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Why Data Entry Accuracy Is Critical for Wealth Managers


Wealth manager smiling because her automation software ensures high data entry accuracy for her documents

Wealth managers are trusted for their ability to make informed predictions, provide expert financial guidance, and manage investments—but they can’t do it without data. Data on the market at large and on the individual client’s finances are essential to get an accurate picture and make strategic moves.

Of course, gaining access to that data can be an involved process in itself. Learn why accuracy is key and how you can both enhance the accuracy and lighten the burden of data entry.


Data Challenges for Wealth Managers

Wealth managers work with a large volume of recorded information on clients, accounts, and transactions. This data comes from a variety of sources and must be extracted accurately and fed into the software systems that wealth managers rely on for recordkeeping, computations, intelligent predictions, and reporting.

According to Deloitte, developments in the wealth management industry mean that financial professionals are now working with larger quantities of more complex data, making that data more difficult to capture and manage than in years past.

Whatever solutions wealth managers employ for data extraction and entry, they must make accuracy a chief priority. Especially when it comes to numerical data, a slight error can cause a major issue. Consider how missing a decimal point, adding an additional zero, or missing a digit could significantly affect the accuracy of your financial data.

Even a slight error can lead to a far-reaching inaccuracy in a wealth manager’s evaluation of a situation. One of the most common ways data entry errors cause problems is in calculating an investment’s internal rate of return (IRR). A miscalculation like this can lead to portfolio mismanagement and damage to the firm’s client relations.

When choosing a wealth manager, some of the top considerations for prospective clients are a strong track record of performance and an unimpeachable reputation, both of which are harmed by data inaccuracy. Inaccuracies could also potentially lead to legal and compliance issues, further damaging your business’s reputation and profitability.


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Accurate Data, Big and Small

There are two main ways wealth managers use data, and in both cases, data entry accuracy is critical.


Big Data Analytics

One way accuracy is critical is when it comes to analyzing trends in the market and making predictions based on aggregated data. According to McKinsey, wealth managers need to increase their focus on analytics if they want to meet modern client expectations for wealth management solutions and stay competitive in the marketplace. 

To leverage analytics effectively, wealth managers need to start with accurate data. It doesn’t matter how sophisticated your analytics solutions or models are if the data you’re feeding into them is inaccurate. 


Client Portfolio Data

Wealth managers need accurate and easily accessible data on individual clients so they can correctly understand their financial assets, history, and goals. Onboarding documents can be particularly disorganized and unstructured, so document indexing can enable firms to easily manage a family’s finances without losing track of important information.


How Wealth Managers Can Achieve Data Entry Accuracy

Traditionally, wealth managers have relied on internal teams or outside vendors for manual data entry. This approach is both labor-intensive and prone to human error. 

Double- or triple-blind data entry can help you avoid these errors and ensure accuracy. In this approach, multiple individuals transcribe the same data, and the computer flags any inconsistencies because they mean at least one of the entries was inaccurate. If the data entries match, they’re likely all accurate. It may work fairly well, but double- and triple-blind data entry means more people and time dedicated to the menial task of data entry.

Fortunately, there’s a better way. Today, wealth management groups are embracing intelligent business process automation that enhances efficiency. In the case of data entry, that means leveraging optical character recognition (OCR) and proprietary software like Notable Systems to digitally extract data and even automatically feed it into the appropriate software systems.

This approach is much faster than manual data entry, and it’s also more accurate. Notable Systems has seen our automated solution achieve 99.9 percent accuracy, even catching human errors present in documents and correcting them. 


Enhance Data Entry Accuracy and Efficiency with Notable Systems 

As a wealth manager, you can’t afford to make preventable mistakes. You need your data to be robust and accurate to uphold a reputation for excellence that helps you attract and retain discerning clients. Notable Systems has the solutions to help you revolutionize your approach to data extraction and entry, resulting in enhanced data entry speed and accuracy.

Want to learn more? Schedule a consultation!

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