New software option to onboard prospects faster is coming to Canada this fall
VRGL, Inc., of Dallas, Texas, which has just partnered with Bridge Financial Technology of Chicago, is bringing its technology to Canada this fall so more wealth management firms can automate more of their intake processes to provide better client attraction and retention.
âIâm advocating for this process to be a little more quantitative,â Josh Smith, VRGLâs co-founder and chief executive officer, told Wealth Professional. âWhy canât someone who is looking to evaluate a financial advisor be armed with more data? It doesnât have to be highly complex, but the advisor can add more value by being more transparent when a client is transitioning from another location.â
Smith said his software will open opportunities for advisors because it can input the data from potential clientsâ statements automatically and faster than inputting it by hand. That will allow the advisors to more rapidly develop comprehensive recommendations about what they would do with those assets if the clients joined them, and then track, and discuss, those assets with them later.
âAdvisors can then show someone a quantitative way that goes beyond just a performance report to actually explain how what theyâd do would add value to their potential client,â said Smith. âThen, when that prospect become a client, theyâre more in touch with whatâs continuing to happen.
âWhen you think about advisorsâ technology stack today, they basically have Salesforce or something like it on the CRM side. Then, there is literally nothing between Salesforce and the advisorsâ conversations with people thinking of moving billions of assets. Thereâs nothing other than âhereâs a PowerPoint presentation with my marketing pitch of what Iâm going to doâ.â
Smith said VRGLâs client acquisition and proposal management system will allow advisors to more easily review clientsâ portfolios with them to show risk, diversification, performance, taxes, and fees.
âThose five things really tell a story of where a client is and where theyâre going,â he said. âThey really allow both the advisor and prospect to have a good sense.â
Smith said VRGLâs system can accelerate the prospective clientâs decision-making by 50%.
âThat means youâre laying out less cost convincing clients to transfer,â he added. âSo, youâre spending more time on your yeses and less time on your nos. And, when youâre getting yeses, youâre getting even more money to manage. So, itâs a sales enablement tool.â
The new partnership brings together Bridge, a data-centric wealth management technology platform, with VRGL, which provides institutional-grade analytics and automated data extraction to the wealth management industry. The partnership will provide an integrated, front-to-back analytics and portfolio management suite that allows wealth management organizations to enhance transparency and deliver a new level of client and prospect interaction and engagement.
âAnyone who wants to be more transparent should love our software,â Smith said. âUltimately, we want to be the industry standard going forward.â