Hortz: What has been the feedback from advisors and their clients on this engagement path? Any interesting instances or case studies to share?
Nair: We saw early validation of the Grow framework early last year when we brought the TIFIN Risk capabilities onto our TIFIN Personality platform. While many of our forward-thinking advisors loved the deep insight into a prospect’s intrinsic financial motivations via their Personality scores, when we introduced our risk-scoring overlay this was met with a positive response and we saw more advisors create investment proposals utilizing the joint functionality. TIFIN Plan is the youngest of the three solutions (launched in Q4 of 2021), but when we added our Risk capabilities there, it again provided advisors with compliance coverage and reassurance to execute personalized investment proposals based on an individual’s specific planning needs.
Hortz: Any other recommendations or advice you can offer wealth managers on the need to grow their businesses through personalization at scale?
Nair: While investment personalization can provide a major advantage when it comes to successfully converting prospects, personalization needs to extend beyond the investment proposal. Once you are armed with deep client-level insights, this needs to continue into an ongoing nurture and engagement strategy.
Growth cannot happen without retaining your existing business. This is why TIFIN Wealth has also created an intelligent personalized engagement platform through Clout by TIFIN. We see Clout and Grow living side-by-side for many of our clients so that they can deliver scalable personalization throughout the client lifecycle. When executed properly, this powerful combination can create a flywheel to acquire clients, deepen relationships and obtain referrals, all key to accelerating growth.
The Institute for Innovation Development is an educational and business development catalyst for growth-oriented financial advisors and financial services firms determined to lead their businesses in an operating environment of accelerating business and cultural change. We position our members with the necessary ongoing innovation resources and best practices to drive and facilitate their next-generation growth, differentiation and unique community engagement strategies. The institute was launched with the support and foresight of our founding sponsors — Ultimus Fund Solutions, NASDAQ, FLX Networks, Pershing, Fidelity, Voya Financial, Advisorpedia and Charter Financial Publishing (publisher of Financial Advisor and Private Wealth magazines).