NextWealth Financial Advice Business Benchmarks Report 2025 - Report - Page 21
NextWealth Financial Advice Business Benchmarks Report / October 2025
Figure 23: Middling at best: quality of data received from providers is the lowest scorer for 昀椀rms of all sizes (shown by number
of advisers)
Q On a scale of 1 to 10, how satis昀椀ed are you with the following data-related activities?
Notably, the largest 昀椀rms seem most satis昀椀ed with their data,
suggesting scale (and the resources that come with it) helps.
Data quality is on the leadership agenda. Over a quarter (26%)
of respondents for this study say that their 昀椀rm has made
changes in the past year speci昀椀cally to improve the data within
the business.
Our analysis shows a clear link between satisfaction
with data use and commercial con昀椀dence (see 昀椀gure 24).
Respondents who rate their 昀椀rm’s data practices more highly
are also more con昀椀dent in generating client asset growth,
attracting new clients, and in the quality of the tech and tools
supporting advice.
Examples of changes made to improve business data:
In short, better data underpins better growth: a compelling
business case for continued investment.
“Training to ensure 昀椀xed process for reliable data”
“More standardisa琀椀on… using repor琀椀ng for client outcomes,
rather than having it done to us.”
“Use of new back-o昀케ce system providing more accurate data.”
“Using SharePoint and dashboards”
Conversely, 昀椀nancial advice professionals who say they are less
satis昀椀ed with their 昀椀rm’s data are more likely to be hiring new
staff. Data has become synonymous with business ef昀椀ciency,
and this would suggest 昀椀rms with poor data are bridging the
gaps with additional staff.
“Introduced Woven Advice and are in progress of integra琀椀ng it
to the business”
“Building a data lake internally and obtaining data directly from
pla琀昀orms.”
“Always trying to clean up the data – constant work.”
“New data governance policy – centralised more informa琀椀on.”
“Recording more data points to aid management”
“Increasing interroga琀椀on of data around client servicing, client
vulnerability, annual reviews.”
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