A Sophisticated Platform for Wealth Intelligence...A Sophisticated Platform for Wealth Intelligence...

The Fundamentals of Wealth Intelligence for

Financial Markets

2013

White Paper

A Sophisticated Platform for Wealth IntelligenceBest Practices in Leveraging Data for Better Decision-Making

About This PaperThe discipline of wealth intelligence combines the use of wealth, lifestyle and biographical research data with advanced analytics. Wealth intelligence is critical to developing and applying a strategy to pursue prospects and to achieve marketing and business development goals. On an everyday basis, this information can be used to set organizational priorities, facilitate and improve interaction with customers and prospects, drive long-term relationships, and to grow the business.

As part of WealthEngine’s series on The Fundamentals of Wealth intelligence, this paper provides a foundational perspective of the key considerations for effective wealth intelligence. We share some of the major enhancements and changes that WealthEngine has made to our SaaS-based wealth intelligence platform, along with the benefits clients will realize as a result of these improvements. We share WealthEngine’s unique perspective in understanding and manipulating massive amounts of data to distill insight that can help clients reach their preferred audience, faster and with greater precision and success.

WealthEngine Publications Team:

©2013 WealthEngineTM, Inc. All Rights Reserved.

Reproduction and distribution of this publication in any form without prior written permission is forbidden. The information

contained herein has been obtained from sources believed to be reliable. This document is informational in nature and we do not

guarantee any of the information either expressed or implied. Readers are encouraged to consult with their appropriate legal,

accounting and professional counsel before implementing any suggested actions. WealthEngine has no liability for errors, omissions

or inadequacies in the information contained herein or for interpretations thereof and shall not be held liable for any claims or

losses that may rise from the implementation of the best practices in this report. This document includes ideas for enhancing

WealthEngine’s products. These ideas are subject to change at any time.

Tony Glowacki, President and Chief Executive Officer

James Dean, Senior Vice President and Head of Luxury Services Practice

Sally Boucher, Director of Research, WealthEngine Institute

Shane Bair, Creative Director

Kimberly O’Donnell, Chief Marketing Officer

Lili Mehta, Consultant, Marketing and Special Projects

Silas Matteson, Senior Vice President, Products

Elizabeth Schiffmann, Client Service Manager

Jeremy Woolf, Senior Manager, WealthEngine Institute

A Sophisticated Platform for Wealth Intelligence 1

ContentsThe Power of Wealth Intelligence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2

FindWealth 8: Best Practices in Leveraging Data for Better Decision-Making . . . . . . . . .6

Use FindWealth 8 to Inform Your Marketing Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

Strategies That Work . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

Appendix: How WealthEngine Delivers the Next Generation Platform for Wealth Intelligence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

White Paper For Nonprofit Organizations

2

The Power of Wealth Intelligence


The Power of Wealth IntelligenceIn an evolving and competitive environment, it takes strategic insight to gain a competitive edge and effectively reach the right target audience. Those financial advisers who are able to convey a thorough understanding of their target audi-ence and employ creative ways to prospect are most successful in attracting and retaining business. A wealth intelligence solution from WealthEngine allows you to do this.

By combining wealth, lifestyle and biographical research data with advanced analytics, WealthEngine’s solutions are critical for not only researching your customers and prospects, but for setting organizational priorities, creating a marketing strategy, segmenting and prioritizing prospects, and improving interactions with customers and prospects in order to build long term relationships and drive long-term value.

WealthEngine’s FindWealth 8 platform enables you to find the exact person you are searching for along with information to create a complete profile of their wealth and affinity. This includes data on the assets they own, their income, lifestyle, interests, business and personal relationships, philanthropic associations as well as household and demographic data that allow you to have a full assessment of the individual. To this, you add scores and custom analytics that allow you to segment and rank order your customer base and systematically understand who your top customers are. WealthEngine also lets you leverage leading tools and strategies to identify connections, uncover new opportunities and find more prospects just like your top customers.

“WealthEngine is fantastic! It’s one of those technologies we’ve only scratched the surface for how it can impact our business. It’s a great technology to get you in front of, and talking with, new people.”

- Premier boutique insurance brokerage general agency (BGA)

Wealth intelligence is important for identifying who your best prospects are today, tomorrow, and even 10 years from now.

4

Uncovering Hidden Wealth

Wealth intelligence is important simply because wealth is not always obvious. In fact, in the U.S. and around the world, wealth is highly concentrated, with the top 1% of households owning 43% of total financial wealth and the next 19% owning 50%1. WealthEngine identifies those who are mass affluent, as well as those with ultra-high and high net worth. Our solution is unique in that it allows you to find those individuals with hidden wealth. These are individuals who typically own or work for a private business. They do not seek public or lavish lifestyles, yet there is a trail of information that can be aggregated to determine their wealth potential.

