Data driven prospecting for financial advisors

Leverage it or be prepared to be left behind

There are some really simple truths to some of the challenges financial advisors face today. It is an increasingly challenging field and requires you to stay ahead of the curve by leveraging tools to enhance your prospecting. Unfortunately, when it comes to data, information and speed, the following is true:

  • Leverage data or be left holding the bag on a dying book of business. 
  • Leverage data or constantly be bashing your head against a wall with an antiquated marketing process,
  • Leverage data or always be a step behind your competition and exposing your clients to other advisors knowing more about your clients than you do.
  • Leverage data or allow the firm to take away pay for not acquiring the clients they set forth for you

How can data improve your marketing?

Financial advisors are experiencing different shifts in the industry. Due to a heavily regulatory market, it can become very difficult and time consuming to market your services and value without putting yourself in the crosshairs of your compliance team.

Most larger firms will only allow you to use their “approved content” to post on various social sites. The issue with this is that it becomes very generic, boring and repetitive to your audience. 

Research shows that those that implement data into their sales and marketing process increase their revenue by 8-10% annually

Think of what those numbers can do to your earnings each and every year. You will gain more affluent clients, assets under management, take home earnings and company recognition. 

You will experience an increase in payout structure and make yourself an impossible to lose asset to the firm you work for (or increase the value of yours if an RIA).

Improve the way you personalize a message

Junk mail, email, advertisements and everything else in between gets tossed where?

In the trash or one ear and out the other. The message MUST sound like you are speaking directly to them or they will quickly dispose it as more noise. This is critical information as you can quickly gain feedback and scale based on your efforts such as why did something work over something else?

How can you enhance your lead generation process with data?

Think of the last time you received a piece of mail, email, phone call or advertisement while browsing the internet. Do you think that was an act of randomness and coincidence? 

Of course not!

Your information, data, habits and even locations are tracked so that companies (that spend millions and billions of dollars) can be first to get you to purchase something. 

Now ask yourself why can’t you do the same as a financial advisor?

Good news is that you can without having to manually and painfully dig through the data yourself. You can target prospects with specific, real-time data that you can use to get a meeting or at least peak the interest of your target market. 

What types of data should I be using?

Put yourself in your prospects shoes. You can do this without even having a conversation. Chances are that while their problems are unique to them and their family, they are problems commonly seen in the affluent.

Ask yourself how you can pull and acknowledge  some of the emotions that frequently keep these prospects up at night?

How can you provide a service or solution that comforts the problem they have?

More importantly, how can you get this information without even speaking to them?

We can only provide you ideas and the data to attract these affluent individuals. It is your duty and mission to deliver your services and value to ease the discomfort of a financial pain point.