Advisory firms' dilemma: "Who owns client data?"

Data ownership is emerging as a hot topic in the financial advice industry, as firms and advisers grapple with how to harness the right kind of data to provide more insightful financial planning. With the promise of automated data analytics and aggregation, however, comes the nitty gritty details of who owns it, where it is stored and who has the rights to access it. Tricia Rothschild, head of global adviser and wealth management at Morningstar, is among industry leaders who are increasingly asking advisers: “Who owns the data?” Most firms and third-party vendors seem to agree