How Interests & Lifestyle Data Impacts Asset Manager Distribution Efforts

Learning More About Interests & Lifestyle Data With Saleem Khan

Discovery Data Chief Data & Analytics Officer Saleem Khan discusses the launch of Discovery Data’s new Interests & Lifestyle dataset and how it can impact distribution efforts for asset managers. Khan also shares some examples of the types of data available, insights they can provide, and how it aligns with Discovery Data’s other markets and solutions.

Video Transcription:

Jenna: Joining us now to talk about the launch of a new dataset is Saleem Khan, Chief Data & Analytics Officer at Discovery Data. Saleem, you recently announced a new dataset called Interests & Lifestyle. Could you tell us a little bit more about it?

Saleem: Sure Jenna. Our new Interests & Lifestyle dataset provides over 250 additional insights on advisors, executives, and insurance agents such as income, charitable donations, hobbies, wealth segments, and more. It allows our customers to further segment their target audience and execute strategic and well-informed sales and marketing outreach to them. The ultimate goal here is to allow our customers to have more precision in their outreach and have a more personalized message.

Jenna: Yeah, personalized messages are always nice especially in this kind of environment. Building off of that, can you share some examples of the types of data available and the insights they could provide?

Saleem: Sure, so we’ve broken down the data into four main categories including biographic information, education, hobbies and affinities. Some of the data fields you’ll see in these categories are things like job titles and rank, the investments owned by the individual, the schools they’ve attended, degrees earned, charitable contributions, and interesting topics like sports: are they interested in golf or baseball? That sort of stuff. In addition to that, all of these data points can really help you focus your distribution efforts. It includes tailored marketing and communications with personalized experience information. This also allows you to sell more effectively since you know more about the individual and can use icebreakers to actually target a precise audience. Also this allows you to find unique ways to recruit reps or agents if you are in the recruiting space.

Jenna: I’m glad you bring up distribution because I want to ask, how can having this data impact distribution efforts for asset managers?

Saleem: Well as part of an advisor’s meeting preparation, this data can be used to determine if the prospect has any affinities which would help build rapport and a basis for relationship building. It can be seen as a conversation starter and a way to demonstrate personal interest in the prospect. So for instance, a distributor may want to organize a golf outing. Using this data, they can filter Discovery Data MarketPro to a subset of prospects interested in golf for instance. From there, they could identify those individuals within the $500K to $2M wealth segment and run a successful outing with only those who truly fit their market.

Jenna: And I know this isn’t your only offering. So how does this new dataset align with Discovery Data’s other markets and solutions?

Saleem: Well this dataset integrates with Discovery Data’s MarketPro, MarketSage, and MarketLink products. MarketPro allows you to match this Interests & Lifestyle data by NPN and CRD and provide back a list of professionals that meet your specific segments and criteria within that MarketPro product. Our second way of accessing this dataset is through MarketSage. MarketSage is our business intelligence tool that allows you to slice and dice the data and visualize it based on filtering that you as the end customer would perform on your own. Lastly, MarketLink is another way to access the data. This is a way to access the data en masse via FTP or bulk upload.

Jenna: Finally, what can we expect from Discovery Data this year? What else is in the pipeline?

Saleem: Well, we have a number of new datasets in the pipeline. Everything from a diversity, equity, and inclusion product that we are looking to launch later this month or early April. We also have data coming out around private funds: data that will give you a glimpse into asset managers that have distributed private funds and those that are holding it. We also have some research studies coming out. So we do have information on the 2021 Financial Advisor Outlook for instance and we also are doing a study around diversity, equity, and inclusion coming up. So lots of great things coming up for Discovery Data.

Jenna: Well Saleem, congratulations on the launch and great to have you. Thanks for joining us.

Saleem: Thank you Jenna.