Rusty Woods • Virginia Beach, VA
Enterprise Financial Network • Cambridge Investment Research Inc.
I have been an independent financial and investment advisor for close to 30 years in the Hampton Roads area of Virginia. I have a very good understanding of the market and the financial needs of a large segment of this community. Coming from a middle-class, hard-working family, I’ve found that this demographic group is often underserved by large financial institutions—and many advisors.
A significant percentage of my client base is made up of working-class individuals and their families. The Hampton Roads area has a large concentration of military bases, shipyards, defense contractors, construction and technology firms, and government offices. I might be speaking with a pipefitter in the morning and someone who works in IT in the afternoon. But my clients aren’t limited to just these groups. I also work with teachers, first responders, health-care workers, business executives, professionals and many others—people from all walks of life.
I have relied on current client referrals for most of my career to grow my practice, and it has generally worked out well. However, I was intrigued by the idea of trying new methods to accelerate client acquisition. I learned about the SmartAsset referral program through their marketing, as well as the endorsement from our broker-dealer, Cambridge Investment Research.
The SmartAsset program offers several key features:
- It serves as a client-conversion platform for advisors, allowing them to target a specific number of new clients each year.
- Advisors can specify the desired level of investable assets for prospective clients.
- Prospective clients, reached through SmartAsset’s marketing, identify themselves as interested in the services of a financial professional. They qualify by completing a short, confidential online questionnaire that assesses their financial situation and investable assets.
- After completing the questionnaire, prospective clients are matched with up to three financial advisors based on location and investable assets.
- With the help of account management support services and CRM integration technology, SmartAsset helps advisors connect with the self-identified prospects.
- Advisors can choose from a menu of service levels and fees, based on their annual client acquisition goals and the number of referrals they want to receive. The subscription includes onboarding and a dedicated account manager.
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I think the SmartAsset program is a win-win for both prospective clients and financial advisors. Clients looking for reputable financial advisors are referred to advisors that have been vetted by SmartAsset, while advisors gain access to motivated clients actively looking for professional financial guidance. This leads to a higher conversion rate compared to many other marketing programs.
I have been very pleased with the results so far and have developed several new clients through the program. I may even consider moving up to the next level of referrals in the coming year.
Disclosure: Securities offered through registered representatives of Cambridge Investment Research Inc., a broker-dealer, member FINRA/SIPC. Advisory services through Cambridge Investment Research Advisors Inc., a registered investment adviser. Cambridge and Enterprise Financial Network are not affiliated.
SmartAsset Advisors LLC (“SmartAsset”), a wholly-owned subsidiary of Financial Insight Technology, is registered with the U.S. Securities and Exchange Commission as an investment adviser. SmartAsset’s services are limited to referring users to third-party advisers registered or chartered as fiduciaries (“Adviser(s)”) with a regulatory body in the United States that have elected to participate in the matching platform based on information gathered from users through online questionnaires. SmartAsset receives compensation from Advisers for its services. SmartAsset does not review the ongoing performance of any Adviser, participate in the management of any user’s account by an Adviser, or provide advice regarding specific investments.
Photography by Don Monteaux
