The explosion of data in wealth management has outpaced advisors’ ability to act on it – so some firms that have taken note are finally taking action. Prudential Advisors, the retail arm of Prudential Financial, Inc. (NYSE: PRU) said Tuesday it has made important enhancements to its Advisor Leads programs, leveraging artificial intelligence (AI) and data science to improve lead quality and increase conversion rates.
For firms like Prudential Advisors with more than 3,000 advisors across the country, lead generation may no longer be a sales problem but an AI systems problem. The firm said AI is now embedded end-to-end in the Prudential Advisors Connect (PA Connect) platform – covering enrichment, scoring, routing, feedback and advisor enablement.
“As the volume of data available to advisors continues to grow, AI is a strategic investment in advisors and growth,” said Pat Hynes, president of Prudential Advisors. “If we are to meet the challenge of turning a sea of data into meaningful action, we need a leads program that applies AI thoughtfully and responsibly – to help advisors focus on the opportunities that offer consumers the right advice at the right time.”
With the latest enhancements to its leads program, generative AI analyzes existing Prudential data to surface actionable insights. These insights provide the context that enables advisors to personalize outreach before first contact, according to the firm. In addition, the program’s data science models rank leads most likely to convert. Prudential calls it “Lead Propensity Modeling,” which enables advisors to focus their time where impact could be highest.
Advisors at Prudential who have reaped the benefits of Prudential’s leads program suggested the shift is already happening – from quantity of leads to quality of opportunities.
“Today, whether someone is just starting in the business or is an experienced advisor, Prudential Advisors’ investment in this enhanced resource allows us to engage prospects with a much clearer understanding of their needs and priorities,” said Edwin Wincek, financial planner with Prudential Advisors. “Clean and enriched data, smarter lead prioritization, and more relevant context mean I can spend more time having purposeful conversations and less time sorting through noise.”
