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Is Your Data Aggregation and Reporting Tool Working as Hard as You Are?

For wealth advisors, the shortcut from product selling to holistic life coaching leads through data aggregation and reporting – the financial crossroads to investor relationships that can grow into legacy plans.

Is Your Data Aggregation and Reporting Tool Working as Hard as You Are?

Tools that track client investments are readily available and cost-efficient. But many don’t offer enough to wealth advisors who are looking to ramp up their digital game.

It used to be that accuracy was the only objective of a decent data aggregation and reporting tool. That’s about to change. “Clients will look to advisors as financial life coaches,” according to The Next-Generation Wealth Advisor, a recent report by ESI ThoughtLab and Broadridge. “By 2022, over 50 percent of investors will consider the ability to provide holistic goal planning as one of the most important criteria in selecting a wealth advisor.”

Holistic plans work better in combination with the kind of client-centric financial hub that can be developed from higher-quality data aggregation and reporting solutions. The services and programs that power these solutions can often vary widely in quality and accuracy. Discerning wealth advisors can improve the odds of bringing a better user interface to each customer’s experience by gauging their data aggregation and reporting tool against six critical metrics:

  1. Data quality. Investment tracking requires clean, reconciled and validated data that’s been collected from proven, proprietary sources. Lower-quality screen-scraping tools are generally best avoided unless segmented apart and categorized as held-away data.
  2. Data breadth. Search out the solution that provides the broadest, deepest range of data possibilities. There is added value in gaining a 360-degree view of assets that includes both held-away and proprietary sources. Access to the client’s big picture offers a clear pathway to cross-selling opportunities.
  3. Integration. Positions and transactions must be integrated with hundreds of custodial interfaces and scores of third-party financial planning tools, form utilities and CRM platforms. Innovative reports and actionable insights require delivery where and when they’re needed too – via a desktop, replicated data warehouse, API and reporting module.
  4. User Experience (UX). A better user experience (UX) is a human-first way of designing products and services that aims to improve all facets of the interaction between customer and advisor through research, prototype testing and content development. A true 360-degree view can lead to coaching conversations and better investor behaviors.
  5. User Interface (UI). In contrast to UX, which is a more analytical and technical metric, the user interface (UI) represents the look, style and presentation that investors will read, see and react to. Better client experiences require both UX and UI for your product or service to succeed.
  6. Client reporting. Want added power in performance reporting? Explore the deeper capabilities of larger providers first. You’ll accomplish more by working with trillions in direct-sourced asset data instead of billions. For trusted, superior, independent expertise, look for a provider with at least two decades of experience as a leader in enterprise-wide data management for broker-dealers and advisors.

Beyond accurate

Better data aggregation and financial reporting allows wealth management firms to do more with less effort. By providing your advisors with robust, accurate and actionable views of data across your entire enterprise, you empower them to outperform competitors still relying on sub-optimal screen-scraping.

Who wouldn’t want to become their client’s primary financial hub if given half a chance? By using a solution that checks the boxes on these 6 critical metrics, and delivering the cleaner data and actionable reports the way clients want, you too can become your client’s financial gatekeeper.