Data is an extremely profitable business. Fly buys, Rewards cards, Frequent Flyer cards; they aren’t just about discount petrol or free flights anymore, but rather an effective method of gathering as much data about consumers as possible. Smart professionals are not only using this information to define who their client base is, but also to design better packaging, schedule product price increases and upselling additional products to the holders of these cards. The masters of this are the big retailers and grocery stores; they know everything about you just from the swipe of a card.
Financial advisers can be in this same league, but very few are aware of it. Due to legislation around ‘know your client’ and also the ‘best interest requirements’, financial advisers are now in a prime position to collect highly valuable personal data about their clients. But how many actually realise that this data is effectively a gold mine?
Financial advisers can now use the data gold they collect to build up their practices. Every PD Day, Conference and Seminar has a dedicated session around marketing to existing clients and the best ways to reach out to them. They all plug the benefits and how to market for estate planning, tax planning etc.
But very few inform attendees the key to unlocking that gold mine.
The key is in 3 very simple words:
ACCURATE DATA ENTRY.
Financial planners now have the ability to collect all of this information about a client’s financial situation, combined with their goals and what they value in life, all in the normal process of completing a simple yet effective Fact Find. The majority of the work is done in the very first appointment.
However, having collected all this information on paper means only half the job is done. The other half is the ability to enter this information, quickly yet accurately into a software program that not only is a CRM, but also an operational platform such as Xplan.
Xplan has the ability to record all of this information in a logical and searchable order. Once entered it can run searches against this information in a matter of seconds, meaning Good Advisers can obtain their gold.
By having accurate data entry in the operational platform such as Xplan, advisers will be able to identify marketing opportunities such as the following;
- Clients with over $500,000 in superannuation.
- Clients without Trauma cover.
- Clients paying higher than 4.12% on their home loan.
- Clients with a Will which has not been reviewed in the past three years.
- Those with a family history of cancer.
- Clients with over $20,000 in their bank accounts.
After quickly pulling this information out, a Good Adviser can then hand this over to their marketing department, who use their skill set to design the relevant supporting material. This gives them the ability to target potential prospects effectively and efficiently.
Xplan can then help further, with automated workflows, coded letters and email templates, to allow for the smooth implementation and tracking of the opportunities.
It is important for financial advisers to understand that data sitting in a folder in a filing cabinet is not going to make money.
The team at Enzumo have worked with practices and set up a number of data mining projects turning financial advisers into Good Advisers. They have done this by implementing specific toolkits of data entry including; Fact Finds, Search Criteria, Automated Workflows, Campaigns and combining this with training users on how to use Xplan to best help their practices.
Want to explore your gold mine and dig a little deeper? Contact Enzumo on 1300 720 276 or fill out the website form here, to talk to one of our experts today.
Garth Longhurst, Operations Manager.