How Robert Gilliland Transformed His Practice with SmartAsset AMP

Advisor Interview

Robert Gilliland is an actual SmartAsset client. Statements (interview here) are individual experiences reflecting the real-life experiences of those who have used our services. The testimonials are not 100% representative of all of those who have used our products and/or services, and we make no admissions of such. Compensation was provided for Robert's participation in this interview.

¹The estimated AUM closed by advisors from SmartAsset referrals is based on the number of matches made between validated investors reporting over $25K in investable assets and advisors in 2023. Further, the calculation assumes: a 4% close rate (based on data collected from partners and industry benchmarks) and an average amount of assets per household of $996K, that was calculated from self-reported asset ranges in the advisor matching survey. The calculation is: Valid Matches*Average Assets Per Household*4% Conversion Rate. Data accurate as of January 2024.

²The average estimated payback period is calculated across all SmartAsset AMP subscriptions. The estimate assumes a 3% client close rate, the following AUMs for each lead tier based on actual historical data, and a 1.1% advisor fee on the AUM. The payback period calculation is: (Year 1 subscription cost divided by Year 1 advisor fee earned)*12 months. Tier 1: $1,598,087. Tier 2: $593,533. Tier 3: $280,064. Tier 4: $62,500.

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Since starting Houston-based Concenture Wealth Management in 2020, Managing Director Robert Gilliand, CRPC®, shares the lessons that have helped the company add ~$50 million in assets under management (AUM) using SmartAsset.

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Less time prospecting, more time closing.

If there’s one thing Robert Gilliland has learned since starting Concenture Wealth Management, it’s that patience, persistence and trusting your process can be keys to success.

Since starting the Houston-based wealth management firm in 2020, that lesson has helped the company add a reported $260 million in total assets under management (AUM).

One of the main prospecting tools Gilliland has used is SmartAsset’s stream of referrals and outreach automation, which has helped the company bring in a reported ~$50 million in AUM.  

Gilliland notes that he has been able to modulate the SmartAsset referrals his team receives to reduce the average age of clients at his practice, ultimately laying the groundwork for firm longevity as well.

SmartAsset AMP’s suite of marketing tools, which include pre-built automated emails and text messages you can use starting Day One, and more, have largely replaced the more traditional client acquisition approaches Gilliland once used. Gilliland, for example, notes that he no longer relies on hosting seminars as a tactic.

However, he characterizes maximizing the value of lead referrals as a “full contact sport” that often hinges on the advisor’s willingness to systematically work the referrals they receive.

This often requires equal parts persistence and patience, even if an initial conversation with a lead doesn’t produce a new client.  
 

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How Concenture Wealth Management Added a Reported ~$50 Million in AUM in 3 Years

After 20+ years of working in financial management, Gilliand says he had utilized numerous traditional marketing strategies to bring in new clients before hearing about SmartAsset through an advisor friend.

Gilliland says he knows that working leads can be daunting for some, but has also learned that with the right mindset and process, it can become a valuable source of business growth.  

Here are three tips Gilliland has for those considering utilizing SmartAsset AMP for generating new business. 

Gilliand says Concenture has been able to add  $45-$50 million in AUM since it began using SmartAsset in 2021.

SmartAsset has been helping advisors prospect new clients for years as the largest advisor marketplace on the web, matching over 50,000 consumers with fiduciary advisors every single month.

Launched in March, SmartAsset AMP is a client conversion platform for advisors seeking predictability in closing new business.

SmartAsset AMP is carefully designed to target a specific number of new clients. SmartAsset AMP subscription tiers start at 3, 7, and 15 target clients per year.

SmartAsset AMP provides the marketing systems and automation that advisors need to nurture clients.

1. Be Patient

“I started off kind of slow (using SmartAsset) to figure things out, but then I realized it's a numbers game,” Gilliand explains. “If I make this investment, I’ve got to make it work, and more is better.”

“You have to reach out and contact every single person, and you have to do it multiple times, multiple ways,” he says. “You have to meet that client where they are, right? You can't force them into it.”
 
He notes: “It is a full-contact sport, and you need to have a repeatable, scalable process that, luckily, can be automated to reach out to them and get them to come in. It does take making phone calls. It does take you trying to get the meeting, and finding out what's important to them.”

2. Embrace Automation

“Unless you have a process for actively getting referrals,” he explains, “I truly think that (SmartAsset AMP) is as easy as it can be to be able to get in touch with people.”
 
Gilliand says his firm usually gets 25-40 client leads per month from SmartAsset, depending on their marketing spend. Then they’ll have to work to convert those leads into clients, which used to require manually calling leads and sending emails.
 
“AMP is a great way to have that process, so that it's automated,” Gilliand explains.
 
“In fact, I've got a meeting this afternoon,” he continued. “I’ve never even talked to this lady. She was a SmartAsset lead. She scheduled it because of the automated process.”

3.  A Strong Process Can Unlock Scale

In addition to automated outreach, Gilliand says he’ll still have Concenture advisors reach out to leads by phone a few times, but then give the leads some breathing room, potentially up to a few months.

After that, the referrals get distributed to newer advisors to try to reach out.

This is why he says developing the repeatable, scalable process is so important.
 
Gillliand says that, on average, it takes Concenture advisors 45 days to book a first meeting.
“You have to be active. It's not passive,” Gilliand says. “You have to be reaching out. But be patient and work the process, and it leads to success.”

How to AMP Up Your Prospecting

Over 50,000 investor-advisor matches made every month.

SmartAsset is the largest advisor marketplace on the web, matching over 50,000 consumers with fiduciary advisors every single month.

Data provided as of January 2024. Average investor investable assets doesn't include consumers reporting <$25K in investable assets, is calculated using the midpoint of asset tiers selected by the consumer, and aggregated over 2023.

Data provided as of January 2024. Average investor investable assets doesn't include consumers reporting <$25K in investable assets, is calculated using the midpoint of asset tiers selected by the consumer, and aggregated over 2023.