Understand Your Clients Better With Data

How Data-Driven Decision Making Improves the Way Advisors Do Business

Financial advisors have long been charged with knowing the investors they support. Indeed, the “know your customer” rule might be the industry’s ultimate responsibility. In practice, that means any advisor who recommends the purchase or sale of any security to a customer must believe that the recommendation is suitable for his or her customer given the customer’s financial situation.

But given the multiple methods by which people can invest, how much can an advisor really come to know about them?

The need to gain accurate customer insight is becoming increasingly important for the investment industry. Yet, in a world where retail giants like Target Corporation can accurately predict their customers’ next purchases and digital marketers can tailor online ads to consumers’ behavioral patterns, advisors should be able to answer these questions:

  • What are you doing to get an up-to-date detailed consolidated picture of your client to identify financial planning opportunities?
  • What are you doing to better understand your client and refine the opportunity to improve service while better meeting your regulatory requirements?

It’s time for advisors to accelerate the use of data and advanced analytics, and use a scientific approach instead of professional intuition to achieve advisory excellence. The good news is that by leveraging data from customers, books, the industry, and a multitude of external sources, advisors are in position to unlock the answers. All it takes is a data science partner with the right technology and knowledge of how to mine for insights.

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