Artificial intelligence is finally finding applications for advisors that go beyond demonstrations on conference floors.
The latest application of AI that could help boost advisors’ businesses is coming to BizEquity, which on Monday announced Franklin, an advisor-based, AI-enabled lead-generation service the company describes as the first of its kind.
“This is one of the first uses of AI that actually helps advisors grow their businesses,” said Mike Carter, BizEquity CEO. “Usually, when we here about AI and financial advice, it’s in something that might displace advisors like a robo-advisor.”
In recent years, Philadelphia-based BizEquity has rolled out technology that makes it easier for advisors to find business owners as potential individual clients and retirement plans in their service areas that may be in need of financial advice.
With Franklin, BizEquity will route business owners to financial advisors offering the services that they demand.
Advisors will be asked to submit a profile to Franklin. Enrollment is free for advisors already subscribed to BizEquity’s business valuation service. Prospects are matched to an advisor’s profile by location, services offered and industries served. Attributes in an advisor’s biographical information are also matched to the demands of potential prospects.
After signing up for Franklin, advisors will be able to receive leads from the service listed by location and business valuation. While the service is currently free, advisors will eventually pay BizEquity when a lead is claimed and more information about the prospective client is delivered.
In discussing Franklin, Carter noted that 10 million business owners are expected to retire within the next 10 years, which will contribute to approximately $12 trillion of business value changing hands. With an AI tool matching their firms to business owner prospects, advisors can position themselves to take advantage of the transition.
“Business owner wealth is one of the top things that our advisors are going after. It’s a massive opportunity that it seems like everyone has woken up to,” said Carter. “In the past, advisors have used our software to find business owners. Now we’re going to help the business owners they’re trying to get in front of by routing them back to advisors.”