By automating and scoring analysis that one might perform when preparing for meetings, prospecting, or managing your practice, advisors can be more effective in working with their clients, more responsive, and more specific and relevant in their engagement. With our patented platform, we are able to surface the best insights for every advisor client, every day.
Hortz: What are the key benefits that advisors can expect in using the AI-optimized workflow built into your system?
Stevenson: Advisors report substantially reduced meeting preparation time, improved client retention rates, increased wallet share, and deepened relationships leading to more referrals. These are clear benefits coming from automation of client data analysis and delivery of summarized client insights for all clients into your workflow on a daily basis.
Most important, improving communication quality and frequency with personalized insights, targeted signals, and specific NBAs maximizes and reinforces advisor relevance. This enables advisors to: 1. Improve the client experience, 2. recommend new business opportunities, 3. target new client segments more effectively and 4. upscale advisor productivity.
Hortz: Can you share a brief example of how some advisory firms are working with your AI insight platform?
Stevenson: An advisory firm with a thousand mass-affluent clients, in addition to high-net-worth clients, was looking for a digital solution to help prioritize their clients. Our Client Prioritization system enabled them to combine CRM, custodial, cash flow and market data providing them with the capability to configure the relative importance of different signals about their clients’ goals, investments, and transactions.
They receive a list of clients based on their unique needs, which are customized for them by our Auto-Tuner algorithm. As a result, advisors in the firm know exactly which client needs to be contacted first when they come to work every morning.
Hortz: Does your platform also generate original data insights on successful behaviors of financial advisors and how can that benefit larger RIA advisory firms and broker/dealer enterprise relationships?
Stevenson: Our automated insight platform generates aggregated analytics around which signals are being used, how they are scored, how they are used, and for which clients. This can be useful for larger RIAs, Broker-dealers, and managing partners to see trends across advisors and discern which types of signals and engagement works best for some advisors vs. others.
The same analytics can be applied to client segments to see how different types of clients prefer to engage. This kind of analytical data that provides insights across a firm and across data silos can be very useful for managing and monitoring resourcing decisions, enabling marketing, and providing analytical feedback on engaging new client segments.
Hortz: Any other thoughts or recommendations from your experience that you would like to share?
Stevenson: Our insight automation platform helps advisors and wealth management firms prioritize, prepare, and personalize communications at scale, across all your clients, every day. We invite you to learn more by visiting us on our website to learn more about how to use 1:1 content recommendations, next best actions, and personalized insights, for each and every client, that will create deeper and more relevant engagement.
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 Financial and Charter Financial Publishing (publisher of Financial Advisor magazine).