It will help broker-dealers to segment investors differently, by characteristics such as life stage, age, profession and goals, rather than just by assets, according to the Aite Group. Big Data will assist these efforts, with clearinghouses and broker-dealers examining patterns found in advisor and client information.
"We're looking for trends in how our advisors are using customer relations management and income distribution generated from different products," said Wayne Bloom, CEO of Commonwealth Financial Network.
In the future, Aite Group predicts firms will offer portals that will allow clients to aggregate their assets so they can see all their financial business in one place on real-time basis. Currently, a minority of high-net-worth advisory firms have portals that also aggregate client accounts and budgets.
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Commonwealth Financial Network, for example, offers aggregation of everything from airline miles to artwork, which is all tied to the advisor CRM, Bloom said.
The portal also serves as a marketing tool. "Mrs. Jones will see that you offer long-term care," he added. "She may not need it, but her mother might. It helps build awareness to things we offer."
Social media will be a key role in an advisor's marketing model and efforts as well.