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Hearsay Systems: A Perfect Blend of Human and Data-Driven Financial Advisory

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Donna Prlich, Chief Business Officer, Hearsay SystemsDonna Prlich, Chief Business Officer
A recent survey reveals that most of the younger heirs choose not to continue their parents’ relationship with their financial advisors. Although many veteran advisors ensure that their hi-net worth clients are educated about the importance of involving the next generations in financial planning, the idea can bring challenges with the expectations of the tech-savvy children. The next generations require a delicate balance between a sophisticated digital financial solution, employing analytic tools to derive the best insights with the benefit of human intelligence and address the majority need of generation-Y. “The next decade will bring challenges for wealth advisors, since approximately 38 percent of them would retire. Financial advisory services across firms worldwide will need to be equipped for a new client/advisor experience—a “human” client experience. Such an approach brings the best of technology to support a more personalized experience that caters to the needs of the next generations as well,” mentions Donna Prlich, Chief Business Officer, Hearsay Systems.

Trusted by more than 100 of the top financial institutions worldwide, Hearsay Systems, a California-based Wealth Management solution provider, has modernized the traditional advisor-client relationship to best suit the needs of the new communication channels such as social media, voice, and messaging. By introducing its flagship, the holistic Hearsay Advisor Cloud platform, the company has greatly enabled its clients to capture advisor-client interactions from myriad sources such as social media, emails, and advisor websites, all in a compliant manner. Consolidation and archival of the information derived from these sources has driven client organizations to better outcomes. Hearsay Systems has continued developing an omnichannel platform that helps users conduct transactions effortlessly over a simple user interface, and at the same time, communicate with human advisors for queries or assistance. Thus, the firm has succeeded in delivering a solution that is a perfect blend of technology and traditional advisor client engagement, aligned with the expectations of future generations.

The firm’s unique platform and product suite includes Hearsay Social, Hearsay Sites, Hearsay Compliance and Hearsay Relate for Text and Voice. Hearsay Social provides the ability to nurture clients with automated publishing along with content personally curated for Wealth, Life Insurance, and P & C.


Hearsay Systems, a California-based Wealth Management solution provider, has modernized the traditional advisor-client relationship to best suit the needs of the social media age

Hearsay Sites, in particular, enables advisors to build websites that uphold advisor digital validation with clients, whereas, Hearsay mail offers a one-to-one communication channel for email. On the other hand, Hearsay Relate for Text and Voice ensures secure and compliant texting, as well as crisp mobile calls. Thrivent Financial, one of Hearsay Systems’ clients, leveraged the benefits of Hearsay System’s products and experienced a positive paradigm shift in its business. Adoption of Hearsay Social, Hearsay Sites, and Enterprise Compliance resulted in a 250 percent increase in website visits, 22 percent increase in customer acquisition, and 75 percent less time spent distributing marketing content.

Hearsay Systems’ recent collaboration with the Prudential Financial is a clear testimonial of the wealth management solution provider’s capabilities. Prudential Financial intended to amplify their CRM capabilities by facilitating text message exchanges between clients and advisors. Prior to collaborating with Hearsay Systems, Prudential identified the need for a holistic solution that enabled PrudentialFinancial to capture advisor texting activity, receive acknowledgments of the clients’ consent to begin the text exchange, and abide by compliance policies. The partnership between the two companies resulted in the implementation of Hearsay Relate to enable communication with clients over texts on in a compliant manner. Prudential Financial experienced a string of benefits as a result of the adoption, such as quick client responses and easy adaptation to the solution with minimal training. The average time consumed in receiving a client’s response has been merely 2.5 minutes for the firm; Prudential Financial now receives an overwhelmingly large number of client messages during weekdays, thanks to Hearsay Relate.

More than 170,000 advisors in financial services have procured Hearsay Systems, and the number is steadily scaling upwards. To elevate the capabilities of its clients further, the firm recently introduced Advisor Actions, an automated extension of the Hearsay Cloud Platform. As the name suggests, Advisor Actions enables organizations to automate and trigger actions to improve sales and overall customer satisfaction. An early adopted program with an American family is set to trigger actions that initially decreased delinquent client payments, resulting in policy lapses. This action enabled significant cost savings for the firm. “We are thrilled with the momentum observed with Advisor Actions helping to deliver true, measureable value for our customers by leveraging the ability to collect, analyze, and trigger actions from data across compliant pipelines. It also created the personalized experience that is expected by the next generations.” concludes Prlich.