Instant access to wealth and investment insights a game-changer — for wealth management leaders and financial advisors
Your financial advisors are hard at work, building a pipeline of opportunities and slowly expanding your assets under management (AUM). Yet, as a wealth management leader, you may wonder what else you can do to push both your new and experienced advisors to that next level of success. How can you give them a competitive edge, while also helping them be more productive and invested in your firm? Consider putting more credible wealth and investment insights at their fingertips to help them better understand the financial capacity and investment tendencies of their prospects and customers.
Better understand and prioritize every opportunity
Let’s say one of your financial advisors has an afternoon golf game scheduled with a couple of prospects. These games often end with dinner at the clubhouse, which can easily exceed $100 for two people. However, with a little pre-emptive research, the advisor can more quickly differentiate between the prospects, and determine which one to invite to dinner after the game.
This is where WealthGauge, now available through the Salesforce.com AppExchange®, can help. Instead of spending hours researching prospects to determine their worth, the advisor can instantly access estimated financial information, such as:
- Estimated income from both wages and investments
- Potential assets by class: investments in stocks, bonds, mutual funds and annuities
- Total liquid assets
- Percent equity investments versus percent fixed income investments
- Percent high-risk asset holdings
- Demographic cohort profile based on home address
By simply entering name and address information, the advisor immediately learns that the first prospect, Jim, has an estimated worth of $300,000. The other prospect, Jen, has an estimated worth of $4 million. Clearly, Jen is a relationship worth developing.
Dig deeper into investment preferences and priorities
Now that Jen has been promoted from prospect to qualified lead, WealthGauge will automatically feed the advisor additional information on Jen’s likely investment tendencies:
- She’s interested in getting financial advice versus researching investments on her own.
- She likely carries a lot of wealth in annuities.
- In equity investments, she likely has 32-percent in stock and 46-percent in mutual funds.
- Jen likely enjoys working with financial advisors.
At this point, the financial advisor now has a big advantage. He knows where to invest his time during the golf outing, and who to invite to a post-game dinner, and where to begin with providing investment advice. What’s more, during his research, WealthGauge automatically updated his pipeline with the expanded insight about his new prospect. This provided his wealth leader with improved visibility into his activities, productivity and pipeline, which enables his wealth leader to jump in and assist on lead-specific opportunities when necessary.
If you’re looking for simple, yet highly impactful ways to give your financial advisors a competitive advantage when it comes to engaging with clients, WealthGauge could be the tool for you.
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