By way of comparison, Carvin said that the conversion on standard SmartAdvisor leads is approximately 5%.
Advisors can customize the level of service they receive from SmartAdvisor and Live Connections by adjusting the number of leads they receive on a monthly basis. Carvin said the average buy on his platform right now is between $1,000 and $3,000.
The new service launches at a time when advisors may face a crossroads when it comes to marketing and client prospecting. Referrals, often named as their favorite and most productive method of sourcing prospects, are more difficult to come by when face-to-face client meetings don’t occur and when the clients and centers of influence that advisors typically rely on for references are not socializing or holding meetings of their own. Events like seminars and workshops have been rendered impossible unless relegated to the virtual realm.
“We’re seeing increased interest from advisors looking to grow their business, and from a consumer side, we’re seeing a lot of interest in learning how to work with an advisor across a couple of different fronts,” said Carvin. “The market volatility is altering the consumer’s view on retirement and that’s top of mind. There are also a lot of small business owners thinking about different strategies and how they might be able to work with financial advisors to make sure that they are leveraging the stimulus and being tax efficient.”
Judging from activity on the SmartAsset platform, the COVID-19 outbreak has prompted consumers primarily to ask healthcare-related questions and leave financial questions as a secondary concern, said Carvin, but interest increased around managing market volatility, protecting portfolios as financial markets declined through mid-March, then shifted in recent weeks to more opportunistic investing-related topics. In other areas, interest has declined – for example, SmartAsset has seen less activity from potential first-time homebuyers.
Carvin said that Live Connections offers advisors a scalable, measurable organic growth opportunity.
“It’s not just a better consumer experience – it’s a better experience for advisors,” said Carvin. “All they have to do is pick up the phone.”