As investors flee actively-managed, higher revenue products in favor of passive funds, asset managers need a smarter sales strategy than cold calls.
WisdomTree CEO and founder Jonathan Steinberg is using big data to better target assets from wealth managers.Asset managers are trying more creative and tech-enabled ways to pitch financial advisors, who control $6 trillion of client money in North America.
WisdomTree is trying to fix that. The asset manager is integrating big data techniques and new technologies to target specific advisors who might be interested in particular products. Early results have been promising so far, the firm's former head of data intelligence and strategy Peter Watson said this week at the Digital Wealth Conference in Fort Lauderdale, Florida.
$57.2 billion WisdomTree piloted using an artificial intelligence-driven list of financial advisors who, per multiple data metrics, seemed much more receptive to particular products. Half of a sales group pitched that list, while the other half used a randomly-generated list. The group that used the artificial intelligence-generated list talked to about two-thirds of their target advisors, whereas those calling random names talked to only 20%.
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