If you sell, market to or recruit wealth advisors, you likely understand that relying on a stale, inaccurate broker-dealer or RIA database leads to missed opportunities, is a time drain on company resources, and can even damage the integrity of you and your company’s name. As a company that also sells
If you struggle with poor quality wealth advisor data, you're not alone!
According to a study conducted by Salesforce, as much as 30% of a company’s potential revenue can be lost due to faulty prospect data. It details that “on average, 90% of the contacts in their customers’ CRM databases are incomplete, with 20% of records found to be useless.” Poor quality prospect data is a far too common problem, but can be solved by partnering with the right broker-dealer and RIA database.
Many RIA databases do a poor job of keeping their data fresh and make questionable guesses on advisor contact information. The AdvizorPro broker-dealer and RIA database takes a unique technology-backed approach to wealth advisor data that sets us apart – the quality of our wealth advisor contact and profile data is the top priority of our business.
Using a high-quality broker-dealer and RIA database to power your marketing, sales, and recruiting activity prevents your teams from losing opportunities due to avoidable problems – stale and missing data. Because much of the sales, marketing, and recruiting process is out of your control, it is important to remove as many variables/risks as you can control. It’s one of the few guaranteed ways to minimize missed opportunities and increase the ROI on your sales and marketing efforts.
Two common problems lead to missed opportunities
There are commonly two things that lead to missed prospect opportunities, and both are just as costly. First, poor quality contact data means that you are using incorrect data and the call, email, or text you send to a prospect will never be received. This will drag down your marketing statistics and frustrate sales teams. Second, if you are simply missing qualified prospects in your database, you’re blatantly missing an entire set of prospects that you don’t even know exist. You’ll never be able to reach your full-growth potential with this gap in your outreach.
The solution to these two problems is acquiring a good-quality RIA database. It is an investment that will pay dividends in allowing your message to reach a larger, more qualified audience. Taking advantage of a high-quality RIA database like AdvizorPro will empower your sales and marketing teams with the tools they need to power your growth.
Let’s explore 7 different ways that a broker-dealer and RIA database can add immediate value to your sales, marketing, and recruiting:
- Increased Productivity: Your team’s time is valuable. Leaving tedious data work to a high-quality broker-dealer and RIA database saves your team valuable time they can spend engaging with advisors. Sales, marketing, and recruiting teams can spin their wheels trying to identify prospects and then obtaining their contact info. This is a distraction from the other activities that can drive growth – engaging with real advisor prospects.
- Expanded Market: A common concern we hear from new prospects is the understanding that they are missing significant segments of their target market. A strong broker-dealer and RIA database will help you uncover leads that you didn’t know existed. Breadth and depth of advisor databases matter and translate directly to opportunities – if your message is reaching 50% more advisors, this should lead to 50% more opportunities. Simply by defining your target market with a dependable RIA database, you can often uncover new leads you are missing due to poor coverage or stale data you had access to in previously-used advisor databases.
- Improved Lead Quality: Having accurate “deep data” on wealth advisors allows you to take a targeted approach to acquiring leads, which correlates to higher conversion rates, better sales interactions, and higher close rates. Without this ability to be targeted in your outreach, you’re wasting time and money on the wrong prospects. An RIA database like AdvizorPro allows you to be hyper-targeted on the most qualified leads.
- Access to New Opportunities: Changes are constantly happening in the advisor space – advisors switch firms, interact with new platforms/funds, or change roles daily. By regularly refreshing your advisor data, you are able to stay on top of these fluctuations and act on new opportunities in your target market fast. For instance, if you work with 401(k) advisors, a fresh RIA database like AdvizorPro will allow you to know whenever an advisor gains their AIF designation.
- Ability to Personalize Lead Interactions: Successful sales and recruiting in the advisor space is built on meaningful relationships. If your RIA database has “deep data” on advisors with more than just contact data, you are able to tailor your outreach on personal and professional interests. AdvizorPro leverages advanced technology to collect biographical data on advisors across the entire internet and allows you to search it. For example, if advisors enjoy golf or attended your alma mater, you can customize outreach around this. Professionally, if you are targeting advisors who work with a specific TAMP, asset class, or technology, you can craft a marketing campaign around this. The reality is that advisors are inundated with marketing and sales emails constantly. You need to stand out. The more you can be unique and present yourself as a real person, the more advisor doors you will open.
- Filling Your Pipeline Quickly: Fresh data sourced from a fresh RIA database will correlate directly to your business growth. By using fresh and accurate data, you’ll be able to reach more prospects and advisors leading to better results. Whatever processes you have in place will simply work better. For instance, if you have high-quality data on 2x more advisors, you can inject this into your current marketing or sales process and as a result win 2x more clients.
- Automated Lead Generation: Maintaining the freshness of your RIA database can be tedious and time-consuming. As a result, many companies may ignore it which quickly leads to headaches and data deterioration. When you work with a robust lead data source such as AdvizorPro, you can integrate it directly with your CRM system of choice. AdvizorPro directly integrates with Salesforce and HubSpot to give you an efficient, painless way to connect your CRM with the most-up-to-date wealth advisor data. With AdvizorPro’s Salesforce and HubSpot integrations, you can automate this lead engagement but still maintain control over the frequency and type of data you need. This will save your marketing team time and empower them with the freshest financial advisor data to-date.
If you’re struggling with the quality of your RIA database or filling your pipeline with advisors, we’d love to chat and see if we can help. The help of a high-quality broker-dealer and RIA database like AdvizorPro will allow you to leverage fresh data and avoid any time drain on the part of your data, marketing, or sales teams.