How Can Financial Advisors Use AI Find New Clients Quickly?

How Can Financial Advisors Use AI Find New Clients Quickly?

In recent times, people do not pay much attention to inflation and/or retirement strategy-related emails or calls from strangers. This indicates that even though the demand for wealth advisory services is on the rise, the traditional techniques of acquiring business from clients have proven to be unworkable. 


The current solution to such challenges is going digital. Does this mean setting up multiple screens with innumerable tabs and searching on Google, Linkedin, and other databases? It seems like a sizable amount of manual work on the keyboard, doesn’t it? What if we tell you that your leads can get delivered directly to your dashboard with ample context? Yes, you read that right; it is indeed possible. But how? Read on to find out!

Artificial Intelligence (AI) in Finance

In today’s fast-paced digital world, AI impacts a significant number of tasks we perform. The introduction of AI in the finance sector has not only altered the way in which wealth management services are offered but also the way in which information is consumed, and relationships are formed. 


AI has helped financial advisors in identifying hidden connections to prospects via automation and delivering personalized and suitable messages to maintain connections with existing clients. Digital transformation in finance and accounting has resulted in a significant increase in leads and appointments and a notable reduction in costs. 


Mentioned below are the ways in which AI and ML (machine learning) in finance can help advisors:

1. Discover a New Network of Relationship Connections

The growing intensity of robocalls has resulted in the failure of cold calling. Digital transformation in finance and accounting has made it important for advisors to identify individuals in their circle who are capable of making beneficial personal referrals. AI, possessing brilliance in discovery, acts as a personal assistant operating on digital steroids for offering leads and relevant network connections. 


Take, for instance, the Einstein Relationship Insights (ERI) technology offered by Salesforce that is capable of linking the dots by using a bewildering array of sources such as news stories, social posts, etc., on the web, proprietary tech databases, internal and external documents. The AI offers the information in context resulting in high-quality introductions based on real-life connections. ERI users are also aware of whether their prospects are already in the Salesforce customer relationship management program (CRM). 


All this digital legwork allows advisors to strike a connection far more efficiently than cold calls. They also save time and effort.

2. Enhance Engagement With Frequent and Better Informed Interactions

With financial advisors getting pulled in all directions, nourishing relations with existing clients has become extremely crucial. AI is a great tool for providing the required scale and engagement necessitated by clients who desire personalized advice and prioritize digital-first services. 


However, growing practices make servicing and keeping in touch with existing clients difficult. Educational resources, periodic newsletters, and webinars can prove to be effective in ensuring deep and meaningful communication with clients.

3. Create Personalized Contents That Aligns With Client Interests

AI offers automated insights and reminders at regular intervals. It enables advisors and support teams to automate schedules in digital marketing tools for creating personalized content according to client requirements. The ERI browser extension allows advisors to highlight key entities and open created Salesforce records from any webpage. These personalized pieces of information provide financial advisors with adequate, relevant reasons for engaging with clients frequently and indicate that they are aware of their clients’ needs.

4. Identify a Fresh Way of Establishing Practices

For the deployment of AI to be successful, it is crucial to focus on the linking of disparate data sources. Connecting systems and data together provide wealth management advisors with all the relevant measures required for working with multiple clients in a closer, faster, and more meaningful way. It also saves advisors from managing a large number of disconnected sources like emails, texts, internal documents, chats, and external data sources.

5. Leverage Embedded AI and ML to Enhance Business Development and Increase Personalization

Einstein Relationship Insights (ERI), a robust AI-powered tool that automatically explores the web for news, external and internal documents, etc., to identify new leads, offers key aspects that can facilitate enhanced networking, everything built into the Salesforce customer relationship management (CRM) to integrate with organizational workflow seamlessly.


Manras Technologies, a platinum Salesforce partner, can act as your Salesforce consulting partner to provide strategic assistance and transform your business by introducing automation wherever needed. Get customized Salesforce packages after acquiring a complete understanding of everything. Take help from our experienced team of consultants to set up, configure and customize Salesforce services.

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