Tessa Lee: The invisible cost of poor client data

Most advice and wealth management firms already know that poor client data creates inefficiency. Advisers waste time chasing updates, information gets duplicated across systems and servicing teams spend hours correcting records and manually rekeying data.  Those costs are the transparent ones, but the less visible cost is the damage that can be inflicted on the client relationship itself: a client receives a communication that is no longer relevant; they are asked to repeat information the firm should already know; different people hold different versions of their details or meetings...