Fidelity Introduces Prospecting Tool

Fidelity Investments is making a tool available to advisers that helps them prospect more than 1.5 million retirement plans.

“Referral-EDGE” is a Web-based research tool designed to help advisers find prospective clients and networking opportunities. 

The tool is an extension of Fidelity’s Centers of Influence (COI) and Referral Strategies program. The database includes pubic information about more than 2.5 million high-net-worth individuals, 1.5 million retirement plans and nearly 150,000 foundations and endowments, Fidelity says.  The information is updated daily and is pooled from more than 3,000 U.S. sources.

“Referrals are often an untapped opportunity for advisers looking to grow their practices,” said David E. Canter, executive vice president and head of Practice Management and Consulting at Fidelity Institutional Wealth Services.“Taking a proactive, hands-on approach to networking and prospecting can help advisers stand out from other firms in an increasingly competitive RIA marketplace.”

Advisers can search the database for detailed profiles of existing clients, prospects or professional connections using an array of demographic variables, including geographic location (e.g., by zip code), level of assets (e.g., publicly traded investment details), professional and social affiliations (e.g., co-workers or alumni), and more.  Once the adviser has selected the search criteria, Referral-EDGE aggregates and synthesizes detailed public information and generates a list of individuals that the adviser can evaluate for his or her practice.   

Advisers also are able to save their search criteria to create automatic “Daily Alerts” which will notify them of any activity on a prospect or client. Customized for Fidelity clients, the Referral-EDGE “Quick Search” menu allows advisers to quickly research existing clients and find COIs in their city as well as locate high-net-worth individuals who have had recent promotions or changed companies.