Financial Advisor Prospecting As COVID-19 Lockdowns End

There’s no denying the coronavirus disease (COVID-19) pandemic has changed many aspects of how we conduct business. With 29% of workers now able to work from home, compared to  just 7% who had that capability before, your approach to financial advisor prospecting needs to take into account new ways to reach people.

McKinsey reports that 89% of consumers feel their routines will return to normal in two months. As the country slowly comes out of COVID-19 lockdowns, the way you approach private wealth management prospects will be different. Thanks to WealthEngine’s Prospect Research machine learning technology, you are better equipped to handle these rapidly changing and challenging times than ever before.

A 90-Day Financial Advisor Prospecting Plan

This guide covers best practices for financial advisor prospecting. We will go over easy options, like content marketing campaigns, educational webinars,  and video conferencing. We will also go into cross and upselling to help you accurately target financial advisor prospects who are most likely to turn into clients.

Most importantly, we will touch on how you can quickly segment your existing clients and prospects by expansion potential based on estimated investable assets, net worth and other wealth insights. Using data and predictive analytics to know your prospects, you can speed your time to closing new deals dramatically. These options are included in the wide range of advanced analytics provided by WealthEngine.

Download WealthEngine’s Guide to Financial Advisor Prospecting in a COVID-19 World

Best Practices for Financial Advisor Prospecting

Even during times of extraordinary circumstances like the COVID-19 pandemic lockdowns, it’s important to remember the basics when it comes to prospecting.

The first step is to narrow your focus to the specific customers you need to reach. Understand your target market and find common elements between those leads.

Doing this will make you better equipped to define your ideal client within the current market. Armed with the information gleaned from your lead research, you will be ready to begin prospecting.

Create Content Marketing Campaigns

With your ideal private wealth client in mind, start creating content marketing campaigns. Write content that speaks to the issues your target customer is facing. Send them emails with financial tips on ways to cope as we ease out of the pandemic lockdowns.

Topics for financial advisors or brokers to consider exploring with their clients include:

  • Should you review your risk tolerance in light of recent heavy market swings?
  • How can you reduce debt to increase available cash?
  • What considerations should you take into account to rebalance your portfolio?

Prove yourself to be a valuable resource, consistently providing answers to the questions customers most often ask. When they’re ready to convert, you will be the foremost expert in their minds and they will trust the information you give.

WealthEngine can help you strategize your campaigns by assessing your existing business processes and identifying potential problems and opportunities. WealthEngine helps you design and implement financial advisor prospecting campaigns through advanced data modeling and predictive analytics. For example, our proven system helped one of our clients increase average email open rates by 25%. Another client reduced the number of touches to get an initial meeting with a prospect from 5 to 2.7. They did this simply by knowing unique insights about prospects that only WealthEngine is able to provide.

Host or Participate in Financial Educational Webinars

The inclusion of educational webinars in your marketing campaigns is a demonstrably effective tactic for increasing your marketing content audience. A whopping 72% of customers admit they would prefer to learn about services via video: It is one of the best ways to get clients to consume your content.

Share the educational information – don’t sell! Host webinars on timely topics like those listed above. It will keep you top of mind and help potential customers understand why they need your services.

If creating fresh content requires too much time or slow internal approvals, share insights from your company’s web site or other content from reliable sources. You can post them on LinkedIn or other social media channels and provide commentary with a call to action.

When you pose timely questions, like the ones suggested above, you increase your chances of encouraging conversations with the right prospects. Then, coupling that outreach by focusing on the right audience segments using WealthEngine, you can reach high net worth prospects who may not be having with their existing financial advisor and could turn to you for advice.

Schedule Virtual Meetups

A certain percentage of people still prefer to meet face to face when consulting someone about their finances. Of course with social distancing measures, connecting with clients in person isn’t an option.

As a solution, you should offer digital meetups using video conferencing software. This technology allows you to give customers the personal interaction they’re looking for while keeping you and your clients safe.

