Identifying cross-sell candidates for deposit products amongst brokerage customer base
Brokerage firms seek to build customer loyalty and expand relationships
CHALLENGE:
Identify brokerage clients ripe for deposit cross-sell to maximize brokerage relationships
Many customers spread their wealth across multiple firms, often choosing one for investments and another for deposit products.
To increase loyalty and decrease turnover, brokerage branch managers and FAs can cross-sell deposit products to customers that do not yet have a deposit relationship with the firm.
The goal is to:
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Enhance stickiness through deposit relationships
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Bring in new assets
- Identify customers that likely have significant deposits dollars that could be invested
SOLUTION:
Leverage WealthComplete® to identify best brokerage clients with significant deposit growth potential
By using WealthComplete household total assets and deposits estimates, brokerage firms can:
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IDENTIFY best clients based on share of investment wallet
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GAUGE deposit opportunity based on the firm’s criteria
- TAILOR cross-sell offers for specific deposit products
EXPECTED RESULTS: Deposit cross-sell programs can increase AUM by over $1 billion
By using WealthComplete TO INFORM CROSS-SELL OF DEPOSIT PRODUCTS
to a brokerage department’s best clients, a sample firm can expect to:
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INCREASE AUM by approximately $4.5 million for every 1,000 households |
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INCREASE total AUM by approximately $1.13 billion for a cross-sell program to 250,000 households |
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IMPROVE campaign efficiency by narrowing the target audience and identifying the appropriate deposit product for cross-sell |
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Expand the range of products held by each client Results may vary based on actual data and situation. |
