If you have used WealthEngine’s WE Analyze tool in the past, you may notice that there have been some significant changes in WealthEngine9. Don’t worry, you aren’t losing any functionality!


However, some tools have been moved and some are being referred to with different terminology. These updates are designed to be more intuitive and to help streamline your work process; rather than bouncing back and forth between tabs, you can now easily do everything from within your new My Profiles section!

  • Note: For more on how things have changed in WealthEngine9, check out our Who Moved My Cheese? resource section.

 


This article will cover:

  • The Old System                                                       
  • “Models” vs “Lists”
  • Analyzing a List
  • Building a Model
  • Scoring Against a Model
  • Applying the Model to Prospect
  • Usage Limits



The Old System


In the old system “Analyze” referred to two different tools: Models and Lists. Both would be run, accessed, and stored in the Analyze tab at the top of the screen. 

 


“Models” vs “Lists”

Lists (now simply referred to as “Analyze”) provides you with pages of detailed statistical feedback that you can use to learn more about the people in your file.


Models on the other hand, are something that you actually build based on a list of profiles. WealthEngine will compare that file to national averages and determine what attributes make them unique, which constructs the model. However, its primary purpose isn’t to help you learn more about that group, the way Lists does. Instead, you will use your model to find and/or rate others who resemble them!


While Models and Lists were grouped together pre-WealthEngine9, that is no longer the case. Now when you see the term “Analyze,” this is the functionality you previously knew as Lists. Because Models serves such a different function, we now class it as its own category.

 


Analyzing a List

Once you have selected a file (or group of profiles) and clicked the Analyze button at the top, the system will work to match everything in your list against the data in WealthEngine. This will eventually take you to an in-depth analysis of those people across many varied attributes, including demographic information, wealth scores, business details, and more. In many instances, the results will also show you how your file compares to the national average for that attribute, which can help you get a better idea of what qualities make your clients/customers different.


This will provide exactly the same insights as before WealthEngine9. Keep in mind however that when you analyze a file, those results will no longer be saved. If you want to view that analysis again later on, you will simply repeat the process. This is actually to your advantage, as it means you are less likely to be looking at information that is out of date!

 


Building a Model

You can build a model based on a list of your top customers! It will compare the attributes of the people in your file against the U.S. National Average in order to identify what qualities most set your people apart. WE Analyze then uses the top 30 attributes to create the model (although you have the ability to switch them).


This is done on a scale of -100 to 100, with 0 representing the national average. If your list has a higher proportion of that attribute than the national average, the number will be positive. If it’s lower, it will be negative. The further the number is from zero, the more exceptional that makes them.


You can easily do this right from My Profiles, or by going to the Models tab at the top of the page.

 


Scoring Against a Model

In My Profiles you can compare people to see how similar or different those individuals are from the ones that make up the model. This will help you figure out which individuals look most like your customers, based on the top 30 attributes. A profile will be scored from 1-100, with 1 = least similar, and 100 = most similar.



Applying the Model to Prospect

Once you’ve arrived at the page where you view your model, you can use it to find brand new leads who closely resemble your best customers! Just click Find Prospect and it will take you right to Prospect. While the tool will behave the same as usual, you will also now be able to utilize the Filter Using the Model slider. This will allow you to find individuals that fall within a certain score range when compared to your model.



Usage Limits

In the past you were limited to a certain number of lists you could analyze, models you could build, and profiles you could score against those models. In WealthEngine9, as long as these tools are a part of your subscription, that is no longer the case!