The SEI Advisor Network provides independent advisors with outsourced wealth management platforms that are designed to meet the demands of a new generation of wealthy clients. In an evolving wealth management industry, the Advisor Network offers an end-to-end process for successfully transforming their clients’ businesses in every critical area, including asset management, administration and operations, client relationship platforms, marketing, and practice management. The SEI Advisor Network is a strategic business unit of SEI.
SEI’s New Advisor Sales Team (NAST) identified an opportunity to expand their lead generation efforts. While participating in conferences, receiving referrals from existing clients, and networking with broker/dealers had produced positive results, increased competition meant that SEI needed to expand their efforts and develop a marketing strategy with creative messaging and offers that would allow SEI to stand out among other providers of similar outsourcing services.
SEI’s Corporate Marketing was called on to partner with the Advisor Network marketing team and develop a formal lead generation strategy including a multi-media mix of e-mail, web banners, print advertising, direct mail and telemarketing. This integrated lead generation program was designed to recruit select financial advisors to outsource their investment management, administrative and back office functions to SEI.
As SEI developed their strategic media plan, they reached out to TeleNet Marketing Solutions to assist with the back-end telemarketing.
The Advisor Network put a system into place, which allowed them to capture and track responder profiles, the offers that each respondent downloaded, and the creative campaign that drove the respondent to the Website link. Select advisors were then provided to TeleNet Marketing Solutions to be further qualified and deemed appropriate for the Advisor Network’s outsourcing solutions. SEI’s goal for the telemarketing was to schedule phone appointments with qualified advisors.
Working with SEI’s marketing managers, TeleNet Marketing developed a telemarketing approach to meet the needs of the Advisor Network. A particularly important element of the call guide creation was incorporating the strict qualification criteria, which included a number of factors. Additionally, the messaging needed to be designed in a way in which unqualified advisors were adequately – and respectfully – explained the benefits of the SEI solution and why it may not be the best fit for them.
Another important element of the telemarketing process was the development of key metric reporting, allowing tracking of appointments based on media and campaign source.
Over the course of approximately twelve months, SEI generated nearly 2,000 inquirers – or “suspects” who downloaded their various whitepapers. Select advisors were then provided to TeleNet for further qualification.
Through the telemarketing process, TeleNet has helped advance SEI’s sales process by scheduling 124 phone appointments with qualified advisors.
In addition to scheduling appointments, the program also uncovered a significant number of qualified prospects that are not ready to engage SEI at this time, but should be actively marketed to (nurtured) for future opportunities.
The telemarketing lead rate based on completed interviews is thirteen (13) percent, which is above the industry average of eight to ten percent for a prospect-focused appointment setting program. This lead rate is particularly impressive given the strict qualification requirements of SEI – approximately one quarter of the prospects interviewed did not meet the qualifications required to progress in the sales process. Thus, the 124 appointments uncovered are highly qualified sales opportunities.