Catchlight, a fintech provider specializing in AI-driven growth solutions for wealth management firms, is looking to support advisors' prospecting efforts with a newly unveiled tool.
The firm announced Wednesday that it's releasing a new Lead Routing decision support model on its platform via a beta launch.
This invite-only release seeks to improve lead conversion rates by pairing prospects with advisors who are best suited to their specific profiles, potentially helping firms build more efficient pipelines of prospects.
"Catchlight’s new model is part of our continued and relentless pursuit of leveraging data to help firms drive organic growth in a much more efficient way," Wilbur Swan, CEO and co-founder of Catchlight, said in a statement.
With the new lead routing model, firms are able to analyze their existing clients and use that information to find similar prospects, assigning them to advisors with relevant experience. It uses detailed prospect profiles, which include factors such as age, income, and employment history, to make informed lookalike matches between investors and advisors.
By employing this method, Catchlight aims to increase lead-to-client conversion rates while lowering the notoriously steep costs associated with prospecting.
"Customer acquisition is an expensive and often suboptimal process. We aim to improve lead-to-client conversion rates while decreasing costs for the firm and elevating the experience for the investor," added Swan.
The release comes amid rising consumer expectations for personalized service, with 71 percent of consumers expecting companies to provide tailored interactions, according to a recent study.
In February, Catchlight bolstered its network of partner wealth firms via a deal with Mercer Global Advisors, which includes more than 290 advisors across 85 offices nationwide.
"With Catchlight's tools, we're able to customize our approach to better meet the individual financial goals and aspirations of our clients, demonstrating our dedication from their first interaction with us," Gary Foodim, chief marketing officer at Mercer Advisors, said in a statement at the time.
Nine-month electronic trading freeze and share lending program at the center of dismissed claim.
Meanwhile, Rossby Financial's leadership buildout rolls on with a new COO appointment as Balefire Wealth welcomes a distinguished retirement specialist to its national network.
With a smaller group of companies driving stock market performance, advisors must work more intentionally to manage concentration risks within client portfolios.
Professional athletes are often targets of scam artists and are particularly vulnerable to fraud.
The brokerage giant tells Wall Street it will use artificial intelligence to reach clients it has never been able to serve — and turn the technology's perceived threat into a competitive edge.
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline
