Data Quality Best Practices
Maintain accurate, consistent data across your systems
High-quality data ensures accurate reporting, better client experiences, and reliable analytics. Establishing data governance practices early prevents issues as your firm scales.
Establish a Single Source of Truth
Designate one system as the master for each data type. CRM for contact info, custodian for positions, portfolio system for performance.
Standardize Naming Conventions
Use consistent formats for names, account titles, and categories across all systems to enable accurate matching and aggregation.
Regular Data Audits
Schedule periodic reviews to identify and correct discrepancies, missing data, and outdated information.
Use Display Rules Strategically
Configure display rules to hide incomplete or irrelevant data from client-facing views while maintaining complete records internally.
Issues to Avoid
- Duplicate contact records
- Inconsistent household mappings
- Missing account linkages
- Outdated contact information
- Mismatched tax IDs
Solutions
- Merge duplicate records at source
- Verify household structures quarterly
- Confirm custodian account links
- Update CRM with current details
- Validate IDs during onboarding