Leverage Your Current Customer Database

If you haven’t already, now is the time for you to cross-sell your current customers. Around 65% of a company’s business comes from existing customers, making them an ideal place to go when you start prospecting. While your existing clients have invested a portion of their assets with you, you can increase your total assets under management by exploring how well your clients’ other investments are doing.

A good place to begin would be to make a list of all the services you offer and choose one to prioritize. Then, take your current customer list and filter down to those who aren’t currently using that service or are not getting as high a return on investment that you are providing. If you find they’re a good fit, open up a dialogue with these targeted clients about your chosen service.

By applying WealthEngine’s lifestyle insights, you can start dialogs that relate to saving for college education, vacation homes, retirement plans, and philanthropic pursuits.

Upsell Modeling

Take the manual work out of finding potential cross-sell opportunities through filtering with WealthEngine’s upsell modeling wealth intelligence data analytics. It builds a formula which predicts and identifies upgrades or complimentary services that will appeal to your current clients. During the COVID-19 pandemic, automating your processes will help decrease your overhead costs. This will make financial advisor prospecting yield a much higher ROI.

WealthEngine’s Inner Circle Feature

WealthEngine provides you with yet another way to leverage your current client list with its Inner Circle feature. Simply upload a list of your closest contacts and let Inner Circle create a list of their connections.

Once you have this information, you can ask the Inner Circle for an introduction to the secondary connection. This feature enables you to find the shortest path to a prospect by seeing their personal, nonprofit board, and personal connections.

The WE Analyze Tool and Look-Alike Modeling

It can be difficult and time-consuming to find new customers, even when we’re not battling a pandemic. With WealthEngine’s highly effective WE Analyze Tool, you can take advantage of look-alike modeling to create a list of your top sales leads based on the ideal characteristics of your target customers.

Even if your data is incomplete, WealthEngine will fill in the gaps with data on potential clients’ wealth, lifestyle, interests, and more. Then, WE Prospect scans your current customer lists to find new ones with those same traits. This is look-alike modeling, and nobody does it better than WealthEngine.

Use Predictive Analysis to Find Financial Advisor Prospects

WealthEngine’s predictive lead analysis compares new lists against your best customer list. Everyone on the new list is scored in comparison to your best customer list, then divided into segments.

Using segmented lists enables you to prioritize your financial advisor prospecting efforts and concentrate your resources on the highest value prospects first. This saves time by pinpointing  your most valuable leads based on their likelihood of conversion.

Artificial Intelligence and Machine Learning

Using Artificial Intelligence to aid with prospecting will help you build predictive models by analyzing your database. These models can then be used to identify your next best prospects without requiring you to do the manual work. Machine learning continues to make your lists better through its rapid learning process.

Since artificial intelligence powers the WE platform, it’s able to quickly analyze records much better than you could manually. For example, if you provide a list of 200,000 people with over 50 attributes for each person, the AI could quickly handle this request and rapidly give you feedback. Again, the more you do this, the better machine learning will refine your unique model.

Help Your Community

During this time, financial advisors should go beyond their usual community outreach programs. Your goal is to extend a hand that helps relieve stress and aids others as they struggle to make it through these economically uncertain times. For example, you could reach out to your clients and connect them with people who can assist with mortgage refinance.

Even comparatively small gestures such as offering to grab groceries for elderly customers goes a long way toward building trust in the community. Of course, doing these things won’t give you immediate leads. However, if you’re able to go the extra mile, once this pandemic is over, your neighbors will remember your name.

WealthEngine’s Financial Advisor Prospecting Software

WealthEngine’s predictive prospecting platform helps you focus your financial advisor prospecting funnel. The platform serves as a valuable educational tool that keeps your current customers informed while identifying new opportunities. Our filtering and modeling systems are unmatched and will help you successfully find, reach out to, and close new prospects.

Our application program interface (API) will connect seamlessly to your current customer relationship management (CRM) tool, such as our WE Insights for Salesforce, or other systems to ensure data is updated in real-time, giving you the most accurate view of your customers. WealthEngine is easy to use so you can spend your valuable time building relationships, not looking for new leads.

To get started with highly effective financial advisor prospecting using wealth data and analytics, contact WealthEngine today.

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