Wealth management consultancy The Oasis Group on Tuesday announced it released a new research report on AI prospecting tools, sponsored by wealthtech firm AdvisorEngine. The report reviews the platforms of Aidentified, Catchlight, FINNY, TIFIN and Wealthfeed. It assessed tools on their ability to find, enrich, prioritize and operationalize prospects.
The report, the fourth research report in Oasis’ Peaks Research series, evaluates the role of AI prospecting tools in the wealth management sector – specifically analyzing their impact on RIAs, family offices, broker-dealers, trust organizations and their financial advisors.
“One of the biggest takeaways from the study is that advisors can upload their current clients and prospects to several of these tools in order to identify their ideal client persona (ICP), and then use the tool to evaluate their prospects and identify the prospects that they have the highest probability to win,” John O’Connell, CEO and Founder of Oasis, told WSR by email.
“If they already know their ICP, some of these tools can be used to identify new prospects that fit their ICP in target geographies,” he said. “These solutions are game changers for firms who know their target client audience and want to significantly up their prospecting game.”
The findings were based on live product demonstrations, hands-on trials when feasible, vendor documents and trust centers, client references and prior implementation experience, according to Oasis. The firm also evaluated each tool’s user interface and user experience for usability and intuitiveness, automation and customization, integration capabilities, and distinguishing features, it said.
In the report’s executive summary, Oasis said, “Wealth management firms are under growing pressure to attract the right clients more efficiently. Traditional prospecting — whether through referrals, purchased lists, or time-consuming research — has long been the lifeblood of new business development. In today’s world where data is king, those methods are increasingly inadequate. Enter a new generation of AI-powered prospecting tools, designed to help advisors surface qualified leads faster and with greater precision.”
Each of the five solutions evaluated in the report “approaches this challenge differently,” it said.
For example, “Aidentified uses predictive analytics to flag individuals most likely to need wealth services,” according to the report.
“Catchlight scores prospects based on their readiness to engage, drawing from demographics and behavioral signals, [while] FINNY applies conversation intelligence to sharpen engagement strategies.”
The report goes on to say TIFIN “leverages AI to match advisors with prospects whose preferences and financial goals align, emphasizing personalization and marketing intelligence.”
Last, “Wealthfeed curates high-value lists from multiple data sources and delivers them in advisor-friendly formats,” according to the report.
Based on a questionnaire outlining 162 features across 10 functional areas of the five tools, including lead sources, lead scoring and security/data handling, FINNY received the highest score, at 83.15%. It was followed by Wealthfeed (78.75%), Catchlight (66.95%), TIFIN (61%) and Aidentified (42.55%).
“Every firm knows what it’s like to chase down leads that don’t pay off,” Rich Cancro, CEO and Founder of AdvisorEngine, told WSR. “That’s time lost, and lots of heartburn for everyone.”
He added, “Being able to focus on key prospects not only increases the chance to win new business, it cuts a lot of inefficiency out of the client prospecting process. That’s the biggest benefit of this new category of AI-powered tools for advisory firms.”
In the news release, Cancro said, “Connecting with prospects that match their ideal client profile is key to a healthy RIA practice, and these AI-powered tools expand a firm’s reach and streamlines their growth initiatives.”
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