Distribution of Financial Wealth

Top 1%

Next 19%

Bottom 80%

50% 43%

7%

1 Source: Wealth, Income, & Power by G. William Domhoff, July 2010

“The data and analytics WealthEngine offers is very applicable to our industry. WealthEngine is helping us deliver our messages to the right people, and the rest is up to us. It’s a long-term campaign to stay in the forefront. But if you don’t take the first step, you don’t get to the finish line.”

- Leading boutique wealth management and investment advisory practice


6

FindWealth 8: Best Practices in Leveraging Data for Better Decision-Making


FindWealth 8: Best Practices in Leveraging Data for Better Decision-MakingWealthEngine has combined the art of wealth, lifestyle and biographical research data with the science of advanced analytics and database technology to develop FindWealth 8. In doing so, we have established industry-leading best practices to making wealth intelligence easier, faster and more powerful than ever before. These best practices in leveraging data for better decision-making include:

1. Access Quality Data

2. Search and Find the Right People

3. Detect & Remove Duplicates

4. Apply Analytics

5. Leverage Connections

6. Integrate Data into Your CRM

7. Use Alerts to Monitor Money in Motion

8. Make it Easy, Make it Fast

9. Protect Customer Confidentiality

10. Receive Training & Support

WealthEngine has combined its knowledge of wealth intelligence best practices with leading data mining technology to extract the true value of data, especially when working with high volumes and dramatic increases in data, known today as big data. Behind the scenes, WealthEngine uses sophisticated parsing routines to normalize data, and uses distinct matching systems and extensive data cleansing to standardize addresses and names, making it easier to match disparate data and uncover complex relationships. For example, certain data providers abbreviate or concatenate names or addresses. WealthEngine has a system for expanding and normalizing this infor-mation, so that there is a higher quality of match. Finally, by continuously mining for relationships and associations in the data, WealthEngine is able to ensure that records that on the surface appear to be different individuals are linked together.

The result is a wealth intelligence platform that enables you to quickly and easily find the right information about the right person, with fewer duplicates and a more thorough and accurate search result. Unlike most other platforms, FindWealth 8 is rich in analytics that enable you to systematically understand your customers and prospects and to discover and link connections between customers and top pros-pects. With this insight, you can develop strategies to segment and target customers and uncover new prospects that mirror your most profitable customers.

8

FindWealth 8 Provides a Graphical View of Key Analytics

What’s more, FindWealth 8 makes it easy for the marketing, business development and sales teams to access and effectively use the data and analytics. From custom-izing your view to integrating results into your organization’s customer relationship management system, FindWealth 8 was designed to seamlessly incorporate the research task into your daily workflows and business processes. Users across your organization can easily manage and customize their account environment, so they can get the answers and help they need, when and where they need it. We also offer clients the personal training and support they need to maximize their business development success. This includes customized training sessions on how to use the product, how to interpret search results, how to generate a report and how to best utilize the research data and analytics.

WealthEngine is committed to leveraging the latest technology and development framework to give our clients a robust and secure wealth intelligence platform. FindWealth 8 uses a cutting-edge web application server, database technology and development framework from Oracle, and our data center infrastructure has been significantly upgraded to leverage the latest technologies in shared memory, database clustering and processing. We have also established policies and controls to ensure the highest levels of performance and availability and to protect customer confidentiality.


Wealth Intelligence T Wealth Data

T Ratings and Scores

T Predictive Analytics

Offers Numerous Benefits T Better Understanding of Top Customers

T Develop Segmentation and Targeting Approach

T Ability to Uncover New Prospects

To Deliver Maximum Results T Better Decision-making

T Higher Revenue Growth

T Stronger ROI

Use FindWealth 8 to Inform Your Marketing Strategy

10

Strategies That WorkWealthEngine’s solutions have helped many Financial Services clients maximize the success of their marketing and business development strategy, so they can grow their business. It goes beyond simply understanding the wealth and biographical attributes of individuals, and provides an analytical approach to using research data. WealthEngine can help you:

Prepare for a Sales Call Even a little bit of extra research and analytics can provide the insight needed to close more business. Using FindWealth 8, you gain insight and important research on your customers and prospects and the ability to develop a complete understanding of their wealth, personal and household information. FindWealth 8 helps you answer important questions such as: Are they business owners? Does their wealth profile indicate they may have financial planning issues? Do they have a high investment rating? Are they charitable? Your client may not know that you have the tools, know-how and product line to manage their financial or estate planning challenges, to provide for their favorite charity in perpetuity, or to help structure a business succession plan. You might not know to bring it up without WealthEngine.

