ByAllAccounts Survey Says 45% of Advisors Still Use Manual Data Entry

Nearly half of advisors recently surveyed still use manual entry of data for statements, ByAllAccounts, a Woburn, Massachusetts-based data aggregation company, said Monday, July 12.

“According to our first-quarter survey of more than 500 financial advisors, 45% said they still manually enter held-away account information into a back-office system for statements,” ByAllAccounts said in a white paper about the company’s data-aggregation services.

The white paper lays out a four-step learning process for advisors interested in introducing data aggregation to their practices. The process includes data gathering, data “normalization,” semantic integration, and business logic.