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Relationship intelligence is the key to growing Assets Under Management

Every personal wealth manager handling Assets Under Management (AUM) knows that the best—which is to say, the easiest—way to get new clients is through referrals. If you’re keeping your clients happy, they’ll keep you happy by sending new business your way.  

But what do you do when those referrals dry up? Or, what if you’re new and don’t have a healthy roster of clients to make those referrals? 

As a personal wealth manager, it’s your job to always be on the lookout for a wealthy professional with lots of cash or other assets to invest under your management, preferably a nice golden goose in the elite hundred million dollar bracket. The problem is, by the time anyone builds that amount of capital, there’s no way they don’t already have a financial advisor. 

What are you gonna do? Steal them away from their current advisor? Well yeah, you would if you could, but can you? You’d probably do better just playing the lottery. The odds are not in your favor.

You can’t really solely rely on referrals and poaching clients. What you need is relationship intelligence. Relationship intelligence for AUM uses the existing commercial relationships in your organization to unlock potential AUM, with the opportunity for access to millions of new leads. 

Hunt for hidden treasures

Hidden treasures are littered within your organization. Finding those treasures is not as hard as you think. We’re talking about high-ranking executives on track to be CEO, or about to receive a wholesome chunk of venture capital. These are the golden goslings who will one day soon become golden geese, and they’re far easier to win because there’s a much greater chance they don’t have a financial advisor yet. 

When you find these hidden treasures you could enter them into an incubator program within your private wealth team to show them the benefits of working with you. The trick, of course, is finding them.

Relationship intelligence for AUM is the key

A lot of people rely on relationship intelligence from places like LinkedIn to give them leads. And as great as LinkedIn is for some things, when it comes to relationship intelligence it’s spotty at best. For example, your 1st degree connection may be someone you met at a conference three years ago and have not spoken to them since the event. LinkedIn Sales Navigator is good, but you need a true warm relationship with a real understanding of engagement to drive your response rates up. 

Prospecting is a lot of work. It takes tons of time and effort to troll around looking for potential business. But it doesn’t have to be so hard with the right technological solutions.

What you need in order to find the next golden goose is real relationship intelligence for AUM to help you grow your Assets Under Management. Intel that goes beyond giving you a name and provides you with a score that you can trust to show which leads are real and warm, and which ones are just lottery tickets.

Where does relationship intelligence for AUM come from?

The source of relationship intelligence for AUM is at the core of your business interactions. All the data is there, just waiting to be mined. It’s sitting in the inboxes of your commercial banking relationships.  Given the right technology to collate and assimilate all the data, these contacts in the B2B world can become personal relationships for wealth management.

The bank, in effect, becomes its own internal warm lead generator.

Challenges with internal banking data

So you have this nest egg of internal banking data. But is the data any good? 

Mining this internal data requires a strategic approach that can sync with your CRM strategy. There are various ways to manage this data once it is found. The trick is to cleanse the data and enrichen it with the updated details to make it worthwhile for your CRM. 

So you need a solution to automate all this data entry and cut out the human error factor. You should probably go the extra step to clean up all the data that’s already in there, too. That way, armed with verified, enriched, corrected, cleansed data, you’re ready to get started.

Next problem: what do you do with it? How do you extract the relationship information for AUM you want from the pure, raw data?

You need another solution that can create dossiers on potential candidates, providing details on their company like its size, wealth summary on the individual, annual revenue, an overview of existing relationships across the bank, past interactions and personal news on the lead. The dossier provides an automated profile by consolidating multiple technology systems which will save 3-5 hrs in research per day. 

Finding the right tool to identify your relationship capital

Now that you’ve identified the pain points, it’s time to source out your solutions. It’s possible to find a different solution for each of the issues—identifying your relationship capital to help grow AUM, reducing friction in your research processes, increasing client satisfaction by measuring engagement, and reducing attrition by understanding best practices for client engagement—or you could look for one tool that does it all. 

Go with option B.

Just imagine: an end-to-end platform that encompasses all the solutions and the only thing you have to do is have it set up. It inputs the data. It makes sure the data is trustworthy. It sends dossiers on potential new business directly into your email inbox. The hardest thing you have to do is pick up the phone. You don’t even have to remember a new login, because there isn’t one. It all works within the systems you already have in place.

Every journey begins with a single step

Now stop imagining and take that first step towards making it happen. Book a demo of the Introhive platform and see just how much better your prospecting life can be, then go out and find your hidden treasures. 

Wealth management is a long game, but the sooner you start playing it smart, the sooner you can reap the rewards.


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