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PreciseFP and Bob Veres Announce New Marketing Tool for Financial Advisors

Submitted by Technology Tools for Today on February 16th, 2016


Online Personality Assessment to Raise Percentage of Client Engagements, Gives Advisors New Way to Compete in “Digital Experience Competition”

PreciseFP, a cloud-based service that provides an all-in-one document vault solution and forms creation tool for online client data gathering, and Bob Veres, publisher of the Inside Information newsletter, jointly announce the development of Financial Personalities, a powerful new “pre-engagement engagement” marketing tool for financial advisors. Veres, who addressed a packed room full of financial advisors while at the T3 Advisor Tech Conference held in Ft. Lauderdale, Fla., last week, spoke about “the pre-engagement engagement” and how vital it is for financial advisors to win the hearts and minds of prospective clients long before the first inquiry ever materializes.

veres_caption.JPG“For the most part, personal financial advisors are pretty bad when it comes to interfacing with potential clients, especially online. Until somebody comes up with a better terminology, I’m going to call this heretofore invisible point in the advisor/client relationship the pre-engagement engagement,” Veres said. “I’m talking about the stage where the curious prospect comes to your website to check out you and your services, and makes a decision about whether to engage you—or not. This is becoming increasingly important because the next generation of prospects—what the Wealthfronts of the world call THEIR generation of prospects—are increasingly likely to spend increasing amounts of research time on the web before they enter into a relationship with an advisor, human or robo.”

“The online advice platforms use algorithmic technology to create more engagement with prospects,” Veres said. “As it turns out, their focus on the pre-engagement engagement has exposed a massive opportunity cost to the profession. Last week at the TD Ameritrade Institutional conference, I watched Spenser Segal from ActiFi give a presentation that put some numbers to this opportunity cost. Segal dug through hundreds of client and advisor surveys and found that advisors are really only seeing one in ten, maybe one in twenty, of the referrals sent their way. The others were invisible; I call them ghosts. The prospect would go to the advisor’s website to check them out, and never make contact.”

What’s the solution here? How can advisors simultaneously fight back against the so-called robo-competition and its fancy interactive websites, and at the same time capture not only more referrals, but also more prospects who are looking around for an advisor, haunting your website and moving on? “As it turns out, advisors have more than enough ammunition, in the form of existing technology, to not only fight back, but to go one better and crush the robo-competition,” Veres said before moving into a discussion of “the four robo-vectors.”

THE PRE-ENGAGEMENT ENGAGEMENT
Later in his presentation, Veres briefly introduced Financial Personalities, a self-discovery questionnaire where prospective clients can learn more about themselves and how they relate to money. The goal of the Financial Personalities pre-engagement quiz is two-fold: (1) To raise the percentage of an advisor’s website visitors who schedule an appointment, and (2) to raise the percentage of those prospects who ultimately become clients.

“This is a tool advisors can use to compete in the ‘digital experience competition’ with robo-advisory firms,” Veres said.  “It gives them a distinct advantage in a world where, increasingly, prospects are checking websites before they make a decision on who to talk with or engage.” The information collected from the Financial Personalities assessment is integrated with PreciseFP and can thus be shared with the advisor’s financial planning and CRM software.

To compete in this new digital world, Veres said advisors must:

  • Engage and keep prospects on their website
  • Make the prospects feel heard
  • Capture insight into the hot buttons that are buried in the client’s psychology 

“When prospects receive their report at the end of the 10-minute quiz, they feel heard and understood,” Veres continued. “Financial Personalities celebrates their unique relationship with money, and helps advisors know the prospect’s basic personality, plus issues, concerns and hot buttons—which should raise their ability to address those concerns and bring the prospect onboard as a client.”

The instrument can be purchased at PreciseFP’s website: http://precisefp.com/financial-personalities.  The price will start at $1,499 a year.

ABOUT PRECISEFP AND BOB VERES
PreciseFP (www.preciseFP.com) is an all-in-one online document vault and client data gathering solution for advisors, allowing them to create their own data forms for clients to fill out online, with the data flowing throughout the advisor’s software suite as a way to reduce staff input time and cost.  PreciseFP currently has direct integrations with leading financial planning and CRM software programs in the financial planning space.

Bob Veres (www.bobveres.com) is one of the profession’s leading thinkers. He has been covering financial planning issues and advocating for the profession for more than 30 years. Veres is publisher of the Inside Information service, a columnist for Financial Planning magazine and the Advisor Perspectives website, and co-producer of the Insider’s Forum conference (www.insidersforum.com). 

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