No Result
View All Result
SUBMIT YOUR ARTICLES
  • Login
Monday, October 27, 2025
TheAdviserMagazine.com
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
No Result
View All Result
TheAdviserMagazine.com
No Result
View All Result
Home Financial Planning

Why and how wealth management firms should own their data

by TheAdviserMagazine
7 months ago
in Financial Planning
Reading Time: 4 mins read
A A
Why and how wealth management firms should own their data
Share on FacebookShare on TwitterShare on LInkedIn



Firms that don’t own their data are at the mercy of the many vendors that house it.

Not only does this hinder a firm’s ability to change its tech stacks, but it also hinders the identification of valuable insights and trends across organizations.

Added to that, with the advent of artificial intelligence-enabled tools, firms are finding these applications are only as good as the data they are trained on.

Experts say that while data ownership might at first be time-consuming and costly, the long-term benefits can make it worth it.

An essential investment

During a recent webinar by Morningstar Wealth and The Oasis Group, John O’Connell, CEO and founder of The Oasis Group, said many firms don’t own their own data because the prospect of obtaining and housing it is daunting. So, it often remains siloed and locked up in a CRM, performance reporting system, custodian or elsewhere.

“Not having that data in one place makes it difficult for firms … to find trends that can really help them grow their business,” he said.

READ MORE: Envestnet’s Dana D’Auria opens up about personalization, tariffs, AI

During the webinar, Hazal Sabah, ByAllAccounts senior product manager at Morningstar Wealth, said many firms have realized the value of data ownership and have begun setting up data lakes (which can hold structured and unstructured data), data warehouses (mostly used for structured data) and data lake houses (which combine features of both).

“This is what allows you to plug and play with these newer solutions out there in the market,” she said. “Think of ownership as having greater control and efficiency with your data, with the ultimate end goal being an investment in your ability to generate deeper insights and more personalized services.”

Ryan J. Marshall, partner at Ela Financial Group in Wyckoff, New Jersey, told Financial Planning data ownership is a critical but often overlooked aspect of the wealth management industry.

“Since our inception, it has been a top priority,” he said. “We work closely with our IT vendor to ensure our data is securely maintained and protected — an investment we view as essential, much like an insurance policy.”

With the constant evolution of the industry — including frequent mergers and acquisitions among broker-dealers — Marshall said his firm recognizes the importance of flexibility.

“While these changes have been beneficial to us, maintaining control over our data ensures that we can make transitions when necessary,” he said. “We are not bound by external relationships and can make unbiased decisions that serve the best interests of both our firm and our clients.”

Associated costs

Don Epperson, co-founder and CEO of wealth management platform Annise, said historically, it’s been expensive for firms to securely host their data in a platform they have to maintain. 

Typically, an investor would use a non-hosted version of Quicken or some other expense management platform to manage their cash assets. They would use an RIA that would host their brokerage assets, and to a lesser degree, their private assets — including limited partner interests in venture funds — in an RIA-focused platform like Black Diamond or Addepar. And, most likely to manage versus report out on private assets, the investor managed associated capital calls in spreadsheets.

“It’s been a siloed, disorganized mess,” he said.

READ MORE: How to land bigger clients with deliberate tech: Show Me Your Stack

By contrast, Epperson said that today, data can be securely hosted and maintained at minimal cost to the investor.

“The overall paradigm is shifting from an investor allowing their data to be housed and hosted at different locations to investors hosting all their data themselves, and inviting their RIAs and third parties to data hosted in their platform,” he said.

Pete Bosse, CEO of MFPA Financial Planning in San Antonio, Texas, said his firm owns its own data for intellectual property reasons, as he has created training materials for do-it-yourself financial planning. He said they use Apple iCloud for primary storage and Google Drive for backup.

Robin Patra is a former data and artificial intelligence director at BlackRock who is now director of analytics and AI at construction and engineering company ARCO. He said his firm uses Viewpoint and SAP for financial management, Procore for construction project management, Salesforce for sales and marketing, in addition to several other applications.

