The financial services industry is one of the few that expects its people to do the work of financial advisors and salespeople. Think about it: Google engineers aren’t expected to bring in new users; airline pilots don’t have to recruit passengers; and waitresses aren’t required to usher customers in from the sidewalk. Financial advisors are even responsible for selling the idea of financial planning to people who don’t understand its value.
Financial advisors say they choose their profession because they enjoy the social aspect of client interactions, the intellectual rigor of financial planning, and the flexibility of creating their own schedules. None of them mentions a love of prospect development.
Nevertheless, they must identify and engage prospects if they want to successfully grow their business. But in a recent Cerulli survey, financial advisors identified new client acquisition as their biggest challenge.
Identifying the ideal prospect is particularly difficult for financial advisors – and not just because this is a tedious task. McKinsey says your ideal prospect (people with significant investable assets) don’t even exist until they are created through one-time events such as a company sale, IPO, or even a divorce or trust distribution.
How can you possibly detect the creation of such a person? You’d have to keep track of every liquidity event, follow that money to the payout recipients, educate yourself about those people and their one-time event so that you could customize a relevant message, and then make contact with them. That sounds superhuman…because it is. A human can’t possibly sift and organize all that data, but a proprietary algorithm can.
WEALTHAWK detects, tracks and captures data you need to engage your ideal prospects. We scrape hundreds of liquidity events a month and follow the money to payout recipients. We provide their professional, educational and social information as well as their contact data so you can engage them with a message that perfectly addresses their life circumstances. We even include a lightweight in-app CRM to help you keep track of your progress that integrates seamlessly with your preferred CRM.
Come hunt with us!