27 Mar Data cleansing
Ensuring your Worksorted profile is full of clean and accurate data is vital to the use of powerful tools and features throughout the system. By periodically monitoring and cleaning your CRM data, functionally such as document placeholders, revenue reports and FDS & Opt-in prompts become so much more useful for compliance and client service purposes. Below are 3 quick checks you can run to ensure your data is clean and you will be getting maximum capabilities from functionality available in Worksorted.
1. Analyse your client list
By exporting your client list and using the available filters to drilldown on certain clients you can quickly manipulate the export to show you any blank fields which have not been populated in a client’s profile. By populating any missing data, you will be able to take advantage of more placeholders when sending digital communication while using your document templates.
4 fields to start with include
- Mailing Label
- Address To
- Client Status
- Client Segment
- Service Package
2. Monitor your widgets
Note: If you are unable to view the below widgets you may need to turn them on via ‘Admin | My Profile | Default Settings | Home Page’.
Fee disclosure summary
This homepage widget will give you a complete summary of all FDS activity immediately each time you log in to Worksorted. Click the link on ‘FDS status not set’ and you will be redirected to a client list containing all clients with FDS not set. We recommend viewing these clients and ensuring there are no errors in the list whereby a client requires FDS, yet it has not been set on the client page.
Ensuring there are no clients with FDS set as required without a next FDS date populated is also an area you should spend some time monitoring.
The Opt-in Summary widget will show you a complete overview of all Opt-in activity recorded in your Worksorted profile. By periodically monitoring this widget you can ensure all your Opt-in activity is accurate and up to date. We recommend viewing those clients that have their opt-in status as ‘Not Set’ and ensuring there are no clients that have been incorrectly identified as not requiring Opt-in.
Checking your clients that require an Opt-In but do not have an Opt-In date set is also another area worth spending some time on along with those clients with an Opt-In date that has fallen overdue.
3. Revenue summary report
The revenue summary report will allow you to identify your client revenues filtered by revenue type, product and FDS status.
This report will allow you to confirm that all clients with disclosable revenues have the expected FDS status set. Once you have identified any potential data anomalies you can navigate to the relevant client pages and amend the data as required under the general information summary.
Along with ensuring your disclosable revenue will be present in client FDS, It’s also a helpful report for allowing you to understand which services are generating revenue and then further filtering by primary adviser, service package, client status and age for a deeper analysis of client revenues.
By using the revenue summary report you will gain further clarity on how your practice generates revenue and which specific services are responsible for this revenue along with the added benefit of identifying any potential data issues.
This report can be sorted on screen or exported to Excel for further manipulation.