BNY Mellon Wealth rolls out client prospecting tool for advisers

BNY Mellon Wealth Management's new client prospecting tool is designed to expand initial conversations with investors beyond basic risk assessments. After an investor completes the questionnaire, the tool curates specific recommendations and content customized to the user's answers.

Wealth managers who are a part of BNY Mellon Wealth Management’s network will receive access to a new client prospecting tool designed to expand initial conversations with investors beyond basic risk assessments. 

BNY Mellon Wealth Management Monday launched what it calls Active Wealth Accelerator, an interactive tool that takes investors through a series of questions around five practices including investing, borrowing, spending, managing and protecting assets, said Kirti Naik, head of marketing and communications at BNY Mellon Wealth Management. 

Advisers can skip the initial small talk and jump deeper into a customized wealth strategy if investors want to initiate further discussions with a wealth manager after experiencing Active Wealth Accelerator, Naik said. BNY Mellon Wealth Management, which managed $292 billion in assets as of March 31, is deploying the tool to its network of wealth managers via a mobile-friendly QR code and website link to share with clients and prospects ranging from high-net-worth to mass affluent investors. 

After an investor completes the questionnaire, the tool curates specific recommendations and content customized to the user’s answers. The idea is to “remove the gates” from the technology tools BNY Mellon Wealth Management advisers have access to and bring them into the hands of the investors which, in turn, will spark an increased interest in working with a wealth manager, Naik said. 

“We’re helping [investors] gather more intelligence around all these five practices so they can ask the right questions,” she said.

BNY Mellon Wealth Management is rolling out the tool at a time when the debate around methodologies to assess risk tolerance have taken center stage among wealthtechs including Morningstar, Morgan Stanley, Riskalyze and Orion

Naik said the firm acknowledges that there are many risk-focused tools out there, but that BNY Mellon Wealth Management’s is more of a “hybrid marketing and prospecting” tool designed to connect with clients beyond just risk tolerance and focus on a holistic wealth strategy. The goal is to establish long-term relationships and move conversations toward additional services, Naik said.

“I could see when we go back to live events, for instance, this can be a very easy way for us to interact with prospective clients by letting them do a self-assessment right there on the spot,” she said.  

Moving forward, marketing will be taking an increasingly active role within BNY Mellon Wealth Management, Naik said.

“We are accountable for helping to drive the business and support in ways beyond collateral creation,” she said. “Marketing has gotten a lot more involved in the client journey, whether they’re new, prospective or already existing.”

Digital marketing is the area where advisers have indicated they would  increase their technology spend the most, with nearly 50% saying they would boost digital marketing spending in 2020, according to InvestmentNews’ 2020 Adviser Technology Study

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