Money in Motion

Author

Matt Ober
August 15, 2023

We have all gotten that phone call from a financial advisor….

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Why do we continue to get cold calls from financial advisors that act like we have been best friends for years? It always confuses me when my relationship with the advisor consists of being connected on Linkedin.

We need better reasons for financial advisors to make a cold call. One thing that I keep hearing is “Money in Motion“ events. I had heard this term in the past, but it is something I have heard a dozen times in the last few months from startups building software or datasets that translate into leads for advisors.

Money in Motion events- these could be a divorce, a death, someone selling a business, or any event where money is moving. Someone moving states or being the recipient of an inheritance. What I think is interesting about these money-in-motion events, is the data behind them. How do you capture when someone is passing away, who gets their money, how much they were worth, what area code they and their descendants live in, and how do you capture this as close to real-time as possible? Or when someone goes through a divorce and it’s finalized?

These events can feel like ambulance chasing, but at the same time, they are events where people are thinking about getting a financial advisor or changing advisors. Owning the data or datasets that can tell you in real-time when this happens is extremely valuable.

Money in Motion events isn’t just important for financial advisors, its incredibly valuable for many industries. Piecing this data together, monitoring it in real-time, and delivering this information in a quick and easy way to digest is an interesting opportunity that many companies are tackling. As I plan to go to Future Proof in early September, I imagine I will meet more companies focused on Money in Motion.