth, investment interests, lifestyle, business and family–which they can use to determine who to target, how and when to reach out, and what financial solutions to present.
“It’s a competitive market. Our clients are looking to uncover opportunities to gain a greater share of wallet among their current customers while focusing on those that have the potential for long-lasting and productive relationships,” explains James Dean, Senior Vice President and Head of the Financial Practice at WealthEngine. “With deeper insight on the wealth of their customers and prospects–their net worth, total assets and liquidity–financial professionals can uncover new opportunities, drive successful marketing and business development strategies, and increase assets under management.”
WealthEngine’s wealth scores for net worth, total assets and liquidity help financial services firms and others that target affluent and high net worth individuals to segment their customers and prospects into manageable pools based on their wealth and influence in the community. This actionable insight can be used when developing marketing and business development programs to reach new market segments, target new customers with the right product offerings, and retain or upsell current customers. Custom predictive analytics can be used to draw even greater insight by analyzing actual customer data along with WealthEngine’s wealth data to expose patterns that can predict future customer behavior.
As Dean explains, “Financial professionals are always looking for new ways to generate business, sometimes spending all day, every day, talking to current or potential customers. So it’s important to make sure that they are talking with the right people – those that are most likely to become the next top customer. The best practices and insights offered through this paper will give financial professionals a new perspective on how to determine who their top customers are today, tomorrow and in the future.”
Readers of this white paper will learn about:
About WealthEngine, Inc.TM
WealthEngine, Inc. is a leading provider of sophisticated wealth intelligence solutions to financial services firms, including asset managers, commercial banks, private wealth managers, insurance agents and brokers, as well as organizations within the luxury, education, healthcare and nonprofit industries. More than 3,700 clients use WealthEngine’s solutions for comprehensive analytics and research on individuals, companies and foundations. Headquartered in Bethesda, MD, WealthEngine serves clients in both the United States and the United Kingdom. For more information, visit www.wealthengine.com.
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