It’s pretty simple. Financial advisors who understand the value of client data have a distinct advantage over those who don’t.
By gathering, using, and organizing data from their clients, financial advisors can gain insights into their clients’ behavior, preferences, and needs. This information can help advisors provide better service, make more informed decisions, and ultimately grow their business.
Here are some key data points financial advisors should consider gathering if, they aren’t already:
Are they referring me, and how often?
Knowing when clients last referred your firm, how often they refer your firm, and who they refer can help you identify potential sources of new business and determine which clients are most valuable to your practice.
Are they following me on social media?
Understanding which social media platforms clients are following you on can help you tailor your social media strategy and content to better reach and engage your target audience. It will also let you know who isn’t available on social, and provides you with the chance to stay in touch with them in other ways,
What industry are they employed in?
Knowing which industries your clients work in can help you identify trends and opportunities in those industries, as well as develop specialized expertise that can be used to attract new clients.
Are they reading my emails?
Tracking whether clients are consistently opening your emails can help you determine the effectiveness of your email marketing campaigns and identify areas for improvement. IT can also help you find gaps in your email program or correct syntax errors.
How often do they hear from me in a year?
Tracking the number of touchpoints you have with clients annually can help you ensure that you are providing regular and meaningful communication, which can help build trust and loyalty over time.
Overall, data is an important tool for financial advisors who want to provide better service, make more informed decisions, and grow their business. By gathering, using, and organizing client data, financial advisors can gain valuable insights and set themselves up to build a more successful practice.