Client segmentation has become increasingly important as an RIA growth driver, but it can’t be an afterthought. What’s more, the discipline may not be suitable for every firm. This third and final installment of our AdvisorEngine® series examining the challenges of implementing client segmentation and some fundamental dos and don’ts for firms ready to take the plunge.
Advisory firms are moving beyond the traditional classification of clients by their assets and the revenue they generate. In this second part of our AdvisorEngine Learning Center’s series, client segmentation for financial advisors, I’ll explore how clients can be segmented beyond assets under management. I will also look at how (or should) an RIA widen or ‘soften’ its target market to a younger, less affluent demographic, taking advantage of cost-efficient digital technology.
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