The Current State
While nearly all advisors have a checklist of topics to discuss with clients and standard forms for collecting information as a part of their discovery process, there is significant variation in the kind of information advisors consider most valuable. There is also a growing spread in the tools/methods advisors are using to collect and capture information—driven in large part by advances in technology and behavioral science.
Some major development opportunities we see emerging include:
- Adopting more rigorous methods and policies around the quality of information advisors collect (and “how” that information is collected and kept up-to-date).
- Finding appropriate ways to use technology to improve and monitor quality and “freshness” of information.
Resources to Help You Succeed
How good is the information underlying your understanding of clients? Conventional approaches are being replaced with tools -- giving advisors access to greater depth, efficiency, precision, and accuracy.
Take a quick self-assessment of your client information: access self-assessment.
While most advisors still aggregate and organize client financial data manually (e.g., using client questionnaires, bank statements), many have migrated to digital tools (e.g., client portals; document vaults). What are the costs and benefits?