Looking Ahead – Harnessing the power of data to drive personalised investor recommendations

Wealth Management and Private Banking

16 November 2023

ClientCommunicationDataIntegrationMeeting of MindsTrainingWealth Management and Private Banking

Expert: Christine Ciriani, CEO, InvestCloud Facilitator: Michael Lawrence, Principal Consultant, Bovil


  1. Data quality and integration are key challenges - Many firms are struggling to integrate data after mergers and acquisitions due to legacy systems and data quality issues. Having clean, consolidated data is the prerequisite for generating meaningful insights.
  2. Firms lack insights from data - Most firms have abundant data but can lack the capabilities to ask the right questions and perform rigorous analysis to get meaningful insights. Key performance indicators can often be too numerous and need to be streamlined to the things that matter most.
  3. Personalisation of recommendations is difficult - Personalised investment recommendations via technology are impractical currently due to lack of infrastructure and scalability challenges. However, personalising the client experience and communications remains important.
  4. Inefficient processes and tools - Survey evidence suggests advisers and investment managers often spend too much time (c.67%) on internal administration.
  5. Regulations provide principles-based guidance - Regulations (like Consumer Duty) are principles-based but firms need discernment to balance innovation and risk. Outcomes matter most so data insights should ultimately enhance client value.
  6. Smaller firms remain relevant via tech - Smaller personalised firms will stay relevant by using technology to be more efficient while still providing high-touch service. Large firms centralise investments to reduce dispersion.


The group discussed various topics related to the opportunities available from harnessing data to drive more personalised, higher-quality, more efficient investor recommendations.

Better use of data and tools could improve efficiency and client service. However, the adoption of new technology can be challenging to implement effectively and depends on training and monitoring usage.

There was agreement that many firms could benefit from the following action points and key takeaways.

Key takeaways:

  • Review data infrastructure and identify integration gaps/data quality issues after recent M&As
  • Conduct analysis to determine key questions that need to be answered to generate insights
  • Opportunities to focus personalisation efforts on client communications and UX, as well as/instead of investment recommendations
  • Implement monitoring and training programmes to drive adoption of data tools by advisers
  • Evaluate use of client data to identify emerging needs and service opportunities
  • Segment clients based on channel preferences and customise communications strategy
  • Centralise core investment offerings while allowing customisation for niche client needs