Data aggregation’s ROI for Financial Planning Advisers

Suleman Din / Financial Planning

Financial Planning Advisers are being exhorted to use data aggregation tools as a means to better understand their clients’ financial behavior.  But there’s a tangible ROI for using data tools also, says the head of one aggregation firm — about $2,000 in new revenue per client, he claims.

“We knew we were bringing efficiencies to adviser practices, but we wanted to find out if advisers were capturing assets held away,” says David Benksin, founder of Wealth Access.

His firm surveyed 130 firms using Wealth Access’ platform and found they were able to bring in 65% of $4.8 billion in client held away assets. Assuming a 1% fee, Benskin says, it averages out to an additional $240,000 per firm and $2,000 per client annually.

That’s a revenue edge a financial planning adviser needs in an era of increased fee compression and growing automated advice, Benskin says.

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