For many, the current model they use to grow their books is no longer enough
Attracting new clients is becoming increasingly critical in the advice industry. Fee pressures are threatening revenues, and many have found themselves unable to attract enough new clients solely through their existing networks. To satisfy that demand, more and more firms are looking into different ways to generate leads.
“Most firms are telling us that they see a need to more aggressively pursue outside marketing as a way to spur future growth,” Vanessa Oligino, TD Ameritrade’s director of business performance solutions, told Financial Advisor IQ.
In response, the firm has started offering “steep” discounts on an online lead-generation app for advisors. The app, High Net Worth Insight, has been part of its third-party platform of solutions for years, and has become one of its most popular independently produced tech tools.
Infinata, the firm that created the app, also provides similar technology for Fidelity. RIAs and broker-dealers who use Fidelity’s platform and want to use the app are reportedly eligible for a 75% discount.
The two products are part of an ongoing advance in customizable, off-the-shelf lead generation software. While such applications can cost thousands of dollars, they offer enhanced access to wealth-specific industry data, intuitive interfaces, and better integration with other systems. As competition in the space increases, however, experts agree that prices will gradually be driven down.
“This technology is becoming affordable to the point where one advisor can realize significant time and monetary savings from doing it the old-fashioned way,” said Bryce Buckley, who heads Infinata’s wealth-management products division.
According to Buckley, solo advisors can access the firm’s HNW suite for less than US$2,000 yearly; for groups, it can be less than US$1,000. A subscriber will be able to view a database comprised of 1.5 million corporate executives whose liquid investable assets amount to at least US$250,000.
Such software offers clear advantages over less sophisticated alternatives. According to Chris Thomas, managing director at Massey Quick Simon, Bloomberg offers tools that track highly liquid M&A events among ultra-high-net-worth investors, but they require plenty of manual intervention.
Another option: social media, particularly LinkedIn. The platform provides a Sales Navigator service that offers to help users expand their business networks. Thomas, however, found it limited, as it’s mainly restricted to who you’re already connected with. He also found its private email function incapable of facilitating “warm introductions” for advisors.
“We found that paying for this type of social media tool just didn’t reach a level of functionality worth the time and cost involved — the response rates were just too low for our tastes,” he said.
For more of Wealth Professional's latest industry news, click here.
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“Most firms are telling us that they see a need to more aggressively pursue outside marketing as a way to spur future growth,” Vanessa Oligino, TD Ameritrade’s director of business performance solutions, told Financial Advisor IQ.
In response, the firm has started offering “steep” discounts on an online lead-generation app for advisors. The app, High Net Worth Insight, has been part of its third-party platform of solutions for years, and has become one of its most popular independently produced tech tools.
Infinata, the firm that created the app, also provides similar technology for Fidelity. RIAs and broker-dealers who use Fidelity’s platform and want to use the app are reportedly eligible for a 75% discount.
The two products are part of an ongoing advance in customizable, off-the-shelf lead generation software. While such applications can cost thousands of dollars, they offer enhanced access to wealth-specific industry data, intuitive interfaces, and better integration with other systems. As competition in the space increases, however, experts agree that prices will gradually be driven down.
“This technology is becoming affordable to the point where one advisor can realize significant time and monetary savings from doing it the old-fashioned way,” said Bryce Buckley, who heads Infinata’s wealth-management products division.
According to Buckley, solo advisors can access the firm’s HNW suite for less than US$2,000 yearly; for groups, it can be less than US$1,000. A subscriber will be able to view a database comprised of 1.5 million corporate executives whose liquid investable assets amount to at least US$250,000.
Such software offers clear advantages over less sophisticated alternatives. According to Chris Thomas, managing director at Massey Quick Simon, Bloomberg offers tools that track highly liquid M&A events among ultra-high-net-worth investors, but they require plenty of manual intervention.
Another option: social media, particularly LinkedIn. The platform provides a Sales Navigator service that offers to help users expand their business networks. Thomas, however, found it limited, as it’s mainly restricted to who you’re already connected with. He also found its private email function incapable of facilitating “warm introductions” for advisors.
“We found that paying for this type of social media tool just didn’t reach a level of functionality worth the time and cost involved — the response rates were just too low for our tastes,” he said.
For more of Wealth Professional's latest industry news, click here.
Related stories:
The secret formula to a successful referral
Are advisors ready to embrace the robos?
