CRM Analytics and Reporting: Uncover Insights for Financial Advisors

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In the fast-paced and ever-evolving world of financial advising, success hinges on the ability to make informed decisions, provide personalized services, and build strong client relationships. To achieve these goals, financial advisors are turning to advanced tools and technologies, with Customer Relationship Management (CRM) software playing a pivotal role. CRM systems not only help streamline client onboarding and communication but also serve as invaluable sources of data. In this comprehensive blog post, we will delve into the world of CRM analytics and reporting for financial advisors, exploring how these tools can uncover valuable insights and transform the way financial advisory services are delivered.

Unlocking the Power of CRM Analytics

The best way to unlock the power of CRM analytics is through building and customizing dashboards, task management, and reports. Each CRM system approaches these features in their own unique way, however they all provide these resources to empower their users.


Dynamic Dashboards

The landing page of most Customer Relationship Management (CRM) systems is called the Dashboard. Each CRM system has their own unique approach to their dashboard. For example, Wealthbox CRM’s Dashboard has a sleek interface that encourages users to initiate client services activities all within that screen. For example, imagine you just had a client review meeting. From the dashboard, you can add a note with a note template to detail all of the meeting notes. Next, you can create an opportunity and relate it to the client since they are about to retire and will be rolling over their 401k to be under your management. Lastly, you create a task for your junior advisor to rebalance the client’s accounts since their investment objective is now more conservative.


Task Management

Most Customer Relationship Management (CRM) systems have task management dashboards to help team members manage these client relationships. For instance, Redtail CRM has a dashboard to manage all activities. This dashboard brings to light any past due activities, recurring activities, as well as activities to complete today. One of my favorite features of an activity in Redtail CRM is the priority feature, specifically for high priority items. If it is a high priority item, a red exclamation mark will appear next to it. This is a great feature for critical and time sensitive activities such as a trade. I also believe in building out as many categories as needed in relation to task management. Not only is the category of a task important to manage, but it also helps with reporting.



Reports within both Redtail CRM and Wealthbox CRM can be as robust as they need to be. Redtail CRM has many standard reports, whereas Wealthbox’s has a few sample reports. The goal of the reporting features for both CRM systems is to provide metrics for firm owners. Once you and your team have spent the time updating all of the contact management and building out all of your practice management templates, the fruits of your labor – pun intended – are realized through reports (the cherry on top). To help visualize these metrics, Wealthbox CRM recently released Charts & Graphs to display the information in pie charts, bar charts, and more.


Why You Should Use CRM Analytics And Reporting?

CRM analytics enables Financial Advisory firms to manage client relationships while providing managers and firm owners the ability to derive insights of their employees. 


Case Study: Some of my clients use these analytics to determine Key Performance Indicators (KPIs) of their firm’s efficiency in delivering client service. Two of my clients have even used these KPIs to bonus their team members. This incentive helps with CRM adoption and increases client service. CRM dashboards and reports are some of the best features to use to derive these insights.


In addition to Key Performance Indicators, CRM Analytics and Reporting can help a firm in the following ways:

1. Proactive Financial Planning

One of the best ways to enhance a client relationship is to be proactive. Utilizing CRM analytics can help by examining a client’s situation and predict client needs. Bento Engine is a great software that integrates with Customer Relationship Management (CRM) software to help Financial Advisors stay proactive for their client’s life events. For example, a task or activity will be triggered when a client reaches a certain birthday to help with risks and opportunities. 

2. Compliance and Risk Management

CRM analytics can monitor and report on compliance-related activities, ensuring that advisors adhere to industry regulations and internal policies. One CRM feature to help with this effort is the category feature of a task / activity. Adding “compliance” as a task, activity, and or note category will help manage items you will need during an audit. This not only helps avoid penalties but also builds trust with clients who value ethical and compliant practices.

3. Client Retention

By analyzing client data, advisors can identify at-risk clients. Changes in investment behavior or communication patterns may indicate dissatisfaction or concerns. CRM analytics allow advisors to take preemptive measures to retain these clients. Another way is to use “tags” by identifying high value clients. 

4. Referral Opportunities

Track referral sources and patterns to identify which clients are more likely to refer to new business. Nurturing these relationships can lead to valuable word-of-mouth referrals and business growth. Try to run a report on a quarterly basis based on contact source to determine where most of your new clients are coming from. Is it referrals? Is it from your website? Gaining these insights will help in your prospecting efforts.


Final Thoughts On CRM Analytics & Reporting

CRM analytics and reporting have revolutionized the way financial advisors operate. These tools empower advisors to deliver highly personalized services, optimize investment strategies, ensure compliance, and improve overall efficiency. By unlocking the insights hidden within CRM data, financial advisors can not only stay competitive but also build stronger, more enduring client relationships.

As technology continues to advance, the ability to harness CRM analytics will become increasingly vital for financial advisors. Those who embrace these tools and leverage data-driven insights are likely to outperform their peers, delivering superior service and achieving better outcomes for their clients. In the world of financial advising, the future is data-driven, and CRM analytics are the compass that will guide advisors toward success.


So, are you ready to harness the power of CRM analytics and reporting to take your financial advisory services to the next level? The insights are waiting; it’s time to uncover them. Reach out to schedule a discovery call.

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