For Financial Planners

by | Jan 10, 2023

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.

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Financial planners

Poor data can create problems in multiple areas:

Client reporting

Client Reporting

misleading, inaccurate or out of date policy/plan data being reported

Business errors

New Business Errors and Delays

due to missing and erroneous data



incorrect or missing data could result in inappropriate advice for clients

Revenue reconciliation

Revenue Reconciliation

an inability to identify and confirm receipt of income

Inaccurate MI

Inaccurate MI

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.

Data block

To find out how to avoid these pitfalls

DCI Data Analyst Screenshot

Insights for Financial Planners

DCI The hidden cost of bad data

The hidden cost of bad data

Regulatory Imperative

Regulatory imperative

Bad data pain points

Pain points from bad data