Data Analytics: The Secret Sauce for RIAsAdvisor Perspectives
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Whether you’re focused on improving risk management, pursuing sharper business-development strategies, or enhancing M&A outcomes, data analytics will improve your RIA’s overall success.
But the science of interpreting raw data in quest of actionable insights is painstaking. It requires advanced techniques of machine learning and artificial intelligence to turn masses of information into usable business intelligence. Even where business leaders understand the value of data analytics, they’re often hobbled by cumbersome legacy systems, operational stumbling blocks, and unrealistic expectations placed on small in-house data teams to extract this value.
With data analytics, RIAs can thrive
It amazes me how many business leaders don’t take – or even try to take – advantage of the success optimization that data analytics can provide their firms. That’s why we got together with Envestnet to establish Advisor Services Exchange, ASx for short. We realized that by combining Envestnet’s technology and access to RIA data with Dynasty’s expertise in platform services and providing comprehensive support to independent wealth management practices, we could help more RIAs excel in a marketplace galvanized by rising client expectations, effort-saving technologies, and rapid consolidation.
In this way, Envestnet’s RIA clients – already experts in customer service – can leverage data analytics on par in terms of quality and immediacy with what’s available to the biggest firms. To be clear, access to ASx is exclusive to Envestnet’s institutional clients.
Five supercharged ways data analytics can help RIAs succeed
As a technology offering, ASx has a head start. Dynasty has been supporting independent advisors for nearly a decade, building up significant capabilities to support RIAs in the process. This track record, and the two firms’ immersion in independent wealth management, contrasts with industry-agnostic analytics providers that tend to focus on “big data” and the largest firms on Wall Street.
There are five main benefits to using data analytics in the context of an independent RIA.
Read the full article here by Ed Swenson, Advisor Perspectives