The Top Four Benefits of Data Visualisation For Wealth Managers

Fundamentally, wealth data visualisation is the process of making complex financial information comprehensible to human eyes. With such comprehension, wealth managers can take advantage of:  

01 More Accurate Decision-Making

Wealth data visualisation serves as a path to better investment decision-making. All humans – including wealth managers and wealth owners – think in terms of stories. Graphs, charts, and dashboards provide visual narratives far more easily understandable than strings of raw numbers. The clearer the narrative, the more confident they can be in identifying trends, outliers, and patterns that form the basis for decision-making. 

02 Faster Decision-Making

Thanks to modern computer processing power, incoming data can be visualised within a few seconds. That means visualised data-driven decisions can not just be made better – they can also be made faster. For example, near real-time data visualisation can allow wealth managers to monitor and respond to changing financial metrics on the fly, identifying emerging trends or risks. 

03 Holistic Views of Asset Portfolios

A good data visualisation solution consolidates data from a variety of sources into a comprehensive view enabling a holistic assessment of a wealth owner’s holdings that are often impossible with traditional financial reports prepared in spreadsheets, for example. 

04 Improved Stakeholder Communication

Transparent communication is paramount in financial services. Visualised data can often speak for itself, simplifying complex financial concepts or ideas for all wealth management firm stakeholders and ultimately inspiring greater trust among clients.

The Altoo Wealth Platform is designed from the ground up to help you easily and securely leverage these data visualisation benefits. It provides dashboards visualising all of wealth owners’ assets – including bankable assets and non-bankable assets like collectibles –  in one place with up-to-date valuations. You and your clients can view these dashboards anytime, anywhere via our mobile app, ensuring that their wealth success stories are told transparently and accurately. 

In closing, we’ll share one caveat: when evaluating a data visualisation solution, pay attention to how data is handled before being visualised. Data visualisation and data cleansing – in which data is “sanitised” by homogenising formats, for example – are two separate but closely related concepts. If data is poor, even the best visualisations of it will skew analysis and lead to inaccurate decision-making. A good digital wealth platform like Altoo’s will cover all the bases here, ensuring excellent visualisation of excellent data. 

In closing, we’ll share one caveat: when evaluating a data visualisation solution, pay attention to how data is handled before being visualised. Data visualisation and data cleansing – in which data is “sanitised” by homogenising formats, for example – are two separate but closely related concepts. If data is poor, even the best visualisations of it will skew analysis and lead to inaccurate decision-making. A good digital wealth platform like Altoo’s will cover all the bases here, ensuring excellent visualisation of excellent data.