Fidelity Investments has launched a new Web-based research tool
designed to help independent advisors find new prospective clients
and networking opportunities.
The Referral-Edge platform aggregates information from more than
3,000 sources, including press releases, public filings and Web
sites into a single searchable database which is updated daily,
according to Fidelity. The platform gives advisors access to
about 2.5 million high-net-worth individuals, 1.5 million
retirement plans and nearly 150,000 foundations and endowments and
is free to Fidelity's advisor clients.
"Referrals are often an untapped opportunity for advisors
looking to grow their practices," said David E. Canter, executive
vice president and head of Practice Management and Consulting at
Fidelity Institutional Wealth Services. "Taking a proactive,
hands-on approach to networking and prospecting can help advisors
stand out from other firms in an increasingly competitive RIA
marketplace."
While referrals account for 51% of an advisors new business,
only 20% of advisors ask their clients for them, according to
Fidelity. The new platform allows Fidelity's advisor clients to
search its database for detailed profiles of existing clients,
professional connections or prospects using a myriad of search
topics, including location, level of wealth, industry, job title or
associations.
"For example, you can set a search for CEOs in New York City
with a net worth of $10 million plus," Fidelity spokesman John
Eidson said. "This tool helps them identify highly valuable
potential clients and really use that to build their book of
business."
The tool can also identify additional details about an advisor's
current clients, like a board or association membership, which
could uncover possible networking opportunities with other members,
according to Fidelity.
There is a vast amount of information available on the public
domain, but searching through it all for potential clients is a
time-consuming task, according to Eidson. "All of this is
aggregated into the database, so it's a tremendous time saver," he
said.
Fidelity said the program adds more than 12,000 executives,
reports about 30,000 wealth creating events including new job
appointments and promotions, mergers and acquisitions and trading
activity, and more than 2,000 foundation and endowment updates
monthly.
Financial Advisor magazine reaches 90,000 financial planners and
investment advisors through its print publication and its
Web site
. It also publishes
FA green
, for advisors interested in socially responsible investing, and
Private
Wealth
, for advisors targeting the ultra high-net-worth market.