Now more than ever financial advisors need a competitive advantage to reach a new generation of investors who are digitally savvy and expect their wealth management to be as well.
In fact, more than 60% of consumers say that online information is influential to who they hire as a financial advisor.
Morgan Stanley saw an opportunity with Yext as a means to break away from the pack and adopt a modern business model for customer recruitment.
Digital transformation – What’s next for business’ biggest buzzword?
Digital transformation is not a new concept – recent years have seen the rapid evolution of technology in business, from the Internet of Things (IoT) and blockchain to chatbots, machine learning and virtual reality. Read here
Yext was selected to put Morgan Stanley’s financial advisors in control of the information about them across the web.
The financial services giant will leverage the Yext platform to create and manage financial advisors’ business pages and presence across maps, apps, search engines, voice assistants and other intelligent services, in order to enhance prospecting success.
“A sophisticated digital presence is an absolutely critical component of a potential clients’ shopping process,” said Naureen Hassan, chief digital officer for Morgan Stanley Wealth Management. “In fact, 62%* of respondents to a recent survey said that online information is influential to who they hire as a Financial Advisor.”
Yext’s artificial-intelligence-ready data structure will enable Morgan Stanley to create and relate important information about its vast network of individual financial advisors, advisory teams and branches.
The 3 core components for digital transformation success
The Yext Knowledge Engine will power over 15,000 advisor websites. It will help them maximise their visibility in search, integrate with CRM, event management and other capabilities; while facilitating conversational AI via voice assistants and chatbots to provide direct, accurate answers about Morgan Stanley Financial Advisors for a superior customer experience.
“AI-powered services have transformed the way people search for financial services, making it vital for financial advisors to provide direct answers everywhere consumers are looking,” said Howard Lerman, Founder and CEO of Yext.
“We’re proud to put Morgan Stanley Financial Advisors in control of the facts about them online, so that they can easily provide accurate answers to complex consumer questions and win more business.”
By maintaining current page design on the front end and using the Yext Knowledge Engine for their backend Pages management technology, Morgan Stanley Financial Advisors will now be able to quickly and seamlessly engage with clients and prospects in the moments that matter, according to the announcement.
*Source: WisdomTree/Morgan Stanley: Wealth Management Research Study, August 2018