Target a New Geographic Market When looking to expand your business in a new market or territory, you need tools to find and reach affluent or high net worth prospects. FindWealth 8 allows you to identify the attributes of your best custom-ers and leverage this insight to generate a targeted prospecting list. Use Prospect Generator, our proprietary database of high and ultra-high net worth individuals, to search for new prospects based on geography, wealth, affinity or propensity. WealthEngine’s proprietary search logic cuts across hundreds of wealth attributes and covers more than 100 million households across the U.S., including millions of High Net Worth individuals and households who account for a significant portion of wealth in America.


Leverage Referrals to Build Your Business Your hottest leads are often the ones that come through a referral by an existing contact. WealthEngine provides visibility into the social, professional and philanthropic connections of your customers and prospects through our Circle of Friends tool. This allows you to identify friends and associates of the people you already know or have rela-tionships with, create an Inner Circle to identify those with a deeper relationship, and apply wealth attributes and ratings to better segment and rank order your list−including net worth, total assets, as well as business, family, and lifestyle criteria. This insight allows you to leverage a continuous stream of qualified prospects who know your existing customers and share similar attributes. It’s essentially a continuous online referral pipeline without the awkward discovery conversation.

Identify Upsell and Cross-sell Opportunities WealthEngine can help you identify opportunities within each client you may not have known existed, so you can develop a marketing strategy that speaks directly to their needs and interests. A Wealth Append, or screening, allows you to apply a systematic approach to this understanding by screening all or part of your database to uncover hidden potential. Use this data to first identify those customers and prospects with the right attributes, and then apply wealth scores to further segment and assign them to the right marketing program or campaign. The WealthEngine screening approach is unique in that we screen all client records through all available data sources to uncover valuable insight and deliver analytics that can be used in developing a marketing approach or in building a custom predictive model. And with FindWealth 8, you can screen all or part of your customer database or prospect list on the same platform on which you conduct research.


12

Conclusion


ConclusionWith more than 20 years of experience, WealthEngine’s solutions have proven effective by leading Financial Services firms that target affluent and high net worth individuals. WealthEngine clients use these solutions to expand their reach, develop strategies to cultivate relationships with customers and prospects, and ultimately grow their business.

WealthEngine serves over 4,000 clients with powerful wealth intelligence solutions that cover four key areas: Analytics, Research, Prospecting and Consulting. Our FindWealth 8 platform forms the core of these solution areas, making wealth intelligence easier, faster and more powerful than ever before. No other solution offers this level of insight to give clients complete insight on the people they already know, and the tools to find new people they would like to get to know.

ANALYTICS RESEARCH

PROSPECTING CONSULTING


14

Appendix: How WealthEngine Delivers the Next Generation Platform for Wealth Intelligence


12 Reasons to Leverage Big Data and Analytics in Your Marketing Strategy

1. Search Capability and Ease

WealthEngine offers solutions that are scalable to accommodate all aspects of research, marketing and business development

FindWealth 8 offers a single search function, with the ability to search by name and/or address

Clients are given flexibility in how address information can be entered

FindWealth 8 offers the ability to match and correlate disparate names or name aliases, i.e. William/Bill/Billy

FindWealth 8 provides for suggestive typing within filter boxes, so clients do not have to completely type a city name or zip code

Search results are provided within seconds, and are informative, reliable and complete

FindWealth 8 provides features to visually assess and mine data

2. Depth and Quality of Data

WealthEngine offers a comprehensive set of wealth, lifestyle, demographic and personal information, including real estate, stock holdings, airplane and boat ownership, and more

FindWealth 8 offers the ability to search within selected data sources for a deeper dive and immediate insight into information that changes on a frequent (sometimes daily) basis, such as sale of stock

FindWealth 8 offers options to create quick summary profiles or full detailed reports

FindWealth 8 offers the ability to select what data sources are used in generating a report, allowing clients to limit the report to just those data sources they are interested in

3. Capabilities for Wealth Screening and Appends

WealthEngine has a sound screening approach and methodology that emphasizes the screening of all records through all available data sources, prior to applying analytics or building a predictive model

WealthEngine offers flexible screening choices - from regular and on-demand screening of small groups of records to screening of large batches of records on a routine and/or sporadic basis

FindWealth 8 offers the ability to upload files for screening on the same FindWealth 8 in which you conduct individual searches

Provides an easy step by step process for clients to upload files for screening

WealthEngine screens all records submitted for a screening and includes matches to all data sources

WealthEngine offers NCOA, email and phone appends

WealthEngine offers appends for wealth, lifestyle, demographic and personal information

4. Range of Analytics and Approach to Using Analytics

WealthEngine delivers a range of wealth scores to estimate assets, net worth, cash on hand, and more

WealthEngine delivers a range of different analytics to meet various marketing or business development goals and/or to be used in a variety of marketing programs (direct mail, events, etc.)

