WealthReach launches AI coach Multiply for advisor referrals

WealthReach launched Multiply last month. The firm says the product uses an AI agent based on Dan Allison’s feedback marketing method to coach financial advisors on requesting referrals. The service is priced at $150 per user per month, with lower rates when bundled with WealthReach’s Attract and Convert tools.

Multiply guides advisors through steps that include identifying clients likely to refer, explaining the firm’s services to clients, arranging joint meetings with prospects and analyzing meeting transcripts to find missed referral opportunities. WealthReach says it built the agent from years of Allison’s talks and transcripts and that the product reflects a tested methodology rather than a single feature.

WealthReach acquired the intellectual property of Model FA in April. David DeCelle, a WealthReach co-founder, was CEO of Model FA. In March, DeCelle and Allison published a book titled “Organic Growth Revolution: A Systematic Approach for Financial Advisors” and distributed copies at a conference in Miami. Allison previously served as a managing director at Model FA and worked on client-referral research with asset managers.

A recent industry survey found 62% of advisors named referrals as their top source of new clients. WealthReach noted a gap between clients’ stated willingness to refer and the number of referrals firms receive, and said many firms lack the technology and systematic training to capture referrals consistently.

Michael Barrasso, co-founder and CEO of WealthReach, posed a common question: “How do I coach my clients on how to refer?” He described the product’s development and added, “We’re not just building a referral module and hoping it works.”

Trey Prescott, director of business development at Advisory Services Network, said “It’s all about understanding your community.” He recommended that firms partner with organizations that provide ongoing support, fresh ideas for generating recommendations and help hosting events that bring prospective clients to advisors.

WealthReach positions Multiply alongside tools that support web presence, compliant communications and prospect outreach. The company says the goal is to coordinate those tools so firms can generate referrals through a defined process rather than relying on ad hoc tactics.