Want Better Visibility to Grow Assets Under Management?
New technology tools help wealth leaders and advisors work together to grow Assets Under Management (AUM)
Growing AUM is a top goal for wealth leaders. However, it can be a struggle to gain visibility into potential AUM due in part to a lack of transparency around financial advisor activities. How can you monitor potential new AUM when you know next to nothing about their prospects? Or worse, what if they leave your firm and take their top prospects with them?
Offer premium technology tools to help grow AUM
Today’s rising financial advisors expect on-demand access to advanced insights that can help them be more efficient. New technology tools help financial advisors:
- Improve efficiencies
- Increase accuracy
- Improve client relationships
- Attract the next generation of clients
Integrated, data-driven technology tools are ideal
Solutions that offer consolidated, one-click access to high-quality prospect data and workflow efficiencies can help preserve an advisor’s time, resources and budget. It also deepens their understanding of a prospect’s financial profile and opportunity.
WealthGauge, available through the Salesforce AppExchange®, gives wealth leaders and financial advisors centralized access to data and technology within a single app. Advisors simply enter prospect information into WealthGauge, and it automatically populates the prospect’s file with expanded financial details including:
- Estimated income from wages and investments
- Potential assets by class (stocks, bonds, mutual funds and annuities)
- Estimated total liquid assets
- Propensity to invest in equity investments versus percent fixed income investments
As a result, advisors get an estimated view of a prospect’s financial profile, including direct-measured estimates of their likely total assets, investments and deposits. Advisors can also automatically rank prospects to quickly determine how much time and money to invest in a prospect relative to other prospects. What’s more, all prospects views and rankings are immediately visible to wealth leaders.
Use data and technology to build transparency into your practice
With clear visibility into advisor pipelines, wealth leaders can use WealthGauge to proactively segment and monitor high-profile prospects. Not to mention, they can pitch in to help their advisors convert those prospects into lasting customer relationships.
Additionally, WealthGauge provides deeper context and insights that leaders can use to better support their advisors and more accurately track all potential new AUM. For instance, wealth leaders can:
- See the top prospects across all financial advisors
- Visualize in real-time how total AUM is trending across a book of business
- Create product asset-based segmentation profiles
- And better manage clients based on opportunity by dividing a book into four treatment groups: “Maintain,” “Protect,” “Develop” and “Manage”
Therefore, the right solutions can reduce churn among financial advisors by giving them on-demand insights. Above all, new productivity tools empower advisors to be more successful. Because with improved transparency, and a better understanding of the financial opportunity associated with each prospect, wealth leaders and their advisors can stay on the same page, target more high-value customers and more accurately predict and grow their AUM.
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