Type once... lives forever - I'm talking about Data Gathering

Advisortech Insider: Daily Insights for Modern Financial Advisors

Author

Joe Moss
March 14, 2024

Today’s topic is Client Data Gathering.

But first, a question, how are you collecting data from your prospects / clients?

Data that needs to eventually get to your CRM, your financial planning software, your account-opening paperwork.

Maybe a more important question, are you happy with how your firm is currently collecting data?

If the answer is Yes, great! You can delete this email and move on. If No, read on:

The first thing I would ask is “How are other firms collecting data?”

And then we go to Kitces:

Technology adoption rate of 47%!!!?? This is not good. Every firm needs some good data-gathering technology. So let’s see what firms are using:

PreciseFP dominates the Third-Party Software, with Financial Planning Software being a close competitor overall.

Now this is interesting, because there’s been discussion in the community about which tool should be the hub of a tech stack. CRM is currently most adopted and often referred to as the Hub. But Financial Planning?

Oh actually, Kitces is tracking that too:

Ok, back to data gathering - it needs to get to the CRM, Financial Planning tool, and account paperwork.

Well, for goodness sake, why doesn’t the CRM have data gathering capabilities? Somebody ought to try it at least.

But for now, let’s check out some other data - check T3/Inside Information - what no data gathering category? PreciseFP is in Miscellaneous Tools. Ok, that’s disappointing.

I do have some preliminary results on my survey (15 respondents so far):

3 of 15 using PreciseFP or 20%.

I’d love to know what you’re using: Take the Survey

For more info on PreciseFP, check out these Demos:

And another focused on the Risk Tolerance Questionnaire:

If I could leave you with an encouragement today - think about how your firm first interacts with prospect/client data and how you can make that process better in the future.

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