We recently attended Finovate Fall and did a live demo of our wealth management software, specifically, the Prioritize dashboard and the Persona API.

In a tightly packed demo lasting less than 6 minutes, CEO, Day Wachell, and Chief Scientific Officer, Logan Grosenick, show how the Responsive AI platform can leverage relevant data about clients in order to expedite next best action recommendations for advisors providing financial advice to those clients, while updating the firm’s financial advisor CRM as the “ground truth” for client interactions.

Watch the demo here:

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Video Transcript

I am Day. This is Logan. Today we're demoing how Responsive helps advisors see more, know more, and do more with personalized advice and powerful focus modes. We're also going to show how we can supercharge your CRM using comprehensive data.

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This is our new Prioritize dashboard, a morning coffee view for a financial advisor that helps them focus on what matters most to their clients and to their business. On the right here, you can see the book of business, the recent performance, and on the left you can see clients and actions that need attention today. A lot of next best action advice tools are having a problem with information overload for advisors. That's why we created “focus mode” to make things simple and clear. This is the mode that lets us know which clients are at risk of leaving our service.

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We see Holly Churn here. Prioritize has detected that she's a flight risk. We're going to click in and the system recommends that we reach out right away and have a real honest conversation with her about how she feels about the service. We could click to call to do that in the flow here, or we could just send an email touchpoint through to get started.

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Next, we're going to go to compliance. This is a compliance facing mode. Helps us know if there's any issues for the regulator of her tax. For Anna here, we've identified it's time to set up her RMDs. These are required minimum distributions that the IRS requires. We click in, we've realized this because she's 72. That's in the CRM. We flagged that and now we're going to send her an email explaining what needs to happen with her registered accounts. We'll send that through and we've gotten on top of a tax issue just like that.

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Okay, let's go to the health mode. This highlights financial risks in our client base here. We can see there's an issue going on with Kate Loval. It's a downside protection issue. We'll click in and here's what we see. On her risk profile she's an income client. She's a conservative client. Here below we see in the portfolio she's got 65% correlation with the market. This is completely incorrect and we've got to do a hot swap here. So we'll select a new fund or model portfolio. It's got a lower downside risk quotient. We'll create a little mini proposal and then we'll attach that to an email and let her know we're doing what we need to manage her risk and make sure she retires safely.

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Okay. These are some nice everyday advisor actions that are pretty useful, but I want to get to our data confidence tab, which is where Responsive is really different and it shows you how we work with data. This tab is about the story of your CRM, which is only as good as the quality and freshness of the data in it. We've got a notification here for Jordan Fatherhood. Shows that we've detected a family. Let's click in to see how we did this. We can see that the reason is that on Jordan's 1040 tax form on line 28, he's now filing for a child tax credit. How did we do this? We integrate with Tax Status to connect directly to the IRS and read this field. We then started an engagement flow and called Jordan. Did you get married? Yes, I did. It was a small shotgun COVID wedding. We didn't invite many people. My wife's name is Sandra and she took my last name Fatherhood. Have you had any kids? Yes, I did. We had a young boy named Billy Boy. We're very proud.

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Now, before I click the update CRM button, I want to show you a really wonderful product called Wealth Box. This is a CRM a lot of advisors use. Now, if we look at Jordan's status right here, and we scroll down the right, we can see he's single, doesn't have a wife or any family members. Now, we go back to Responsive and we're going to click that “update CRM” button and bam, we've repaired the CRM and now this system reflects the ground truth and your advisors need the ground truth when they're on the front lines talking to these people every day.

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Now, we're going to go here to the integrations. I'm going to walk through one more time what happened here. So we connected directly to the IRS through Tax Status to see the status of his family here. We initiated an engagement workflow and then we pushed the result of that workflow into this partner here, Wealth Box. So connecting multiple data sources to the CRM, making it easier for the advisor.

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There's one more workflow I want to show here around cross-selling. So now that we know this about Jordan, the system's going to create an opportunity here around the fact that his child does not have an education savings plan. We'll enter in here and we've got a workflow that makes a little savings proposal for his kid, Billy Boy. So, we're saying $250 a month. If you start now, you'll have all you need for his education when we get there. We'll attach that to the email and we'll send it through, all in one workflow.

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I want to show you one more thing Today, all the data and events and workflows you've seen today are available through our Persona API. It's a holistic API that looks at everything in the advice relationship for an advisor. Today in less than seven minutes, we've showed you that the Responsive advisor can get on top of a tax issue, they can reduce client churn, they can repair the CRM, and they can deal with risk in the portfolio and they can generate new business.

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If you want to learn more about how Responsive can scale better advice to more clients, please come and talk to us. We're on the left side downstairs towards the center. We'd be really happy to show you more about our API and the machine learning that's inside the box as well as some of our other actions.

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Thanks so much. Appreciate your time.

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