Ian J. Karnell, CEO of VastAssembly.ai and VastAdvisor.ai, joined Julie Cooling, Founder and CEO of RIA Channel, to discuss how the industry is evolving to make alternative investments more accessible to advisors and their clients.
Karnell, a serial entrepreneur throughout his entire career, stated that Vast Assembly is the fastest-growing company he has ever founded, attracting 35 RIAs as clients in the firm’s first six months of operation. The firm’s value proposition resonates with advisors who are considering accelerating organic growth. Vast Assembly helps advisors drive efficiencies, reduce costs, and enhance prospect conversions.
VastAdvisor.ai aims to compete with firms like SmartAsset and Zoe Financial by leveraging AI to systematize client acquisition. VastAdvisor doesn’t sell leads but builds scalable lead generation engines customized to each advisor. This reduces the advisor’s reliance on purchasing expensive leads that are often sold to multiple advisors. Karnell notes that RIAs often spend $3,000 to $5,000 to convert a lead. Vast Advisor seeks to reduce customer acquisition costs by 30 times. Increased revenue growth and reduced prospecting costs lead to improved firm valuations.
Over 188 million Americans with $7 trillion in wealth are actively seeking the support of a financial advisor. These investors get advice from family members and social media. While these investors spend time on LinkedIn and Facebook, paid advertising to reach these prospects can be cost-prohibitive. Rather than hiring a consultant or an agency, AI can be utilized to write ad copy, develop a creative strategy, and optimize ad campaigns across channels. Once the leads are generated, the advisor needs to personally convert the prospect by articulating their unique value proposition.
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