3 Tips to Make the Most of Your CRM

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Achieving digital transformation is critical to financial advisory organizations according to a study by MIT Sloan Management Review. However, a majority of those surveyed believe the pace of technological change in their workplaces is too slow, primarily due to a “lack of urgency” and poor communication about the strategic benefits of new tools.

It is important for all RIA firms to understand the necessity of a Customer Relationship Management (CRM) system.

Here are 3 tips to Make the Most of Your CRM:

1. CRM Adoption
All team members must be able to utilize your chosen CRM to fulfill their role in the firm.

Tip: Develop a digital handbook of the various processes required by each role. Some roles may include: administrator, operations, financial planning, and portfolio manager. This provides team members transparency as to what is expected of their role and helps eliminate tasks from slipping through the cracks.

2. CRM Training
Training staff, no matter their role, is crucial to CRM productivity.

Tip: Assign “CRM Power User(s)” for each role. Everyone in the company has a different role to play. Make sure you have a “power user” or “primary user” for each role. They can serve as mentors for others in similar roles or train new staff. For instance, if you have two or three staff members that handle operations and onboarding, make sure at least one of them is up to date on all software updates. Have them share these updates at your weekly staff meetings.

3. Integrations

CRM systems are central in supporting advisor-client relationships.
Tip: Integrate your CRM with your portfolio management software, data gathering software, financial planning software, custodians, and other software you use. There is no need to input data multiple times.

Interested in CRM implementation strategies? If you use Wealthbox CRM or Redtail CRM we can help you!

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