Wealth scores are designed to handle a variety of situations and variable amounts of data

WealthEngine uses tested, proven algorithms to validate the ratings and ensure their predictive accuracy

Algorithms are updated and re-validated on a regular basis, using the most recent consumer and giving data available

WealthEngine offers custom analytics and predictive and statistical modeling to meet clients unique needs, using a combination of attributes found through screening process and client-supplied data points

16

5. Capabilities to Identify & Analyze Connections

WealthEngine delivers information on an individual's business, social and philanthropic connections, to identify new prospects and generate warm referrals

FindWealth 8 provides visual indicators of key connections, including how they are connected and the strength of the relationship, to identify key connections

FindWealth 8 provides the ability to categorize and rate relationships, and modify strength of relationship ratings based on user inputs

FindWealth 8 provides visual snapshots of key data points and analytics to get a quick and complete picture of a prospect

WealthEngine profiles the people you know best (your inner circle) and shows you their connections to other customers

6. Capabilities for Prospecting Research

WealthEngine offers solutions to search for new prospects based on user-driven criteria – wealth, affinity, lifestyle, geography

Prospecting solution is integrated with the wealth intelligence FindWealth 8 to allow users to easily drill down and get a complete wealth profile

Prospecting results can be saved and managed in the same area as search and screening results

7. Ease of Accessing and Sharing Results

Search results and reports are available online and can be managed in folders and subfolders

Search results and reports can be shared with colleagues and team members

8. Capabilities to Integrate Results into the CRM

Wealth intelligence and screening data can be fully integrated into the CRM, either through a mass import or direct API links between the CRM and the WealthEngine’s wealth intelligence FindWealth 8

9. Alert Capabilities

FindWealth 8 provides the ability to receive alerts on a change in the prospect’s wealth, business or financial position

Alerts can be received via email on a daily basis

10. Measures and Practices for Security and Performance

WealthEngine has a rigorous security policy that ensures only authorized personnel can access the information

FindWealth 8 offers the ability for clients to manage and reset their passwords

Research results are kept securely and are not visible to unauthorized users

WealthEngine’s company is committed to leveraging the latest technology and development framework

WealthEngine’s company has multiple levels of physical and network security

11. Features for Client Self-Service

Help information is context-sensitive, is available from within the research FindWealth 8, and offered in a searchable form to make it easy to locate the right information

Descriptive and on-screen labels give clients guidance when conducting a search or interpreting the results

FindWealth 8 offers the ability to store and manage results within the product

FindWealth 8 offers the ability to add custom text notes to an individual profile, to aid in research or communication with others


12. Services for Client Support and Training

WealthEngine offers in-depth product training and is able to support the unique or custom training needs of clients

WealthEngine delivers and presents customized analysis and training to clients on site, if needed

WealthEngine’s client support team has extensive experience in wealth intelligence, in addition to deep experience with the wealth intelligence FindWealth 8 and technology

WealthEngine offers custom and special project consulting services to help clients meet their goals and maximize return on investment

WealthEngine offers industry expertise, education and knowledge sharing through certified webinars, best practice reports, white papers and case studies

About WealthEngine™, Inc.WealthEngineTM, Inc. is a leading provider of sophisticated wealth identification and prospect research services to providers of luxury organizations including luxury goods, retail, jewelry, private aviation, automobile, travel, real estate, hotels & resort and art and antiques. WealthEngine clients also include many financial services firms and philanthropic organizations that target high net worth individuals. More than 4,000 clients use WealthEngine for comprehensive research and analytics on individuals, companies and foundations. Headquartered in Bethesda, MD, WealthEngine serves both the United States and the United Kingdom. For more information, visit www.wealthengine.com.

wealthengine.com [email protected] 800.933.4446

A Sophisticated Platform for Wealth Intelligence...A Sophisticated Platform for Wealth Intelligence...

Documents

Transcript of A Sophisticated Platform for Wealth Intelligence...A Sophisticated Platform for Wealth Intelligence...