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How Can Wealth Management Firms Use AI to Acquire New Clients?

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Phani Madhav Chegu,

August 21, 2023

How Can Wealth Management Firms Use AI to Acquire New Clients?

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The outbreak of the COVID-19 pandemic dramatically altered the way businesses connected with their customers, and wealth management organizations are no exception; face-to-face meetings with clients are now a rarity, and most interactions take place online. Yet, the new-age customer who is comfortable with and prefers meeting with his wealth manager virtually expects the latter to extend the same empathy as in an in-person conversation.

Against this backdrop, how can wealth management firms acquire new customers, while delighting their existing clients and forging strong relationships with them? They need to use state-of-the-art Artificial Intelligence (AI) tools.

Why Should Wealth Management Organizations Utilize AI-enabled Applications?

The old methods of wealth management businesses are not yielding the desired results — even as the number of people seeking the services of wealth advisors is growing. Utilizing AI can enable you to align your wealth management firm with the expectations of 21st century clients, and more importantly, reach out to new customers.

For years, executives of wealth advisory organizations scoured through myriad of paid databases hoping to spot a potential customer. They spent most of their time juggling with dozens of screens filled with multiple tabs and MS-Excel worksheets. Finding a new client was a very cumbersome process, indeed!

All that has changed thanks to the radical developments in the realm of AI. Now you can get a list of warm leads displayed on a dashboard with a clean layout, which can be accessed on your iPad. Even before you dial the mobile number of the prospective customer, you can have real-time, actionable data pertaining to his financial goals, demographics, desire (and ability) to take risk and investment interests. Instead of calling the prospect to introduce yourself, you can approach him with details of specific products that perfectly meet their requirements.

Let us now move on to examine specific use cases where AI helps your wealth management business to deliver top-notch services to its clients and expand its customer base.

How AI Empowers Your Wealth Management Firm to Grow Its Business

Helps You Collect and Analyze Data to Target Prospective Clients Better

Wealth management firms have been using predictive AI tools for some time now to make sense of gargantuan volumes of historical data to identify latent connections to prospective clients in their databases with high levels of efficacy. It is estimated predictive AI helped increase the number of qualified leads and customer appointments by nearly 50%, while cutting costs by as much as 60%.

Generative AI, a transformational technological paradigm, can be used to take the capabilities of predictive AI even further. The cutting-edge development allows you to leverage past and real-time data to develop novel content that fully resonates with the financial needs of your prospects. You can use generative AI tools to develop content for marketing emails and call scripts based on the prospect’s specific financial requirements, using high-quality data. This context allows your team to quickly create portfolio simulations, come up with precisely-targeted offers for new customers and personalize communications that showcase the value you can provide and gain their confidence.

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Enables the Development of a Strong Network of Connections

It’s well-known wealth management is a referrals-driven business. You need to identify the people in your personal and professional networks who can refer your firm to potential clients. AI-powered tools assist you in getting warm leads and figure out who in your circle can be used to provide a good introduction to your firm. The state-of-the-art applications help put lead information in the right context to make the best use of your contacts.

After a warm lead has been obtained, you can issue a prompt to a generation AI tool to draft an ultra-personalized e-mail to the prospective customer. The tool instantaneously creates the winning text that details the prospect’s goals and investment priorities, shares highly relevant pieces of content, suggests investment options fully aligned to his financial objectives and even provides references he knows who can verify your credentials as a trusted advisor.

Facilitates Productive Conversations with Customers

Financial advisors need to operate in an efficient manner and converse often with customers who seek the right advice and expect hassle-free digital-first experiences. However, as your practice grows, remaining in regular contact with clients can be quite challenging. Many wealth management firms e-mail newsletters and educational resources to their clients, but this alone cannot build strong relationships.

Using generative AI, you can get insights and reminders automatically at regular intervals, along with recommendations about the steps to be taken to reach out to customers. Your team can also create automated schedules in digital marketing applications, and then, use generative AI algorithms to develop highly personalized pieces of content such as individually-curated newsletters or documentation about performance of certain investment avenues that are in perfect consonance with unique financial needs and interests of a customer. This goes a long way in creating a positive impression and builds trust — remember, customers do more business with a wealth management practice they fully trust.

As you can see, effective use of AI can help your wealth management firm acquire new customers and increase your revenues. At Solunus, we work with you to unleash the immense power of cutting-edge AI-enabled Salesforce tools to delight your clientele and maximize your revenues. Our team of experts has served reputed wealth management organizations. Its rich experience and our proven ‘needs-first’ approach allow us to deliver the perfect solution to take your growth story to the next level.

Hope you liked this post. How do you use AI to expand the customer base of your wealth advisory practice? We’d love to know.

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About Solunus

Solunus is a leading Salesforce consulting company, based in Dallas, TX, USA. Our proven ‘needs-first’ approach coupled with our unrivaled expertise of the Salesforce platform enables us to provide the perfect solution to help you deliver delightful services to customers and achieve rapid growth.