Data integrity is a cornerstone of any successful advice firm, yet it's the one aspect that can prove to be the most difficult to maintain. A single error in a company's dataset can be far reaching, often hampering the business’s ability to make critical decisions. Out of date client data will not only cause hassles for your team but also dilute the quality of all client facing documents - and could even lead to regulatory issues.
Think about how poorly handled client data can lead to mismanagement of workflow, impacts on metrics, client segmentation and reporting inaccuracies. Likewise, outdated information can lead to deceased clients being targeted with communications and previously archived clients suddenly reappearing in the system.
For any advice firm that wants to effectively manage workflow, keep on top of its client demographic, and ensure all legal obligations are met, data integrity is paramount. So here's several ways to ensure accuracy and maintain a healthy dataset:
Establish a data input policy. This will set a protocol for data entry that stresses the importance of both accuracy and consistency, along with training for any staff involved. From client contact and personal details to financials - ensure everything is accurately populated within your CRM (XPLAN).
Regular check-ins with clients provide an opportunity to check your data depth and ensure it is still current. These checks don't have to be formal. Online forms can quickly allow clients to update their information without you having to be there.
If you haven't used autoset features in XPLAN we recommend you have a look. Autoset allows you to automatically set attributes against users or clients to save you having to manually set them up each time. This can be as simple as the adviser relationships across the business. Autoset therefore lets you de-risk the chance (in this instance) that clients are incorrectly aligned to the wrong staff or team member.
Other reading: Is your advice technology suffering from data integrity issues?
At Planfocus, we help advise businesses build best practice processes that will help maintain the integrity of their client data which is a key factor in running a successful practice. We make sure that these methods will help you achieve and preserve your data currency and quality. Give us a call today at 📲 1300 361 973 or visit our website at www.planfocus.com.au
