For Financial Planners
Financial Planners are increasingly reliant on high-quality data to deliver a consistent and efficient advice process. Quality data also gives Financial Planners confidence in the output of their in-house Financial Advice systems.
Poor data can create problems in multiple areas:
misleading, inaccurate or out of date policy/plan data being reported
New Business Errors and Delays
due to missing and erroneous data
incorrect or missing data could result in inappropriate advice for clients
an inability to identify and confirm receipt of income
used for critical and strategic decision making
The consequences of bad data can be significant:
- Damaged client relationships caused by inaccurate communications
- Lost reputation if the above happens at any scale
- Increased staff costs to monitor and resolve data-related issues
- Reduced productivity from continuously allocating valuable resource to address data problems
- Regulatory fines if customer data is misrepresented or regulatory reporting is inaccurate.
- Strategic decisions based on poor data can be damaging to both clients and the firm
- Cost of compliance will grow if data issues are ignored
Financial Planners need to keep a keen eye on how data is collated, processed and reported to ensure they can run an efficient operation, avoid falling foul of the regulator and maintain customer trust.
To find out how to avoid these pitfalls
Insights for Financial Planners