How financial advisers can use data and insight to improve performance

By Ryan Smith on June 5, 2018

Understanding how your business is performing is invaluable.

Collecting data and insights on how you and your business is performing might seem complex but it will help you identify areas where you can improve.

In this article we’ll:

  • Explain the importance of recording your data.
  • Outline some of the key areas you need to be recording.
  • Show you what insights you can take from your data.
  • Help you understand how to use these insights to improve business performance.

Why do financial advisers need to be recording data?

If you’re not recording your data, how do you know how well you’re performing?

Think about when you’re consulting with financial advice clients. You’ll show them information on how their funds are performing, and you’ll compare this month on month and year on year. Adjustments will then be made based on this insight to improve performance.

This is exactly what you need to be doing with your own business. Regular insights will show you how your team of financial advisers, lead handlers and call centre staff are working, and where improvements can be made.

What data should you be recording?

The most important data for financial advisers to start recording right now is contact rates, appointment numbers, and conversions to business.

You can get great insights from this small data-set and it’s easily recorded using a spreadsheet.

For example, if you’ve got high conversion rates from your appointments, you know the financial advisers in your firm are performing well. But if your appointment rates are low, could improvements be made at this point in the client journey?

But to understand how your business is performing, you need to look at your revenue data.

What insights can you get from your revenue data?

Measuring your performance and revenue data shows you where you’re making money. Understanding this will ultimately lead to better business strategies. Client value for financial advisers should not be measured from just a single transaction. A complete view of each of your clients needs to be taken, along with acquisition costs and performance data.

You should know:

  • Cost of client acquisition
  • Client’s average lifetime value
  • Client’s referral value
  • Your return on investment

When you’re recording your data, don’t just think about initial transactions with a client. Consider the lifetime value of each of them.

You’ll see exactly what return on investment each client is delivering for you, and which channels they’re coming from.  This insight allows you to see which channels, and which types of clients are the most valuable to you.

Identify referral values within your firm. How often do clients refer you to friends, family or business associates? And how much are those referrals worth to you over a lifetime? Tie this back to the referring client to improve their lifetime value and ROI.

At Lead Tech we know that our top performing financial advice partners receive an average 400% return on investment. And we’ve identified the average lifetime value of our partners across each of the markets we work in. This helps us inform our marketing and improve our own performance to support our financial advice partners.

How you can use insights to improve performance

Use your data to create benchmarks so you can compare these figures regularly and track your progress. This allows you to easily identify areas that are under performing.

As an example, let’s say your lead handling team don’t seem to be booking as many appointments. Has this decreased month on month? Is it just a seasonal impact compared to previous years? Or has there been a significant decline? With this knowledge, you’re able to work out what your next steps are, whether that’s riding out a seasonal drop, or offering training and development to staff.

How often should performance information be reviewed?

Data and insights don’t need to be reviewed every day if you don’t have the resources to dedicate to it. But it should be looked at and analysed at least monthly. It’s the best way to identify where improvements can be made in order to help you grow your business.

How Lead Tech use performance data

Lead Tech is committed to using data and insight to improve our partner’s performance. We’ve recently invested even more in this area of the business, creating our own in-house data and insights team.

Any financial advice firm who partners with us is able to take advantage of our dedicated team of experts and our lead performance and management system, Lead Tech Connect. This is just one thing that sets us apart from other lead generation companies in the financial services market.

Email us at or call 01943 462 551 to discuss working together and receiving financial advice leads to grow your business.

Lead Tech generates high-quality financial leads

Lead Tech provides high-quality leads for the financial advice, equity release, retirement and private medical insurance markets.

Keep Reading

Introducing James Story, senior content manager

Lead Tech is pleased to welcome James Story as our senior content manager ... More

By James Story on March 12, 2020