Why Real-Time Analytics Is Changing the Landscape of Financial Advisory Services


Life is more fast-paced now than it’s ever been before. It’s also crammed with information, which most people carry at their fingertips all day in the form of a smartphone. We spend our time making split-second decisions using real-time data. This data includes everything from using review aggregators to find a new restaurant for dinner to investing part of a paycheck. 

Just as daily life is increasingly powered by real-time analytics, so is the financial advisory services sector. Real-time analytics (RTA) software is carving out a new landscape in the financial advisory industry. 

Those who work in this industry must get comfortable with RTA—or get left behind. 

What Are Real-Time Analytics? 

Real-time analytics is the practice of gathering data and analyzing it right away to make informed decisions. 

Thanks to advancements in technology, computers can do the work of gathering and analyzing data in real-time. The analytics are delivered to humans in a ready-to-consume format within seconds. 

Most people benefit from real-time analytics every day. 

Take Google Maps, for instance. When someone enters a route into the app, they might start driving in one direction. But using real-time GPS data from other Google Maps users, Google detects a car accident and learns that traffic is at a standstill. 

Google suggests re-routing to avoid the traffic, helping drivers get where they need to go on time. 

In other words, real-time analytics gives us the power to make decisions based on what is happening now – not last week or a year ago.

So, what can real-time data do for fintech and financial advisory services? 

It’s already done a lot. Just look at the fintech sector

Real-time analytics has made it easier than ever for people and businesses to:

  • Trade stocks using smartphone apps like Ally Invest and Webull 
  • Maintain up-to-the-minute business accounts with apps like Digits 
  • Improve financial risk management with real-time insurance data from services like Carpe Data
  • Automatically organize and interpret data from receipts, invoices, and transactions with platforms like Sensibill
  • Provide automated financial advice with real-time insights with tools like Personetics

These examples only scrape the surface. The most important thing to understand is there’s no going backward from here. Financial advisors will need to transition to using RTA as they serve their clients. Otherwise, they risk being left in the dust. 

Why Financial Advisory Services Need Real-Time Analytics

The financial advisory sector is massive. Some financial advisors specialize in helping their clients navigate the stock market. Others assist in estate planning. Still, others guide people who need help figuring out their finances.

No two advisory businesses are the same, and no two advisors do business in the same way, but regardless of how advisors deliver for their clients, they can’t stick their heads in the sand when it comes to the need to use analytics and data analysis to do better business.

Many financial advisory services do all of the above and then some. However, businesses must make data-driven decisions at every turn to perform these services competitively. That’s where real-time analytics become a powerful tool for growth and efficiency.

Here’s why any modern financial advisor should use real-time analytics: 

  • Automate manual tasks. With RTA software, advisors can automate market and portfolio analysis and make snap decisions based on accurate data. Instead of wasting time researching, they can spend valuable minutes consulting with their clients and reaching key goals.
  • Track key metrics. RTA software can deliver data to financial advisors in a format that’s easy to understand and digest. Advisors can sync data to a dashboard for each client, helping to keep a finger on the pulse of the client’s financial health. 
  • Comply with federal regulations. Following the many laws and regulations established by the Financial Industry Regulatory Authority (FINRA) and the U.S. Securities and Exchange Commission (SEC) can be difficult without well-organized, accurate data.  

The next question is this: how can financial advisory services manage vast amounts of data on their own? 

They can’t.

That’s why developers have created RTA software to process and analyze data in real time. Financial advisors can stay competitive and help clients reach their financial goals with these tools. 

Exploring RTA Software for the Financial Advisory Industry

One of the most popular RTA platforms is Databricks. This software allows businesses to store everything from raw to structured data in virtual data lakehouses. But for financial advisors to use it, they need a talented IT department in their corner. 

The good news is that there are more user-friendly choices for fintech advisors to use.

Take Toggle, for instance. This AI-powered software distills the constant flow of real-time investment data into a to-do list for financial advisors. The company calls itself a copilot for investing, and it is like having a knowledgeable partner in the cockpit with you. 

With Toggle, brokerages, and financial advisory firms can make informed investment decisions in a pinch.

For financial advisors who need to handle internal data for big businesses, Domo is an excellent choice. This real-time analytics toolbox takes a company’s data and puts it in one central location. Domo tracks whatever you need it to, from a business’s new hire data to its daily cash balance to its web traffic sources. 

Everything goes into a customizable, colorful, up-to-the-minute dashboard that makes decision-making easy.

Broadridge is another top RTA resource. It’s built for key advisory roles. Think asset managers, corporate issuers, and advisors for insurance companies. With Broadridge, advisors can help their clients in many ways, including: 

  • Data governance and reporting
  • Revenue intelligence
  • Compliance with state and federal regulations
  • Automating revenue and expense management
  • Portfolio management
  • Making predictions using real-time data
  • Gathering customer data and turning it into actionable insights

These software services focus mainly on managing and leveraging client data. But we can’t ignore services that help financial advisors communicate with their clients. Platforms like Asset-Map and Moneytree help advisors onboard clients and manage client relationships. 

Essentially, they use RTA to help advisors do internal and client-facing work. They can manage their financial services businesses and engage with clients on the same platform. And that efficiency and centralization of the work that needs to get done – and the visibility of that work – is better for everyone involved.

RTA Software Makes It Easy to Stay Competitive 

The evolution of real-time analytics means businesses spend more time doing things that matter. It’s easier than ever for companies to spend less time crunching numbers, facts, and figures. This time savings frees time for more important things, like learning from data and using it to drive meaningful change.

Every industry can benefit from real-time analytics. But for financial advisory services, RTA is a true game-changer – it’s the difference between making data-driven decisions and having to operate on hunches or past experiences, alone.

As we race into the mid-2020s and beyond, the need for RTA-driven financial services software will only increase. There’s just one way to compete: stay informed on the latest developments in software and technology—and take advantage of them. 


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