The financial advising industry is competitive, and firms often look for ways to set themselves apart. But one of the best resources could be right in front of you, waiting to be discovered: data.
Wealth management clients crave personalization. Clients get personalized experiences when they buy groceries, watch streaming shows, and shop online. Why wouldn’t they want a similarly customized experience with their financial advisor? One survey found that 73% of customers expect companies to cater to their individual needs, and 76% become frustrated when they don’t have personalized experiences.
The key to delivering high-quality personalized experiences and marketing to current and potential clients is data. In a recent webinar, Aubrey Jones, External Product Training Consultant at Redtail, and I discussed why it matters and how firms can leverage tools like PreciseFP and Redtail to streamline and boost data-driven personalization.
Dive Into Data
Wealth management clients want a personalized experience or an advisor to tailor their communication and recommendations to meet their needs. A one-size-fits-all approach doesn’t connect with clients or show that a firm values them as individuals.
Firms have access to more client data than ever, telling them everything from a person’s preferred communication method to their projected retirement data and income level, plus details on demographics, lifestyle, and financials. These data pieces can help segment clients and leads to deliver targeted communication and recommendations.
Data and personalization create a competitive advantage to help firms and advisors stand out. It shows clients that advisors know them, understand their preferences, and can deliver unique recommendations and services to meet their needs. Plus, it shows clients that the advisor listens to their preferences — more than half of U.S. consumers want financial providers to leverage their data to personalize the experience. Data-driven personalization is a key factor in customer engagement and retention.
It comes down to this: Advisors who want to stand out and build high-quality relationships with clients need to leverage data for personalization.
As data analytics and the amount of data increases, simply pasting a client or lead’s name in an email subject isn’t enough. Firms must go deeper with their data and personalization. Unlock the hidden potential by digging deeper into data, building strong connections, and connecting with clients and potential clients in the right way at the right time.
However, as firms grow, scaling personalization can be difficult. Firms need to leverage automation and digital tools to sort through and make the most of the data.
Redtail + PreciseFP
PreciseFP is a leading data-gathering and client engagement tool for financial advisors. Paired with Redtail, the industry’s first cloud-based CRM, the tools help firms segment clients for tailored communication.
Advisors can use Redtail’s advanced search to segment leads and clients in their CRM to drill down to specific groups. Those targeted lists then integrate with PreciseFP to create customized and branded forms for seamless personalized communication.
What does this look like in action? An advisor can easily segment their prospects in Redtail and get a list of warm or hot leads. They can save that list to easily adjust and use again. Then, the advisor can import those contacts to PreciseFP, which pre-fills their information into a form. The advisor can quickly create an outreach form or customize an existing form from the PreciseFP library to schedule a discovery call.
Redtail provides the segment list; PreciseFP provides the customized form.
Another example is if advisors want to contact clients with a targeted tax resource. They can search by active tax clients in Redtail and use keywords and tags to drill down to the exact client group. Then, advisors can import that list to PreciseFP to send out a personalized tax filing checklist to each person, customized to the branding and exact needs of the firm. The messages are targeted to the segmented client group, and each email comes to them individually, making it easy to personalize at scale.
Personalization is vital to providing a modern client experience. Lean into technology to deliver personalization at scale. With dozens of integrations, PreciseFP makes it easy to create and send customized forms and streamline the data-gathering process. Click here to learn more.
