WealthEngine, which provides tools for financial advisors to prospect for clients, said today it has issued a white paper document designed to help advisors and other financial professionals build their business more effectively and efficiently.

The research paper, commissioned by WealthEngine and authored by financial marketing consultant and former Fidelity Investments and Bank of America marketing executive, Jeff Briskin, includes trend data on the advisory landscape from a number of industry studies. The paper explores how high net worth individuals might make advisor selections and why they might consider changing advisory relationships. 

For example, in a 2009 Phoenix Companies study, 28 per cent of respondents said they were either looking for a new advisor or seriously considering switching advisors.  In another survey conducted by Briskin Consulting, 58 per cent of respondents indicated that they would consider switching financial advisors if they reached a trigger point in their lives where they needed advice, products or services that their current advisor couldn't provide.

WealthEngine has a database with more than 8 million high net worth individuals.

In July last year, WealthEngine released its Prospect Generator, system. This product gives insight into HNW individuals’ real estate holdings, stock transactions, income, business associations, board affiliations, boat and/or airplane ownership, charitable interests and philanthropy, and political contributions.