Interview with Ryan Folts

Entrepreneur and wealth manager Rylan Folts already had a successful financial services career under his belt before cofounding WealthFeed, an AI marketing solution platform.

He explains the ways automation technology fuels his organization and how it can assist businesses with their client acquisition needs.

Tell us about your business background:
I was born and raised in Tempe, Arizona, and graduated college from the nearby University of Arizona. Shortly after, I began my career in wealth management as an analyst at JP Morgan Private Bank. During my two years there, I worked with high-net-worth clients, providing strategic guidance on investment management, asset allocation, and estate planning while gaining invaluable industry experience. Seeking a more entrepreneurial path, I then joined an independent advisory team in Scottsdale and helped manage over $1 billion in capital. This move allowed me to step away from the corporate structure and focus on building my book of business.

Eventually, I decided I wanted to go into business for myself, but I soon realized how hard organic growth is for financial professionals. Prospecting as an adviser—especially for me, being in my mid-twenties—was very tough. I was dedicated to helping young entrepreneurs with financial planning and knew that if I got in front of these individuals, I could close deals with them. Yet I also felt like there wasn’t a platform for me to prospect with my niche and get people to trust me.

That’s what ultimately led me to partner with two other ex-advisers and cofound WealthFeed, a prospecting platform for financial advisers. Our intent with the product was to identify money motion based on the thesis that it’s never random for clients to join a financial adviser. This decision is always motivated by some major life decision or catalyst event: maybe they had a baby, moved to a new city, or gained an inheritance. These people may not know what to do with their money and are seeking guidance in this time of need. From an adviser’s perspective, finding such clients is all about “right time, right place”—and WealthFeed helps them achieve that.

What do your company’s tools do for your clients?
Making prospecting more automated and less manual is essentially our road map. We use our AI in two ways, the first being data aggregation. In this modern-tech society, there’s a ton of public data available on Google, LinkedIn, Zillow, mortgage-filings databases, and more. Our tools compile this information to glean insights about people: Who’s buying or selling property? Who’s changing jobs? In the simplest terms, we built an algorithm that provides such valuable data to our clients.

The other arm of our business is creating an audience for advisers. Our AI combs through our clients’ current books of business and then locates similar prospects in their areas. If they’re pursuing forty-year-old females who live in a certain zip code, for instance, our tools help find these individuals and prioritize them over other leads. This allows advisers to tailor their marketing toward their ideal client.

What do your AI tools do that humans can’t?
I think in the realm of AI, it’s all about saving time. This is your biggest asset in business, and because it’s limited, you have to invest it skillfully—wasting manhours means wasting money. As an example, if I wanted to find out who had just moved into my neighborhood and invite them to a wine event, I would have to spend hours online looking for real estate transactions and identifying who was in the titling process. And then I’d have to spend even more hours sifting through Google, LinkedIn, and other sites to get these individuals’ contact information before reaching out to them.

At the end of the day, WealthFeed helps advisers get to the same end point of finding these potential clients without having to spend ten hours doing so. With our AI, you can hop on and, in less than five seconds, use filters to identify viable prospects.

Why do you feel that it’s important for these professionals to prioritize prospecting?
Client acquisition is the core of any successful business, from landscaping companies to real estate agencies. Sure, a lot of businesses are in “maintain mode,” but prospecting your audience and looking for qualified clients is key to growth. You need to first identify who you’re targeting, which is what prospecting is, and then invest in marketing second. This involves emails, phone calls, Google ads, direct mail, and other methods of getting in front of your potential customers.

What would you say to entrepreneurs and small-business owners who may be distrustful of AI?
I think it’s easy to feel that way, given that it’s sort of a black box. My parents initially didn’t trust home personal computers in the ’90s or find them necessary, and it’s the same now for many with AI. But in business, failing to adapt quickly means falling behind and becoming archaic. Companies that didn’t adopt major new technology in the 1990s and early 2000s pretty much failed across the board. So if you’re choosing to avoid AI tools, you’re putting yourself in a bad position where, down the road, your competitors will start to become more efficient, scale quicker, grow more revenue, and ultimately overtake your business.

In addition to adapting quickly, entrepreneurs should pivot quickly. If you find that certain technology isn’t working, get rid of it and seek out other solutions. Those who can stay agile in this way are those who will end up succeeding.

What about business owners who think they don’t need AI because they aren’t in the tech or finance sector?
AI is for all industries, not just people in finance and tech. For instance, WealthFeed works with a high-end beauty salon and luxury car companies, among others. These are typical brick-and-mortar businesses, yet they come to us to find high-net-worth individuals in their areas who are getting married, just had a baby, etc. These are people likely wanting, say, a spa treatment for their big day or an elegant new car to celebrate. Life changes affect all kinds of spending habits, which is why we can help these other businesses.

How can business leaders begin adopting AI?
There are so many programs available: AI marketing, note taking, task management, and more, all of which can allow you to automate duties to save time. The key is to get educated, such as by going to conferences. Events like Tech Week in Los Angeles, New York, and San Francisco can help you learn what’s out there and how you can implement the different tools.

Would you share any new AI features you’re developing?
We’re rolling out some new elements that will enable our clients to build comprehensive profiles of their target consumers. They can filter people by age, education, zip code, etc. and then automate outreach on a monthly basis to the prospects our AI pulls. So it’s a set-it-and-forget-it model where they can establish parameters, decide if they want emails, letters, or other marketing messaging going out, and let these functions run in the background.

Beyond employing AI, do you have any additional advice to share with fellow entrepreneurs?
A lot of people are scared to take the leap when they have a new and exciting concept, instead keeping their full-time jobs. But I say that you have to jump with two feet: be willing to take the risk, rip the bandage off, and bring your idea to market knowing that it could help others. If it doesn’t work, it doesn’t work—just don’t fear failure.

And don’t fear negativity either. Some entrepreneurs quit when they get complaints about their products or services from clients. However, bad feedback is actually great feedback because it gives you insight into what people want. So I think that being able to take that information and flip it positive, trying to build a better product and add the features they’ll appreciate, will guide the roller coaster back up. When times are tough, don’t give up but simply understand what you need to change.

TAKE ACTION:
Brainstorm AI-based solutions to client acquisition, brand awareness, productivity, and other tasks within your organization.