Data analytics key for understanding client needs

AIA data technology analytics australian unity

7 March 2022
| By Oksana Patron |
image
image
expand image

Advice businesses that are planning to increase the use of data analytics at their practices should follow a few rules.

Asked about the importance of data analytics and what role it should play for advice businesses at the AIA Adviser Summit, Matt Brown, executive general manager, advice, at Australian Unity, said that businesses considering increasing their use of data analytics should make sure they were good with data or hire a professional.

“If data isn’t your thing, engage someone who does data analytics for you, don’t get distracted because you end up in a black hole of time if you try to manipulate data yourself. That will be my first lesson learnt a quite few years ago,” he said.

“Rule number two is when you are looking for data and you’re looking at the opportunities, you’ve got to be prepared to address what you find.

“Where we see data is really powerful is where we come from the perspective of two things: prevention is always better than cure, so if you are looking at data analytics then look at it in a way which doesn’t look backwards about what things have I missed on and what incidents or issues do I have in my business, you can do a bit of that, but make it prospective.”

According to Brown, data analytics should be used by advice practices in a way that could help them gain a better understanding of how the business is going and what might be coming up within the next few months.

“Prospective prevention is better than cure data analytics for driving a safe and sound growing business.”

Brown also said that the other area at which advisers were getting better at thanks to data analytics was a better understanding of their clients’ needs before the client would come to that.

“Advisers have such rich information about their clients that no one knows them better than you from professional services perspective. Utilising that with some smart data analytics, very pointed, what are the things that you foresee coming they [clients] don’t know yet but they are going to need them and prepare for them early. That is how I see data being used effectively,” he said.

Read more about:

AUTHOR

Recommended for you

 
sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

 

MARKET INSIGHTS

JOHN GILLIES

SO NOW YOU ARE NOT ONLY A FUND MANAGER BUT A MIND READER AS WELL ? (Where it should have considered the orders were man...

15 hours ago
Nathan Baker

That's great. If any loss had occurred and clients eventually sue, that will probably occur after the PI has lapsed. Adv...

16 hours ago
Mark Marshall

It is about time that commentary put forward by the Financial Services industry's middleman is supported with hard facts...

1 day 7 hours ago

ASIC has cancelled the AFS licence of a Sydney wealth firm, the fifth Sydney firm to see a cancellation since the start of the year....

2 weeks ago

A former financial adviser has been banned by ASIC from providing financial services for inappropriate advice, among multiple breaches....

4 weeks 1 day ago

More than 20 winners from the funds management industry have been crowned at this year’s awards....

1 week ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND