You’re out at a restaurant, tennis club, golf course, or your child’s riding or swimming lesson. You have a chat with someone who’s not in the finance business and they eventually confide in you about needing better support with managing their savings and assets. Being a financial consultant, you know that your job is all about building relationships and listening, just like it was yesterday, today, and will be in the future.
So, what does a savvy financial consultant do in a situation like this? They take notes. They do it wherever and however they can: on a piece of paper, scribbling a few notes with a pen or pencil, with the intention of getting back to that person – that potential client – and delve deeper into their needs. Their needs and goals, you might say.
The problem often arises in the following days when that piece of paper is nowhere to be found: it happens a lot, not just to consultants. The rush of work, the ever-filled calendar, appointments, commitments, lunches, and that piece of paper ends up who knows where, forgotten. You might say, “But I keep everything jealously in my bag.” Or even better: “I write everything down on my smartphone notes.” Well, are you really sure you can get the most out of those few notes today?
You need support. And that’s where technology can come in: a system that helps you store the information collected and make the most of it, so you can return to your potential new client with a structured and convincing proposal. Technology can already help you today through Artificial Intelligence to maximize what you can get from that handful of information through so-called “Data Enrichment”.
Maximizing a few pieces of information: how?
On its exclusive platform, Wealthype offers, among other things, the engagement report, a tool to bring on board potential clients encountered in every possible context and situation. But the most interesting aspect is that the engagement report can help financial consultants convert potential clients into actual clients more quickly and effectively. Acquiring new clients has always been an extremely demanding task.
What exactly does the engagement report do to make this process smoother, to the benefit of the financial consultant?
It allows you to build a financial profile of a prospect through a series of standardized indicators to identify their priorities. Very few details are needed, not necessarily precise or in-depth: the consultant enters the data acquired during the meeting – whether it happened in a bar, at the office, at a restaurant, on the golf course, it doesn’t matter – and in a few seconds, Artificial Intelligence processes a report containing an action strategy for the prospect.
AI does all this by associating the information the consultant enters into the Wealthype platform with a “Financial Persona,” a typical profile, indeed: the one that, according to AI, closest matches your prospect’s profile. Financial Personas are estimated from data on a vast multitude of subjects, using Data Science techniques that identify the most typical traits, creating “client prototypes”. But beware: the consultant has the opportunity to have their say, and if among the various proposed ones they find another more suitable, they can select it. Just like with the “Financial Persona” identified by AI, another “Financial Persona” will also be associated with a financial DNA, along with its needs and objectives.
What will the prospect find in the engagement report?
In the engagement report that the consultant presents to them, the prospect will find a summary of their financial profile, namely:
With the potential future client, it’s important to focus on their set of needs and, by extension, how well their current investments really meet them.
The engagement report also shows them their Financial Wellness Index, which is somewhat their starting point: the index assigns the prospect a score from 0 to 100 based on their current personal and financial situation. Not only that: it also shows them how they can increase their score through a well-defined action plan, considering that the higher the result achieved, the higher the level of financial well-being.
Finally, Artificial Intelligence recommends a package of products suitable for the client’s goals. Over time, the list can change, based on what the client really needs in the life stage they’re going through: as the consultant – and thus the platform – gains access to new information, the recommendation will become more and more personalized.
A tool to support the consultant and the prospect
Acquiring new clients, as we said, is an extremely demanding task, and in the hustle and bustle of daily life, it’s easy to lose sight of information that, if properly valued, can instead provide the consultant and the prospect with an effective strategic action plan. This element is crucial most of the time to convince the prospect to start a collaborative relationship with the financial consultant.
The engagement report provides the potential client with a detailed overview of their starting situation and the recommended investment strategy. At the same time, it significantly reduces the time needed for financial consultants to acquire new clients, thus helping them optimize their work.
For a demo of our tools, you can contact us using the link below and discover how to apply Machine Learning logic to your business processes.
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