Morrinson Wealth diversified clientele using Sales Navigator
SUCCESS STORY
Morrinson Wealth is a London-based financial services company that provides wealth management services for mid- to high-earning clients. With a portfolio of over £1 billion in funds, they understand the importance of establishing and maintaining long-term relationships. LinkedIn Sales Navigator has enabled their financial advisors to target the right individuals and create personal connections with prospective clients from the very first contact.
THE CHALLENGE
Targeting in-market customers
London-based Morrinson Wealth believes that the relationship between their financial advisors and clients is a partnership for life.
To create a strong foundation for these partnerships, Morrinson Wealth needed a tool that would enable targeting of individuals in the market for wealth management services.
Their ideal client profile (ICP) includes variables such as age, location, profession, job title, and income. Being able to access a large pool of potential clients and refining their audience through precision targeting is vital to creating positive customer outreach.
THE SOLUTION
Rich data and filtering capabilities
LinkedIn Sales Navigator delivered the level of professional data and the deep filtering capabilities Morrinson Wealth needed to identify the right target audience.
With Sales Navigator, Morrinson Wealth can identify customers within their ICP and gain insight into those individuals’ backgrounds and professional connections. With this knowledge, the financial advisors were able to make immediate personal connections with potential clients.
Lucy Driscoll, Financial Associate at Morrinson Wealth explains, “Sales Navigator is key for outreach and relationship-building. With LinkedIn, connection and response rates are higher than with email. Having shared experiences enables these higher response rates.”
The financial advisors’ own LinkedIn profiles provide an added degree of authenticity and transparency that builds stronger interpersonal connection.
“Being able to build rapport very quickly has been a real asset,” explains Morrinson Wealth Partner & Chief Business Development Officer Karl Davies, “When you message someone, they can see your profile and learn more about you. When it comes to sitting down with that individual, they’ve already done their own due diligence.”
THE RESULTS
A broader and more diverse clientele
Morrinson Wealth is now working on breaking barriers around wealth management. “There’s a lot of stigma that often comes hand in hand with talking about money,” says Davies. “People don’t often go home and speak openly about the topic – they tend to kind of muddle through. So the educational piece is quite big for us now.”
By accessing a vast pool of potential clients to work with, Morrinson Wealth has diversified their client base.
Financial education has become a new entry point for connecting with customers. Through a broader base of customers, Morrison Wealth can connect with individuals who may not have even considered wealth management previously.
Driscoll adds that Sales Navigator allows them to reach out to diverse clientele: “In the past, we would be largely limited speaking to household names. But now we can speak to independent business owners who would also achieve a lot of value from our services, but would otherwise be too busy to find us, and likewise too small for us to identify them. Sales Navigator has widened the spectrum of people we can add value to.”
Insights Into key decision makers
Morrinson Wealth offers corporate financial planning and wellbeing services, and Sales Navigator is instrumental in identifying key decision makers at target companies.
Driscoll explains their strategy. “We know which companies and sectors we want to work with. Using Sales Navigator, we can dive into those companies to see the decision makers and their seniority levels. This enables us to be a lot more targeted with our efforts.”
Davies goes on to discuss the impact of Sales Navigator on revenue: “We have had revenue generated with Sales Navigator over a 12-month period. This is also the biggest value return in revenue for any single investment Morrinson Wealth made in lead or demand generation tools and data.”
Personalization in a data-driven world
In a world that is moving toward more data-driven automation, Morrinson Wealth is leaning into data-enabled personalization.
Davies has seen how Sales Navigator is carving out space in the big data environment. “LinkedIn is one of the only and best places I know that can help you become hyper-personalized with your messaging.”
“Our model is very much bespoke, face-to-face financial planning,” says Davies, “And Linkedin helps us to have that bespoke and personalized element to our outreach and thought leadership.”
Change Management
Morrinson Wealth has seen the benefit of requiring the use of Sales Navigator to conduct business over LinkedIn.
Both the business development team and financial advisors have access to Sales Navigator. “We know how powerful it is,” explains Davies, “And users have the added benefits of enhanced targeting filters and extra InMails.”
This change has created consistency across the organization. “It makes training much easier. It means we’re all on the same page.”
Main features used:
ABOUT MORRINSON WEALTH
Morrinson Wealth is a thriving wealth management practice in the City of London. They understand that few people have the time, nor the resources to manage their financial affairs efficiently themselves. Their core philosophy is to place clients at the centre of everything they do.
INDUSTRY
Financial Services
No. OF EMPLOYEES:
150
HEADQUARTERS
London, UK
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