Fewer than two percent of asset managers use predictive analytics tools to focus the firm's valuable sales resources on advisors who merit the firm's attention, according to a new report from kasina
, Increasing Business Impact with Predictive Analytics
The company says that this is in sharp contrast to a recent study showing that one-third of companies across all industries leverage predictive analytics tools for more profitable customer relationships.
"No firm can afford to have wholesalers spending time cross-selling or upselling products the advisor isn't interested in, pursuing prospects who won't respond or losing valuable customers who felt dissatisfied or ignored," stated Julia Binder
, director of e-business research at kasina. "As budgets continue to come under greater scrutiny, predictive analytics is now a must-have for increasing the cost-effectiveness and profitability of resources."
While some large asset managers have used predictive analytics tools for several years, about half of the early adopters are small and mid-size managers according to the report. In fact, one mid-size firm regularly gets a 1.5- to 2-times sales lift for leads identified by the predictive analytics tool versus leads identified through traditional means.
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