Matt Reed, Chief Revenue Officer for Powerlytics, joined Julie Cooling, Founder and CEO of RIA Channel, to discuss how advisors can have a more complete financial picture of clients and prospects.
Reed states that there are strong tailwinds for firms helping advisors create organic growth. The success rate for new advisors is very low, and current lead generation databases lack information that advisors can use to grow their businesses. A recent McKinsey study estimates that the workforce will face a shortage of 100,000 advisors by 2034, showing the need for advisors to continually increase productivity.
Wealth management firms need to figure out their lead generation strategy, as investor behavior varies widely across generations. While 60% of older investors would only hire a financial advisor through a referral, a 2024 survey estimates that 57% of investors aged 44 and younger who hired a financial advisor did so based on digital marketing.
If referrals are less effective for reaching younger generations of investors who will benefit from trillions of dollars in wealth transfer, wealth management firms need to figure out a new lead generation strategy. Powerlytics believes that a better data set can enrich marketing capabilities and provide value in gaining clients, wallet share, and market share.
Powerlytics has been helping banks, lenders, and credit card companies make better risk decisions regarding consumers for ten years with tools such as income verification. Powerlytics has a complete financial profile on every US taxpayer sourced from US government databases. Powerlytics launched its new platform, Investable Assets for Wealth, in April 2025. The database allows advisors to search for investors in specific zip codes with criteria such as income over $100,000 and investable assets over $500,000. Database search results can be exported to CRMs, including Salesforce and HubSpot, to track the advisor’s outreach and marketing efforts. Powerlytics will not build a CRM, as most advisors have their own CRM and targeting strategy.
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