Firms still struggle with rekeying, duplication and system switching
This is article 5 in our 6-part series which explores the operational challenges shaping growth for wealth management firms across the UK. Developed from our work alongside ambitious firms, it brings together key themes, pressures, and priorities we’re seeing across the market.
Firms don’t set out to create fragmented systems. It usually happens over time as new tools are added to solve different problems. The issue isn’t just having multiple systems it’s that data, communication, and client activity often end up spread across them.
The wider issue is already well established in financial services. KPMG found that 63% of financial services firms say their data is somewhat or completely siloed, while 77% say reconciling data issues requires significant effort.¹ Fragmentation is not just about systems. It’s about what people have to do to keep work moving between them.
Where friction starts to build
When parts of the same process sit in different places, repetition starts to build:
Client information is entered in one system, then rekeyed elsewhere.
Documents are stored in one environment, then shared through another.
A workflow begins in one place but still has to be checked against another before it can move forward.
That pattern shows up clearly in adviser research. Intelliflo’s 2024 advice efficiency survey found that 94% of firms believe their advice journey is less efficient than it should be, and only 6% are fully satisfied with how effectively their processes are running. The same survey found that firms spend around 15 hours onboarding a new client on average, with rekeying across multiple systems identified as one of the main reasons it takes so long.²
Why disconnected systems change how the firm works
The issue isn’t just that tasks take longer. Work starts to adapt around the gaps between systems.
Teams spend time checking records, duplicating updates, and managing handoffs between tools that do not connect properly. Over time, that becomes the way the firm works.
Innovate UK Business Connect’s 2025 report on financial advice and wealth management identifies this, noting that advisers often deal with multiple systems that do not communicate with each other, creating significant operational inefficiencies. It also notes that where systems are not integrated, both often have to be kept up to date separately.³
At that point, it’s no longer just an admin issue. It shapes how the firm operates.
The cost is bigger than admin alone
Disconnected systems do more than slow down routine tasks. They make the whole operating model harder to manage with confidence.
The same Intelliflo survey found that errors occur in 20% of onboarding processes, and one in ten firms experience rekeying errors half of the time.² The cost of fragmentation is not just time. It increases the risk of mistakes, creates inaccurate data, and makes it harder to stay in control. When information has to be rekeyed across systems, teams often rely on manual workarounds just to keep things on track.
This is reflected in wider platform research too. Investment Trends found that advisers now use an average of 2.7 platforms, up from 2.4 the year before. Yet while only 12% rate their main platform as very good and 36% have stopped using at least one platform in the past year.⁴ As the systems increase, usability matters more because firms are already carrying too much manual effort in the background.
What a more connected model looks like
Most firms are not looking to replace every system they already use. The more practical goal is to reduce the amount of switching, duplication and manual coordination those systems create.
That usually means creating a more structured layer around client communication, document sharing, and collaborative workflows, without replacing existing systems. The value isn’t in simplifying systems for its own sake. It’s in making processes easier to follow, easier to manage, and less reliant on manual work.
Prior to implementing Moneyinfo, Lomond Wealth had a client portal through their back office system.
"We had a large number of clients who registered for the portal but they never engaged with it. We needed a portal that would offer us secure messaging, document storage and digital signatures, and have everything in one place.”
Derek Fish, Managing Director at Lomond Wealth
With Moneyinfo, Lomond Wealth weren’t just adding another tool. They were creating a more connected way to manage communication, documents and client interaction. That shift gave them a clearer client journey, rather than asking clients and staff to work around disconnected tools.
“We previously had a portal that was an add-on to the back-office, now we have a fully customised client portal and app that makes a massive difference to the whole client experience.”
Ready to see how your firm looks with a more connected model?
Then join our webinar on Friday, 22nd May, 10:00 - 6 Operational challenges Wealth Managers can’t ignore.
It is a practical way to step back and see where pressure is building across the business. We’ll look at six common problem areas that often lead to inefficiency, inconsistent service, and growing compliance strain. If even one sounds familiar, this session will help you see what’s really going on and where to focus next.
Ready to review your current setup now?
Book a discovery call to identify where visibility is limited, and see how Moneyinfo could support a more controlled and joined up client servicing model.
Peak Performance. Unlocked.
Sources:
¹ https://kpmg.com/kpmg-us/content/dam/kpmg/pdf/2025/investment-management-transforming-data-to-drive-growth-secured.pdf
² https://www.intelliflo.com/insights/thought-leadership/intelliflos-2024-advice-efficiency-survey/
³ https://iuk-business-connect.org.uk/wp-content/uploads/2025/02/Future-Finance-%E2%80%93-Technology-Insights-Series-Financial-Advice-and-Wealth-Management-compressed.pdf
⁴ https://investmenttrends.com/resource/2024-uk-adviser-technology-business-report/