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FAs Prioritize Clients with WealthComplete

Top 10 Brokerage Firm Enables its Financial Advisors to Prioritize Their Book of Business
Situation
Financial advisors report that their days of “dart throwing” are over. They are confident that their time is focused on those households possessing significant upside potential.

A top U.S. brokerage firm wanted to provide its financial advisors with a strategy to prioritize their book of business based on untapped investment potential. Their advisors did not have a logical and consistent way to prioritize their client outreach efforts. Instead, the advisors relied on visual observations and casual conversations to guess which of their existing clients might have additional assets to invest.

Objectives

In conjunction with a new CRM initiative, the firm was seeking a segmentation system that could both:

  • Help them prioritize their financial advisors’ customer up-sell/cross-sell strategy
  • Be implemented rapidly without disruption to the current flow of business
Solution

After conducting several tests with various data sources and segmentation systems, the firm chose IXI’s WealthComplete solution.

WealthComplete enabled the firm to:

  • Gain a better understanding of the estimated total assets and asset allocation across major investment vehicles for each of their clients and prospects
  • Prioritize each financial advisor’s book of business based on each client’s estimated capacity to increase assets under management

The firm chose WealthComplete because it offers total household wallet estimates based on IXI’s direct-measured database of approximately $13 trillion in consumer assets collected from leading financial services firms.

Results

By implementing WealthComplete, the firm’s financial advisors can more effectively:

  • Prioritize and initiate development efforts among clients that are likely to have room to significantly grow their assets under management at the firm — a key performance metric for the advisor
  • Provide top-notch service to clients with high total wallet estimates and high balances at the firm
  • Reallocate efforts for those clients with limited upside to more cost-effective client treatment plans

Of equal importance, headquarters is able to more easily assess the performance and productivity of its financial advisors through improved goal setting and evaluation based upon clients’ estimated financial potential for growth.

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