“While these tools digitize business processes effectively, they create data silos — each vendor holds the data in their own cloud environments,” he said. “This limits our ability to get a unified, contextual view of our business. We realized that to truly run the business, we needed to own the data.”

Patra said owning this data gives them the ability to monitor the health of the business in real time, identify growth opportunities and diversification areas, reduce process inefficiencies and improve resource utilization and enable holistic, data-driven decision-making for leadership.

“Data ownership isn’t just a technical decision — it’s a business imperative,” he said.

Patra said his firm structured its data ownership strategy around a “hot-cold-archive model.”

The “hot data” is business-critical data from the past 18 months that is kept in high-performance environments for real-time access. The “cold data” is older than 18 months and is stored in low-cost storage and accessed as needed. Data required for legal or compliance reasons is archived in long-term storage, and everything else is purged based on retention policies.

Initially, when the data was stored as hot — real-time accessible — the firm’s infrastructure cost was around $25,000 per month, said Parta. With the hot-cold-archive optimization system, he said they had brought that figure down to around $10,000 per month — “a significant improvement without compromising access or insight.”

“For us, data is an enterprise asset,” he said. “It drives decision-making, powers innovation with AI and improves both customer and employee satisfaction. One of our key initiatives now is using organizational data to train AI models that reduce hallucinations and increase contextual relevance. Data ownership is what makes this possible.”



Source link

Tags: datafirmsmanagementwealth
ShareTweetShare
Previous Post

Reclaim Financial Independence: 5 Remote Jobs for Divorced Women

Next Post

This bond fund manager dropped out of a Ph.D program to find finance

Related Posts

edit post
New Karta Card Targets International Applicants With U.S. Assets

New Karta Card Targets International Applicants With U.S. Assets

by TheAdviserMagazine
October 27, 2025
0

A new premium travel card has launched, but this one has several unique twists.The Karta card is aimed at international...

edit post
New Balance Kid’s Shoes only  each shipped!

New Balance Kid’s Shoes only $30 each shipped!

by TheAdviserMagazine
October 27, 2025
0

Score great deals on New Balance Kid’s Shoes! Joe’s New Balance Outlet is offering select Kid’s Shoes for only $30...

edit post
The 17 Best Financial Advisor Conferences To Attend In 2026

The 17 Best Financial Advisor Conferences To Attend In 2026

by TheAdviserMagazine
October 27, 2025
0

The rise of the internet fundamentally changed how financial advisors learn and advance their craft. Short of waiting for an...

edit post
*HOT* Bose SoundLink Flex Bluetooth Speaker only .99 shipped (Reg. 9)! {Today Only}

*HOT* Bose SoundLink Flex Bluetooth Speaker only $89.99 shipped (Reg. $149)! {Today Only}

by TheAdviserMagazine
October 26, 2025
0

Score a hot deal on this Bose SoundLink Flex Bluetooth Speaker! Today only, HSN has this Bose SoundLink Flex Waterproof...

edit post
Meet Heidi Hallmark: A Bookkeeper Helping Women Find Peace of Mind in Their Finances

Meet Heidi Hallmark: A Bookkeeper Helping Women Find Peace of Mind in Their Finances

by TheAdviserMagazine
October 25, 2025
0

One of my favorite things to do is highlight women who have taken their gifts and used them to build...

edit post
*HOT* Shark Cyclone Pet Handheld Vacuum only .99 shipped! (Reg. ) {Today Only}

*HOT* Shark Cyclone Pet Handheld Vacuum only $24.99 shipped! (Reg. $70) {Today Only}

by TheAdviserMagazine
October 25, 2025
0

Here’s a great deal on this Shark Handheld Vacuum! HSN has this Shark Cyclone PET Handheld Vacuum with XL Dust...

