People are always changing. Changing jobs, changing companies, changing states… It’s human nature to be on the move. As a company that provides database services the need to regularly maintain data to stay accurate is crucial to our quality.
Accurate data is the backbone to our business. We constantly check and re-check our data and make real-time updates to ensure accuracy. In fact, in a recent validation query, we discovered 16,523 new advisors coming to the industry since we last validated this data, which, specific to this data set, was less than 60 days ago. Along with newly licensed advisors, we found an additional 18,318 advisors that are no longer licensed. As in life, careers change. People are entering and leaving the financial industry for many reasons. Whatever the reasons are, these can cause major discrepancies if you are not using the latest data. As the number shows above, in a matter of months, across the country, thousands of licensed advisors are making career moves.
This is big for a few reasons. First, do you know if your database includes detailed information on the newly licensed advisors? If you are doing any recruiting or marketing, this is audience should not be ignored. This audience could include people new to the industry. The “newbies” should not be ignored. Sure, they might not have a lot of experience, but they are hungry and want to succeed. With the right platform, company, and support, they can thrive. A subset of the Newly Licensed Advisors shown above have been Life/Health licensed for years, but are now getting into financial planning & advisory services. They want to expand their offerings to their clients and have decided to expand their licensing as well.
Another reason this is big news is because we have also identified 18,318 advisors that are no longer licensed, and that is also over a less than 60 day period. Are you recruiting or marketing your products or services to an audience that is not interested? If so, you spend all that time and effort to create a campaign that isn’t going to your core audience. It’s going to people that are not interested. It’s like selling snow gear on a Florida beach – it’s the entire wrong audience.
During our last database validation query, we also identified 17,380 advisors who have changed firms since our last validation. This data tells 2 things; first this shows that advisors are changing firms and open to hearing other opportunities. Second, the data change displays the need for data accuracy when recruiting or marketing. Targeting an advisor that is no longer with a company or promoting a product that an advisor cannot offer is a waste of your resources.
As highlighted in the data above people are always on the move. To reach them, it’s more crucial than ever to have current and accurate data. Financial Media Group uses our database to provide recruiting and marketing services exclusively for the financial industry. Using our data provides an additional level of validation and accuracy that no one else can provide. We will put our data up against anyone elses, the depth and breadth of our data is second to none. Contact Us to learn more.