The importance of recording all management information in your FA firm

By Ryan Smith on May 21, 2018

How is your firm handling management information?

Management information (MI) is data that is collected by a financial adviser or advisory firm over a set period of business activity. This data includes a mix of numbers, statistics, percentages, commentary and opinions from relevant staff to paint a complete picture of how a firm is performing.

If your firm is not recording all management information, you could be missing out on opportunities to improve lead conversions, strengthen existing client relationships and boost revenue.

Management information explained

MI systems use technology, quantifiable data and anecdotal evidence to gather and communicate essential information a financial advice firm employs in reaching prospects and serving customers.

There are as many different types of MI reporting as there are lines of business. Some of the most common include:

  • Management reporting systems: This is a database designed to generate financial and operations reports for all levels of management within a company or organisation. Middle managers may use the data to compare current and past performance to determine growth, whilst upper-level managers and executives may use reports to compare the current state of the company against projections and goals.
  • Process control systems: These systems help manage a company’s physical processes, and they are commonly found in the manufacturing and industrial sectors. The system constantly gathers data and generates reports on the performance of machinery and different functions of the production process to help track overall efficiency and safety.
  • Sales and marketing systems: This kind of MI reporting includes information that helps organisations develop new products, forecast sales, track advertising, manage inventory and distribution, set pricing and measure the effectiveness of marketing campaigns.
  • Inventory control systems: This kind of system is essential for businesses that sell products. It generates up-to-date reports on inventory, loss and movement so managers always know the location and quantity of their products.
  • Accounting and finance systems: Tracking key financial assets and investments is critical to the success of most companies. Accounting and financial MI data is used to facilitate daily transactions, compile financial statements and ensure compliance with laws and regulations like those governing taxes and pension funds.
  • Human resources systems: HR departments rely on this kind of MI to direct and monitor the flow of information through a company. They may record electronic and land-line telephone communications, track phone and internet use, or generate reports on file sharing.
  • Customer relationship management systems: These systems provide a centralised location for managing client relationships. They can assist with scheduling, follow-up, documentation, analysis and customer care functions.

MI systems for financial advisers

As a financial adviser, you strive every day to make the best possible decisions for your clients. With an effective MI system in place, you can gather the data you need to keep these relationships at the forefront of your mind.

According to the Financial Conduct Authority, a good MI system delivers a comprehensive, balanced overview of any and all information that is relevant to the successful operation of your firm.

Characteristics of good MI include:

  • Accuracy
  • Timeliness
  • Relevance
  • Consistency

Maintaining a regular schedule of MI reporting will ensure your firm is better positioned to avoid problems and spot troubling trends, as well as serving the needs of your prospects and clients.

The best MI system for FA firms

A customer relationship management system (CRM) is essential. Especially as all personal data must be secure, yet accessible, following the introduction of the General Data Protection Regulation (GDPR). A robust CRM system dramatically streamlines the entire client relationship process, from initial contact to annual reporting.

The right CRM system can help you tackle four of the biggest struggles most financial advisers face.


Effective scheduling is one of the most common complaints we hear from busy financial professionals. A disorganised schedule means more chances for missed appointments or double bookings that can significantly damage the client relationship.

With a CRM system in place, scheduling is no longer a chore. The system provides a single, centralised location where every member of staff can see where their colleagues are at any given time. Entering new appointments is quick and easy, whether from mobile, email, tablet or the internet, and everything is updated in real-time. Most CRM systems also include functions that let you set reminders for initiating client contact, following up with leads and scheduling reviews.


Every time you meet with a prospect or client, you should create documentation of the conversation. If you’re still using paper, this can quickly become a nightmare of overstuffed client files and an increased risk of something important getting misplaced.

A CRM system makes organising client histories simple by allowing you to put all relationship documentation in one easy to access location. The system will generate reports based on your input, so when it comes time for a client’s annual review you have everything you need at your fingertips.


Managing dozens of client portfolios is no easy feat, but with the right CRM system, you can dramatically improve your efficiency so each relationship gets the care and nurturing it needs.

A CRM can boost efficiency by:

  • Organising contacts
  • Automating routine processes
  • Filtering emails
  • Streamlining communications

Personal service

A well-cared-for client is a happy client and a CRM can help you manage all those little tasks that deepen the professional-client relationship. You can set reminders for things like birthdays, anniversaries, customer appreciation, referral thanks and more.

Lead Tech Connect

Lead Tech’s patented partner portal, Lead Tech Connect works seamlessly with your own CRM. It not only delivers lead data into your CRM in real-time but encourages you to record your MI with us too. This MI, along with our own, helps you to perform before with our leads. But it also helps us to generate even better customer enquiries. That’s more of the leads you want, and less of the ones you don’t.

Get in touch today for a demo and to see how Lead Tech Connect can help improve your lead generation strategy.


The importance of recording all management information at your financial advisory firm cannot be overstated. The more good data you put into any MI system the more beneficial the output information will be. Your firm will be better able to monitor operations, analyse strengths, develop strategy, improve efficiency, identify areas in need of improvement and ensure regulatory compliance.

The ultimate result of successful MI systems, though, is the improvement in your client relationships. You will have the tools you need to provide the best possible service and financial planning advice, creating a base of satisfied customers.

Over time, happy clients can help you generate more business and increase revenue.

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