What is Catchlight AI?
Catchlight is among the industry's first financial advice lead optimization engines and is based on actual advisor experience and artificial intelligence. Their mission at Catchlight is to help advisors effectively engage with their best-fit leads and convert these leads to clients faster.
How does it work?
Catchlight enables advisors to identify more easily who to focus on and how to market and pitch to leads. Think of it as an AI powered researcher for your sales efforts. We do this by leveraging publicly available data, information from data vendors, and dynamic Artificial Intelligence (“AI”) insights that improve over time. Catchlight also creates a simple workflow, akin to a smart sales notebook, to help advisors most efficiently manage their leads.
Where does the data come from?
Catchlight leverages data from multiple vendors to enrich profiles, and our proprietary AI to surface insights. Sources range from first party permissioned affiliate marketing consumer insight to public records because we believe advisors must wholistically understand people they engage with to serve them better. This data could be found through search, but it would take hours for advisors that are already strapped for time.
What is the expected output for a lead?
While output may vary across leads contingent on how much data is available, expected fields include:
financial details, including estimated assets and income,
meta data such as occupation and age group,
matching segments such as business owners,
financial interests such as nearing retirement or charitable giving,
potential life events such as a new home purchase or company stock allocation
household engagement ideas such as sailing or grandchildren.
How is the Catchlight (PQFA) score calculated?
The Catchlight lead score is calculated by AI which has been trained by 100,000+ conversions from lead to client and a rich data foundation. Catchlight's predictive engine is based upon analysis of real-world outcomes from advice professionals.
What is the Catchlight (PQFA) score and why is it interesting?
This score is a prediction of how likely it is that someone may purchase financial advice. The prediction is made using AI models. These models make a prediction based upon how similar a lead is, across a number of dimensions, to a large dataset of previously converted leads.
How accurate is the data provided about my lead?
Accuracy is a top priority for Catchlight. They are continuously tuning their models and working with data providers to track and improve accuracy.
What is Projected Client Revenue and how is it calculated?
Catchlight added this Projected Client Revenue feature to point advisors to leads they might have overlooked if they had focused solely on a prospect’s current assets, a number of which may be next-generation investors. Projected Client Revenue is the estimated revenue an advisor may generate from a prospective client, calculated from the data-enriched profiles automatically created for an advisor’s leads.
The Projected Client Revenue calculation is unique in the marketplace for two reasons: It yields an estimated revenue range informed through a methodology developed by and leveraging Fidelity business insights; and it creates this range for a lead without the need for manual work on the advisor’s part. The result is a clear and actionable piece of information that can help guide an RIA’s growth strategy.