In an uncertain market, financial advisors must constantly prove their value and build client trust. The ability to do this well relies on being productive, efficient and cost-effective at all times, while giving investors the transparency they demand and capitalizing on change in the industry.
The role of market data in the wealth management industry is growing, as advisors realize the importance of data in enhancing client service, gaining efficiencies and controlling costs. A firm’s market data framework should also be able to support new information and service channels, such as meeting the growing advisor and investor demand for mobile access to stock prices and portfolios.
It all stems from the constant need for data to help advisors with research, price discovery and client servicing. Clients want better service, and advisors know that higher quality market data will help them drive better decisions, reduce risk, comply with regulations, and facilitate long-term wealth planning. Asset diversification is also driving the need for global asset class coverage, requiring improved scalability.
Fast, high-quality data is required, but it is not the whole picture. Seamless access to news, pricing and analysis – integrated with their core platform’s financial planning, asset allocation and trading capabilities – is the best-practice approach for improving accuracy and speed.
Then there’s the cost of data. Market data costs have been rising not only due to asset and product expansion, but also due to inefficient or unnecessary usage. Firms only want to pay for the market data that they need and use. By purchasing and centralizing data at the firm level, they can ensure consistency and transparency into variable costs.
Is your market data integrated with your wealth management platform? Is your firm struggling with the cost of market data? Does your current infrastructure support mobile applications?
We invite you to join the conversation via our blog site, or join us for one of our upcoming webinars on Market Data in Wealth Management.