Data in your practice – Are you making the most of it?
By Jaweed Allie, Head of Product, INN8 Investment Platform
Data is a valued asset in the financial advisory process, and at INN8, there is a lot of talk about how advisers can unlock deeper value through data.
Why? Because today’s clients expect more than just investment recommendations – they want holistic advice. They want to feel seen, understood, and supported through all stages of their financial journey.
To do that effectively, advisers and platforms must understand our clients beyond just their basic details.
What are their goals, aspirations, and concerns? What life stage are they in? What financial behaviours are they exhibiting?
This is where data becomes truly valuable – not just for reporting purposes but for building stronger client relationships.
It’s not about big data – it’s about smart data
When we understand the “why” behind the data, we begin to unlock powerful insights. We can anticipate client needs, personalise solutions, and even enhance the overall client experience.
Whether it’s understanding asset flows, client engagement patterns, or behavioural trends, smart data enables better decision-making at every level of your practice.
More and more people are using data tools to communicate their findings clearly. For financial advisers, these tools can help you better understand your clients and share insights in a way that’s easy to grasp.
As an example, instead of manually cleaning data, organising it, and creating reports, you can leverage tools like Excel’s macros, Power BI, and AI which will help automate the entire process – from data analysis to generating insights.
This way, you not only save time but also deliver bespoke, data-driven reports more efficiently, allowing you to focus on what truly matters: delivering value to your clients.
The next step is turning insight into action and at INN8, the platform has been designed with the adviser in mind – it provides tools that don’t just collect data but help advisers interpret and act on it. The platform creates adviser reports that offers a single, comprehensive view of each client.
Using technology and data as an enablers, advisers can provide reports that are client specific e.g. high level reports for the clients that just want to have a brief overview of their portfolio values versus more detailed and analytical clients that want to know the value of each portfolio, the asset allocation, the investment growth over the last 1 year or since inception.
But it’s not just about technology. It’s about partnership. It’s about co-creating a data-driven experience that supports advisers – not overwhelms them.
As an example, data becomes an actionable insight when it is analysed and used to guide decisions. For example, a client’s bank statement may reveal recurring high expenses, prompting an adviser to suggest budget adjustments to stay on track with financial goals.
AI and the Future of Advice
Of course, we can’t talk about data without mentioning artificial intelligence. Every week, new AI tools are being released. It’s a bit like our smartphones, there’s always a new update or feature just around the corner.
“AI isn’t here to replace advisers. It’s here to support you.”
It can help automate routine tasks, uncover patterns in client behaviour, and even assist with compliance and reporting. But the human connection, the empathy, the trust, and the relationship is something no algorithm can replicate. And that’s where your adviser will always have the upper hand.
Embrace the Opportunity
Clients expect advisers to have a complete understanding of their financial lives, not just bits and pieces. So whether you’re at the start of your data journey or already well along the path, there’s opportunity in every step forward.
With the right support, the right tools, and the right mindset, advisers can drive growth both for their practices and clients with data being at the core of their practice.
For the full article, please visit the INN8 site.
“INN8 is a registered trademark of STANLIB Wealth Management (Pty) Limited, an Authorised Financial Services Provider in terms of the FAIS Act.”
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