Hortz: How does your proprietary client interest tracking and content matching technology actually work?
Kenalty: The key parts of the process are:
First….as we ingest content into our library, we add a layer of meta data which provides rich details on what each article of content is and why someone would read it…including format, author, length, topic, and product affiliation.
Second…as advisors send content to their clients, all interactions are tracked allowing us to build rich data profiles on each client’s individual activity and interests.
Third….leveraging data analytics and AI we match client interest profiles with tagged content, then filtered around a firm’s compliance and commercialization objectives, we curate personalized content for each advisor’s clients that deliver higher engagement, satisfaction, and demand generation.
Hortz: How does ReachStack work with content partners and other providers?
Kenalty: We are not a content producer, but as a content distribution channel we need lots of high quality content to make the system work. As such we need to be able to help our customers source the content they want for their programs. We break content into five buckets, and we have developed numerous partnerships in each area:
1. A firm’s branded content – links to a customer’s blog or websites
2. General web content – services that search and provide articles on third party or industry websites (e.g., Upcontent)
3. Custom content libraries - third party libraries of custom written content including evergreen and seasonal articles (e.g., FMEX / CentsAI)
4. Paywall content – ability to syndicate and provide access to articles from behind paywalls (e.g., Wall Street Journal, Marketwatch, Barron’s)
5. We have an option to add Finra/IIROC compliance filters like Proofpoint to any content feeds to streamline and reduce the time for the review and approval process
Hortz: How complex is the work of combining all the individual tools of modern data analytics, AI and email marketing automation technologies, in just the right way, to increase the impact of your client communications?
Kenalty: Well, it is very complicated, but we have taken an organized, phased approach over a number of years. Our data warehouse is at the core of everything we do. It holds all the behavioral information we have collected over time about what each client wants from their advisors based on communication activity. In some cases, the more information we have pulled in from a customer’s CRM and other systems enable other types of targeting like demographic or life stage. The database allows us to build our other “next best action” components on top of it. Examples are applications like content performance analysis, prediction and automated content matching, and providing advisors with client interest and opportunity lists.
Hortz: What kind of statistics and results can you report for this kind of communication automation cycle?
Kenalty: Leads - Demand for new products and service (cross sell opportunities); Advisor Adoption - participation in program (do they find it worthwhile and helpful); Visibility — interactions between Client and Advisor; Net Promoter Score — referrals; ROI and investment increases.
Hortz: How are advisors and financial firms specifically using your service in creative ways?
Kenalty: Customers are using the platform to do two things: 1.) Client satisfaction and referrals — program helps advisors increase client satisfaction and referrals by easily increasing level of data driven communication and information sharing with their clients and 2.) Demand Generation - Build new “owned” digital channel they can use to generate demand for each advisor’s services and firm’s other products.
One example is the wealth management group at one of Canada’s famous “big 6” banks who deliver compelling ROI on the program from several areas: 16x increase in advisor communication leads to higher visibility, credibility, satisfaction and advocacy with result of 44% higher Net Promoter Score; over 70% participation rate vs. 15% of other digital tools; higher efficiency for advisors by providing data driven hot lists focusing time on best revenue opportunities; stronger content ROI with more reach and impact of firm’s content investments.
Hortz: Any other thoughts or recommendations you would want to share with advisors and wealth management firms?
Kenalty: In an environment of hyper-competition and accelerating change, be bold and start trying things. There are many ways you can dip your toe in the water and test things before going full on. And remember that you do not have to do everything yourself. There are lots of partners are out there to help. Take advantage of outsourcing the use of marketing tools, turning them into services for yourself and your advisors. Look for opportunities to drive impact at scale by doing something for ALL the advisors across the organization. Make every program advisor-centric that adds value to them.
Now is time for the time for modern, high-impact, efficient, enterprise-level solutions that focus on driving meaningful metrics in key areas of client visibility, satisfaction, referrals, and demand generation vs simple clicks and likes.
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 client/community engagement strategies. The institute was launched with the support and foresight of our founding sponsors — Ultimus Fund Solutions, NASDAQ, Pershing, Fidelity, Voya Financia, and Charter Financial Publishing (publisher of Financial magazine).