Blog / Wealth Management

Constant social media updates, news alerts and app notifications mean we’re all getting dangerously close to information overload. How many get deleted without even being read?

It’s easy to feel the same when it comes to your data, there’s such a vast amount of it.

But by taking more time to manage and control data, would more useful insights be extracted out of it? We think it’s time for a data detox.

Is your most important data getting lost?

By its very nature, financial services accumulates data on a massive scale. That, combined with new customer information coming in all the time, can mean your most valuable information is at risk of getting lost somewhere in the mix.

Your most valuable information is at risk of getting lost somewhere in the mix.

But instead of looking at all this data in its entirety and feeling overwhelmed by it, take a step back and focus on the information or data that will add value, save time and ultimately enhance your clients’ experience.

You’ll get a much stronger sense of which data sources don’t offer so much value. Those that were once indispensable might have become less so as newer or better systems and sources have emerged.

How does data flow around your business?

Once you know what data you need (and what you don’t), it’s time to consider how those different sources and forms of data flow around your business.

 Technology has brought huge benefits to advisers, but the proliferation of data sources has created the risk of fragmentation. Different types of software and data are only truly effective when they are properly integrated.

Software and data are only truly effective when they are properly integrated.

A data detox gives you an opportunity to address this and consider how data connects at various points in your business, whether it’s across systems or between different departments. Systems are often most effective for advisers when they are tailored to their own processes, with integrated solutions to meet different business needs.

What good data means for business

Taking time to ensure your data is clean and effective will make it easier to offer targeted or personalised services, such as online portals that can be tailored to individual clients and help you build better client relationships.

Taking control of information flows will give you clearer insights, make processes more streamlined, and deliver more accurate end results - the kind that lead to happier compliance departments and an easier life all round.

Yes, it might take a bit of work at the outset, but a data detox can deliver so many great benefits for you and your clients, you’ll be glad you did it.

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