Two new big data tools for financial advisers will help make sense of massive collections of information.
If I had to choose a financial adviser technology buzzword for 2013, I would make the easy choice of “Big Data.”
Big data is the vague description of an enormous collection of information that traditional tools cannot efficiently manage, sort, and process to reveal meaningful insight.
Spreadsheets Won’t Cut It
Consider a recent example from an SEC-registered RIA that was ordered to go back through nearly eight years of fee and billing data to identify clients who were double-billed on their C-share mutual funds. That is a HUGE challenge to tackle with basic spreadsheet programs!
A more sophisticated solution, perhaps a purpose-built database and custom algorithm, would be able to make quick and, more importantly, accurate work of such a challenge.
Enter Big Data
Tools to take advantage of big data for financial advisers have slowly become available. Examples include business intelligence reports from Orion Advisor Services and Envestnet|Tamarac and trend analytics from inStream Solutions.
Those tools work well with the data that is maintained inside their ecosystem, but they generally do not collect or process data from external third party programs to deliver intelligence and actionable insight.
Two new solutions soon to be released for financial advisers aim to remove this current limitation.
To find out more, go read Two Big Data Solutions for Financial Enterprises at Morningstar Advisor and learn how these new solutions might change the way you leverage your data.
Note: At the time of publication, inStream Solutions was an advertiser on FPPad. No promotional consideration was received for inclusion in this article.
