I started in the financial services industry before paperless was a thing.
As we began (manually) transposing paper records into databases, the importance of getting it right was drummed into us. We knew that if these shiny new systems (think Xplan circa 2001) were going to really add efficiencies to our day, we needed to get the foundations right.
Fast forward to 2025, and we're once again bombarded by shiny new tech, promising to transform advice practices. There is no doubt that some of this tech will transform the way we work. But there was also no doubt in 2001 that the efficiencies Xplan and the like could deliver were real and could transform the way we worked – if we got our data right.
So, if it's no secret that data is paramount, why have so few advice practices prioritised a data strategy?
As the next era in advice tech rolls around, it won’t matter why; it will just become evident that you haven’t got your data ducks in a row as you fall behind, fail to realise opportunities or get it wrong because your data foundations are incorrect.
The future
It's impossible to ignore the current narrative: data, in all its forms, is shaping the future and fundamentally changing how we work. From sophisticated data strategies to the emergence of Agentic AI, it's clear that information will be the foundation of future success.
Given the pace at which data-driven tools are infiltrating financial services, it doesn’t take a rocket scientist (or a data scientist) to tell us that data is the future.
Every client I've spoken with recently agrees that their ability to leverage data effectively will be a game-changer. And it could be - but only if that data isn't outdated, inconsistent, or chaotic.
Don’t get left behind
Without clean, up-to-date data, technology can’t deliver on its promises. In fact, it can make existing problems worse by automating and amplifying errors. No matter how advanced the system is, if your data is a mess, the results will be too.
If you want to gain a genuine competitive edge, streamline your operations and serve more Australians, accurate data isn’t just a nice-to-have; it’s non-negotiable.
Earlier this year, I shared some data cleansing tips to kickstart 2025 with some Xplan housekeeping – if you didn’t start then, start now:
- Agree on data standard and formats
- Review and optimise data entry processes
- Assign a Data Champion to check weekly reports and chase gaps.
- Adopt a “one touch” mindset: whoever discovers a data issue fixes it.
- Tackle one client segment at a time.
- Methodically work through updating your data
- Build exception reports to catch data gaps as they happen
Stay tuned
Over the next few months, we’ll be sharing even more tips, hints, how-to articles, and advice to help you get your Xplan data in shape.
Keep an eye out for our upcoming blogs in the Xplan Hub: we’ll share practical ideas on strategies you can implement, reports you can run and processes you can adopt to audit your data effectively.
Remember: clean data is the foundation for innovation, growth and success in your practice. Embrace it today and watch your tech investments pay off in ways you never imagined.
Iress Contributor
