In this episode of The Data Possible Podcast, SalesPage Technologies’ director of sales enablement solutions, John Pumphrey, discusses advisor team data including what it is, how much information is available, and how you can leverage it in your day-to-day business practice. He also talks about their new partnership with Discovery Data and how it will benefit asset managers. In this episode, you will learn:
* What is advisor team data and who uses it
* Where does team data come from and how often does it change
* The challenges firms face with managing and keeping team data up to date
* How data can help sales teams make strategic decisions, determine ROI on campaigns, and demonstrate value
Podcast Transcription:
Doug: Hello, and welcome to The Data Possible Podcast presented by Discovery Data. This is your host, Doug Heikkinen. We're joined today by John Pumphrey. John is the director of sales enablement solutions at SalesPage Technologies. SalesPage helps asset managers use data to connect investment products to clients who will benefit from them most. Really interesting stuff, and a perfect fit for The Data Possible Podcast. Welcome, John.
John: Thanks Doug, really happy to be here.
Doug: You left a long career at a very well-known financial services firm. What drew you to SalesPage?
John: So we at my old firm, we were actually a client of SalesPage's. And over the years, that relationship been going on for 10 years, I got to really know the company and really build good relationships with the folks inside the company. And I really loved their culture, how they approach things and where they're going with the future of data and technology when it came to the asset management industry. So I decided to give it a shot. And after a long time, and my old firm of Eaton Vance, I moved over to SalesPage about a year ago, a little over a year ago now. And it's been a great time so far.
Doug: So SalesPage deals with Team data. What is team data and who uses it?
John: So by definition, an advisor team is a functional group of representatives that work together to serve the needs of their clients. So the top benefit of advisor teams, based on a poll that was done two years ago now is improving that client experience. And that's a term that has a lot of parts to it, improving the client experience from a research perspective from, how they communicate, how they grow their business. These teams started, they've been going on for a while, but I'd say the last few years, or maybe a little bit more than a few years, let’s saya half dozen years, there's been a strong push around the asset management industry’s clients, the broker-dealer community, for advisors to join teams and really capitalize on the resources that they have. Asset managers, they want to know who the teams are and identify the members of these teams. When they do that, they end up seeing an increased distribution opportunity with the teams because of their enhanced portfolio management and their expanded growth versus dealing with a single advisor. So they have, let's say, you get to have multiple sources all at once and dealing with a team versus dealing with all the individual advisors on the team. And sometimes that can be two people. Sometimes that can be 10, or 20, or more. So some of these teams can be very large. And when you can deal with just that team, now you're getting inputs of data inputs of transactions, sales, assets, from multiple folks, with one communication going out, one source to deal with as an asset manager, and it makes you much more efficient in what you're doing.
Doug: Where does it come from? And how is this stuff gathered?
John: The data comes from dealer and team websites, industry newsletters, and publications, and then also government sites such as FINRA and the SEC site where we actually confirm advisor information. So our main source is from actual dealer and team websites. The gathering of the information is a combination of technology, which is our scraping of these team websites, as well as a manual part of it, which is the people part. The people will manually gather information from websites that we can't necessarily scrape accurately, but we know the information is there so we have a team of people that goes out and looks at those websites. The person also is performing data quality checks on the data that we have collected to ensure that the information is accurate. And that's really where the FINRA and SEC part comes into it. So we want to make sure that if we gather a team of people from let's say, Morgan Stanley, that all five people are still at Morgan Stanley. And if we go in the SEC, we see they moved last month, maybe they haven't updated their team website yet. Well now we're going to take them off that team because they're not at Morgan Stanley anymore. They moved on and might be so recent that they haven't updated their own team information yet.
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