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Equifax’s MyTouchstone partners with The Financial Marketing Department

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MyTouchstone, the collaborative intermediary database operated by Equifax Touchstone Limited, has partnered with The Financial Marketing Department, a marketing solutions service. 

The new initiative will allow advisers to profile their existing clients and understand which ones, have sufficient assets to warrant considering the adviser’s fees or other services.

To mark the launch of the service, The Financial Marketing Department is offering MyTouchstone users a free audit of their existing client database using Equifax Investor Profiles.

“With trail commission being phased out completely by 2016, it is absolutely vital that advisers can demonstrate on-going value for clients in order to justify continuing to charge fees”, says Peter Welch, Intermediary Director at Equifax Touchstone. “By using this new service – which brings together the insights from Equifax Investor Profiles with the proven targeting tools of The Financial Marketing Department – advisers can identify new opportunities with existing clients.  “This will assist advisers in complying with ‘Know Your Customer’ regulations. They will also be able to identify unrealised potential in their client bank.”

This new wealth insight will allow advisers to segment their non-advised customers in a more holistic way rather than just rely on how much is invested through their firm. Many clients have assets they have built up over the years, through different sources, of which an adviser is unaware. The service will help them to better understand the wealth profile of existing clients as well as identify how many have changed address, moved away from their local area or passed away. 

Mike Johnstone, Director of The Financial Marketing Department, says “By understanding which ‘inactive’ clients are likely to have the same level of wealth as ‘active’ clients, advisers can maximise their business potential and target the right people at the right time. By working with Equifax Touchstone Limited, we are providing the additional insight that will allow advisers to maximise the value of any marketing or communications campaigns to their existing client database, and also support growth and acquisition strategies.”

The MyTouchstone database enables intermediaries to benchmark their fees by giving them unprecedented insight into their business and their local market. New users, as well as more than 10,000 existing intermediaries can collaborate and share, on an anonymous basis, their preferred fee models and the level of fee charged.

*MyTouchstone users wishing receive a free audit should visit the Financial Marketing Department website and enter the voucher code “MyTouchstone”. This offer is open until 31 March 2015.

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