Next Post
edit post
This bond fund manager dropped out of a Ph.D program to find finance

This bond fund manager dropped out of a Ph.D program to find finance

edit post
NFT Exchange X2Y2 Shuts Down

NFT Exchange X2Y2 Shuts Down

  • Trending
  • Comments
  • Latest
edit post
77-year-old popular furniture retailer closes store locations

77-year-old popular furniture retailer closes store locations

October 18, 2025
edit post
Pennsylvania House of Representatives Rejects Update to Child Custody Laws

Pennsylvania House of Representatives Rejects Update to Child Custody Laws

October 7, 2025
edit post
What to Do When a Loved One Dies in North Carolina

What to Do When a Loved One Dies in North Carolina

October 8, 2025
edit post
Another Violent Outburst – Democrats Inciting Civil Unrest

Another Violent Outburst – Democrats Inciting Civil Unrest

October 24, 2025
edit post
Probate vs. Non-Probate Assets: What’s the Difference?

Probate vs. Non-Probate Assets: What’s the Difference?

October 17, 2025
edit post
California Attorney Pleads Guilty For Role In 2M Ponzi Scheme

California Attorney Pleads Guilty For Role In $912M Ponzi Scheme

October 15, 2025
edit post
Protecting Your Social Security Benefits from Identity Theft

Protecting Your Social Security Benefits from Identity Theft

0
edit post
AI drives huge productivity gains for big companies, small ones left behind

AI drives huge productivity gains for big companies, small ones left behind

0
edit post
Reporters Cover the Shutdown and the Use of AI in Health Care

Reporters Cover the Shutdown and the Use of AI in Health Care

0
edit post
Follow the Money and Power in the Trump 2.0 Political Maze

Follow the Money and Power in the Trump 2.0 Political Maze

0
edit post
Virginia Attorney General Gets Green Light To Sue TikTok

Virginia Attorney General Gets Green Light To Sue TikTok

0
edit post
Kiryat Tivon emerges as favorite to house Nvidia’s new campus

Kiryat Tivon emerges as favorite to house Nvidia’s new campus

0
edit post
AI drives huge productivity gains for big companies, small ones left behind

AI drives huge productivity gains for big companies, small ones left behind

October 27, 2025
edit post
Virginia Attorney General Gets Green Light To Sue TikTok

Virginia Attorney General Gets Green Light To Sue TikTok

October 27, 2025
edit post
Landmark ruling in India treats XRP as property, not speculation

Landmark ruling in India treats XRP as property, not speculation

October 27, 2025
edit post
Trapped between US and China, South Korea feels trade war’s pressure

Trapped between US and China, South Korea feels trade war’s pressure

October 27, 2025
edit post
Follow the Money and Power in the Trump 2.0 Political Maze

Follow the Money and Power in the Trump 2.0 Political Maze

October 27, 2025
edit post
Spirit Halloween’s meme-worthy  billion business is successful thanks to scooping up short-term leases from bankrupt stores

Spirit Halloween’s meme-worthy $2 billion business is successful thanks to scooping up short-term leases from bankrupt stores

October 27, 2025
The Adviser Magazine

The first and only national digital and print magazine that connects individuals, families, and businesses to Fee-Only financial advisers, accountants, attorneys and college guidance counselors.

CATEGORIES

  • 401k Plans
  • Business
  • College
  • Cryptocurrency
  • Economy
  • Estate Plans
  • Financial Planning
  • Investing
  • IRS & Taxes
  • Legal
  • Market Analysis
  • Markets
  • Medicare
  • Money
  • Personal Finance
  • Social Security
  • Startups
  • Stock Market
  • Trading

LATEST UPDATES

  • AI drives huge productivity gains for big companies, small ones left behind
  • Virginia Attorney General Gets Green Light To Sue TikTok
  • Landmark ruling in India treats XRP as property, not speculation
  • Our Great Privacy Policy
  • Terms of Use, Legal Notices & Disclosures
  • Contact us
  • About Us

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.