- Key insight: FPA and Snappy Kraken have partnered up to revamp PlannerSearch. The new technology aims to enhance client-advisor relationships and provide better resources for both advisors and clients who seek them.
- What's at stake: Potential clients want bespoke suggestions without having to search extensively.
- Supporting data: The average turnaround time from search is 24 hours. PlannerSearch follows up within five minutes, which increases lead-to-appointment opportunities by 85%.
On Oct. 1, the Financial Planning Association released a revamped version of its software platform PlannerSearch as part of a
PlannerSearch comes at a time when the public needs better technology solutions to assist them in identifying "true financial planning and planners," FPA CEO Dennis Moore said during a demonstration call.
The results go beyond basic listings, providing users with more tailored advisor matches based on their
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Hurdle No. 1: Reaching prospects
To round out the development team, the FPA and Snappy Kraken brought in financial software firm the Smyth Group. During the demonstration, CEO Jamie Smyth said goals included creating something that was not a directory but that also avoided being another ZIP code search service.
The team also held preliminary discussions with planners and looked at consumers' needs, "before our team wrote a single line of code," said Nikita Nilges, strategic designer at Smyth Group.
The challenge for many planners is that prospects come with specific needs in mind.
"Most people don't start searching for a financial planner on an average Tuesday," said Smyth. "They start looking because something major has happened in their lives."
Prospects are taken through a 12-question quiz that addresses their emotional drivers and behaviors that influence their financial decision making and their relationships with money. The quiz looks for life events as a gateway to potentially fit the advisor's expertise while it digs into the client mindset to find more personalized advice.
"We love it when a client comes to us organized and ready to make the most of their finances," a voiceover in the tool's demo says. "But we know the reality…It's a massive spectrum."
The quiz results feed into what the team calls the Mindset Matrix, a framework that plots the prospect's financial well-being and readiness to engage on two axes. "Where these forces intersect, the matrix reveals four distinct client mindsets," the demo says, "each requiring a tailored approach from you as their potential planner."
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Hurdle No. 2: Helping advisors stand out
A major challenge the teams sought to tackle was helping advisors meaningfully differentiate themselves
"Profiles blended together so consumers couldn't really tell one planner from another," Nilges said.
Most directories serve as information clearinghouses where "financial planners look remarkably similar," Smyth said. "There's a lot of industry terminology and it isn't always easy for a consumer to understand who meets their needs."
PlannerSearch pulls the planner's information directly from the FPA database. From there, planners can highlight what sets their practices apart. The planner is able to choose up to three significant life events and client demographics as part of their specialty to help better streamline the process. Planners can also share other relevant information with prospects including what they can expect if they work with them.
"Planners also have a dashboard that gives them visibility into activity around their profile, including views and leads," Nilges said. "The idea is to give planners more information so they can actually use it to improve their profiles over time."
Hurdle No. 3: Speeding up follow-up
PlannerSearch also looks to reduce the number of prospects who opt out early on. New leads require faster follow-up, according to Robert Sofia, CEO of Snappy Kraken, who said the average industry response time sits at around 24 hours. PlannerSearch follows up within five minutes, which Sofia called a crucial time.
Notably, there is an 85% chance of converting a lead to an appointment if they are contacted within those five minutes. A 24-hour or more wait time drops that conversion to below 10%, according to Sofia.
The platform also incorporates artificial intelligence thoughtfully. For instance, when a planner is given a prospect's mindset information, they can respond by explaining their approach.
"You showcase your professional beliefs in your own words," the demo says. "But if you get stuck, our AI tools can help you draft the first pass."
AI is also being utilized to make planners more discoverable as consumers turn to it looking for suggestions and referrals. "We structured every financial planner to be read, indexed, quoted and cited directly by major AI engines," Smyth said. "That creates another opportunity for consumers to discover financial planners."
