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3 Ways Financial Services Firms Can Manage Complex Data

If there’s one thing every financial services firm can agree on, it’s this: 

Data is one of the most valuable assets any firm has if leveraged the right way—and one of the riskiest liabilities if inaccurate or inconsistent. This makes establishing efficient, accurate data management systems all the more important—especially in complex environments. 


In this article, we’ll explore the role data management plays in fostering sustainable organizational growth–and how to effectively do so.  



Why Data Management is an Essential Ingredient in Sustainable Firm Growth

From back-office operations, to CRM data, investment performance and portfolio insights, data is the lifeblood of any organization, driving critical decision-making processes. Regardless of the services you offer, audiences you serve, or the type of business you run, data is what you rely on to inform strategic decisions that impact your clients, your employees, your advisors, and your bottom line. 


But just as efficient data management means clean data insights, inconsistent data management practices can yield inaccurate data. Decisions based on false data can unfortunately lead to regulatory issues and privacy concerns, and in extreme cases, penalties for non-compliance. Plus, maintaining accurate and secure client data not only protects your clients’ financial well-being, it protects your business and reputation from privacy concerns resulting from mishandling of PII. 


Data management needs to be a top priority for all firms in the financial services arena. But, managing data effectively is hard, especially with disparate systems acting as the source of truth for all organizational data. Add in the challenge of integrating systems that rely on varying formats and structures, it’s easy to see how data quality can become compromised.   


How to Effectively Manage Complex Data

Despite the challenges surrounding complex data management, there are simple solutions any firm can implement quickly and effectively to ensure your protection, which include:  


  1. Establish Protection Policies: Documenting clear protection policies to include definitions of proper data workflows and necessary approvals helps ensure teams are on the same page with proper data management. These policies should adhere to SEC & FINRA regulations that protect client confidentiality. Beyond proper data management, these policies demonstrate you take your clients’ protection seriously. 


  1. Build a Data-Centric Culture: Encouraging team members to embrace data in decision-making cultivates a data-centric mindset and fosters a data-driven culture. Make data management a pillar of your organizational operations, educate your team about the importance of proper data handling, and it will become a top priority. 


  1. Implement Technology: From new account opening to connecting forms and straight-through processing, leveraging cutting-edge solutions can help streamline back office data processes, enhance efficiency, and unlock valuable insights. This is where leveraging a strategic partner with innovative, modern data management capabilities can help you address data complexities.


There’s no shortage of available technologies for streamlined data management. Finding a solution that’s transformative to your data management processes, however, is a steep order. But they do exist. 


Streamlining Data Management with the RIght Partner

Financial services firms that need to maintain compliance and create systems that support business growth turn to Forms Logic for many reasons, including: 


  • Ease of Use: Forms Logic is a cloud-based technology platform that makes it easy for RIAs, broker-dealers, alternate providers and other financial services firms to create customized workflows, access forms, integrate into CRMs, connect to e-signature platforms, and automate onboarding. 


  • Efficient Processes: Helping firms ensure accurate, consistent, and reliable data to power sustainable business growth, Forms Logic is the solution for innovative firms looking to create efficient processes and own their data cost effectively. 


If you want to eliminate manual data entry, store data in a way that avoids mistakes and lowers NIGO rates, access a library of traditional and self-directed custodians’ forms through API connectivity, build custom workflows, provide a seamless client experience and gain visibility through insightful reporting, then get in touch with us today. We’re the solution to your complex data management needs. 


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