Learning how to use AI to foster growth in wealth management clientele is explored in this article.

How can one use AI to find, keep and achieve more value from clients, and what sort of insights should family offices and those in other wealth management institutions take notice of? Mike Byrnes, of ByrnesConsulting.com, seeks to answer those questions in the following article. It is part of a continuing series of features and articles that this news service is running about how AI, and other technology, are changing the way the industry operates. 

As ever, the usual editorial disclaimers apply to views of guest writers. To respond and jump into the conversation, email tom.burroughes@wealthbriefing.com
 

The advancements in artificial intelligence will impact all industries, including financial institutions and family offices. The wealth management industry is quickly evolving, and those firms seeking a clear competitive advantage will need to allocate resources to understand and implement generative AI programs such as Open AI’s ChatGPT.

Here are six ways to use AI to retain, attract and win new high and ultra-high net worth clients:

1. Create detailed personas for micro targeting
Effective marketers and salespeople must have an in-depth understanding of their target market. AI can help better profile high net worth individuals and ultra-HNW individuals. It can analyze vast sets of data, looking at areas like demographics, preferences and behaviors.

The more information that is added to the persona, the better. For example, geography, concerns, buying habits and more can help to identify and find prospects, convert them and service them as clients.

The more complete the persona, the more easily winning strategies can be developed.

2. Identify appropriate media for positive exposure
Being seen in the media outlets that your target market respects allows advisors to gain credibility and attract prospective high and UHNW clients. It can help shorten the sales process and increase conversion rates, as being seen as the go-to-solution or expert allows prospects to narrow their decision set. 

Knowing this, AI can be used to pinpoint media outlets more accurately, and even the correct journalists to pitch ideas to. It can then help craft successful messages to reach out to media contacts. It will not yet replace a public relations agency, but it can definitely do some of the initial work that can result in obtaining positive publicity to improve a brand reputation.

3. Generate impactful content
Knowing the persona and the media it digests enables the use of artificial intelligence to help develop successful marketing content. For example, if one knows the lifestyle choices and spending patterns of the target market, AI can be used to generate insightful articles and white papers.

AI software can effectively research, gather data and help with topic selection. Before writing, use AI to create an outline and develop the flow of the piece. If using artificial intelligence to write, develop content at the reading level and sophistication of your audience. Give AI specifics about the tone and voice to be used. 

If writing your own content, ask AI to edit for grammar and tone. Make sure edits are shown and explained so you can pick and choose the desired suggested changes. 

If the AI program is writing the content, ask it to source information and even have it complete a plagiarism check, making sure that the content does not already exist elsewhere. Remember – AI is not completely reliable, it can “hallucinate” and make stuff up. Humans cannot yet concede their responsibilities as editors.

4. Optimize content distribution
Once the content is created, maximizing it is the key. Artificial intelligence can help push the content across various channels to reach the target audiences. Artificial intelligence has already been woven into the best email software and it will be a part of social networks too. It will help set up campaigns and then analyze them. Leveraging machine learning algorithms will help future campaigns become even more successful.

Currently, content distribution might include a national newspaper/website, a blog post, a complimentary full-length video, short videos, social media shares, an email, text messages, phone scripts and a press release. 

AI can take one piece of content and create a complete set of communications for a successful campaign. Just like the initial content creation steps, each of these outputs might have a unique process. For example, a website page might have an additional step factoring in search engine optimization.

Strategic touchpoints in varying forms will help campaigns targeting wealthy prospects be more complete, delivering higher results.

5. Enhance the lead capture process
Marketing and sales automation already exists, but it will be more advanced with AI. It will improve landing pages, giveaways, chatbots, forms, personalized messages, scheduling, qualifications, information gathering and coordination.

 Additionally, AI will provide constructive reporting and analytics to enhance the experience and increase conversions.

6. Improve lead conversions
Wealthy individuals expect personalization and the human touch. With the use of artificial intelligence, this sales process will only be enhanced. 

AI’s ability to gather more detailed information on a prospect will allow for a better human connection in meetings, more personalized follow-ups and better communications throughout the sales funnel, resulting in higher conversion rates.

Artificial intelligence is set to become a cornerstone of future growth. It will help win and retain high and UHNW clients, as their expectations expand in an increasingly competitive landscape.

The author
Mike Byrnes heads Byrnes Consulting, a strategic consulting firm helping wealth managers with business planning, marketing strategy, business development, client service and practice management. Byrnes is a frequent speaker at industry conferences.

Note:
Rights to articles written by Mike Byrnes will be owned by Byrnes Consulting, LCC and the text and reprints may be further used as Byrnes Consulting, LLC wishes. Any reprints or use of articles must specify Mike Brynes as the author.