“Don’t talk to strangers.”
That is the advice parents give their children, and like many other authoritative demands, it requires some context. After all, isn’t everyone a stranger until you talk to them, or at least have some sort of introduction?
Advisors do not want to have conversations with strangers, either. Too open-ended. Too much wasted time getting to know a potential client, too many demographics, too many basics to discuss before getting down to the nitty-gritty, the reason for the conversation, the investment plans and financial goals which will determine the value of the relationship over time.
To avoid conversations with strangers, advisors ask potential clients to fill out questionnaires in advance of the conversation, with all of the demographic information that could be used as a jumping off point for the more detailed conversation. In essence, the questionnaire turns a stranger into an acquaintance.
But advisors may not use the information handed to them in the questionnaire to its fullest capability. That’s where Spectrem’s Investor Profile Tool comes in handy.
The Spectrem Investor Profile Tool allows advisors to input the pertinent demographic information they have on a client, and receive a full description of that investor in terms of likely attitudes and behaviors related to financial matters. Using the Spectrem Investor Profile Tool, the advisor can enter an introductory conversation with much of the knowledge they would usually only acquire from lengthy face-to-face meetings with new clients.
How does the Spectrem Investor Profile Tool know how to characterize your new client based on simple demographics?
The Investor Profile Tool is the result of years and thousands of points of research conducted by Spectrem as its sole purpose. The research insights gathered from dozens of studies conducted over Spectrem’s 20-plus years are collected into the Investor Profile Tool, and advisors can access all of that information, filtering it in order to fit the initial profile of the new client.
Male-female? Young-old? Married or single? Knowledgeable about investing or seeking knowledge? Coming from the world of education, or from the corporate world?
Any significant demographic an advisor wishes to apply to their investor can be used in the Spectrem Investor Profile Tool to sift through the thousands of data points Spectrem acquires annually until a full, detailed description of the likely behaviors of that investor appears.
It has often been said that knowledge is power, but in this case, knowledge is understanding. The Spectrem Investor Profile Tool allows advisors to know their client before meeting them. It allows advisors to address clients with an idea of what might best suit the client’s financial needs and interests.
Using the Spectrem Investor Profile Tool also shows the prospective client that the advisory firm has taken time to investigate their particular situation. They will be impressed that the advisor understands how unmarried investors might think, or they will take note that the advisor has considered the special investment interests of teachers.
The Tool, which can be made available on the computer or laptop of every advisor in your firm, gives details that make every introductory conversation unique, which enhances the interview process, makes it less time-consuming and more productive.