Using a CRM For Wealth Management

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Looking for a solution focused on tracking, managing and analyzing interactions with clients, leads, prospects and strategic partners or Centers of Influence?

The best technology to use is Customer Relationship Management (CRM) software. This technology has evolved over the past few decades from being a simple marketing tool to a complete contact management and project management technology.

Wealth Management is based on personal relationships, therefore a CRM technology is pivotal to the success of a wealth management firm.

Benefits of Using a CRM for Wealth Management

1. Singular Location for Client Interaction

It can be difficult to manage relationships with clients, prospects, and strategic partners when certain notes and information is stored in various locations. Centralizing all interactions, tasks, and data in the CRM helps improve the quality of service you provide.

2. Reporting

CRM technology that has been developed specifically for wealth management firms has added features such as task management and workflows to combine the best of a project management tool and customer relationship management software. When all the client data and task management is up to date, you can generate deep business insights on clients and prospects by creating reports on important metrics such as current open activities or client anniversaries.

3. Automate Routine Processes

Do you wish you could automate those processes your staff completes day in and day out multiple times a week, month or year? CRM technology can help you with these routine processes by allowing you to build out what some call “templates”. These templates can be customized to your company’s specific needs and processes. Hiring on new staff? Building the templates helps train new staff to understand the exact steps for each process. This decreases the amount of training required and the possibility of tasks being skipped or missed. 

CRM Options for Wealth Management

Many CRM options are available to Wealth Management firms, however the Redtail CRM  (recently acquired by Orion Advisor Solutions), Wealthbox CRM, and Salesforce CRM have the highest market share.

According to research completed by Michael Kitces, two major factors contribute to the CRM chosen between Wealth Management firms.

1. Revenue

Smaller Firms with under $250k in revenue are more likely to use Wealthbox CRM, however medium sized firms (up to $1 Million of revenue) tend to prefer Redtail CRM. Salesforce CRM is most common with larger firms (more than $1 Million of revenue). 

2. Team Size

Smaller Firms such as solo advisors were more likely to use Wealthbox CRM. Redtail CRM was most widely used with firms ranging from solo advisors to smaller teams. Adoption of Salesforce was almost only for ensemble advisors. This is because they are better positioned to take advantage of its customization and other benefits as well.

Looking to Make the Most of Your CRM?

As a subject matter expert in Redtail CRM and Wealthbox CRM, I can help you build out your templates and automate your routine processes to help your firm provide a seamless client experience.  

Schedule a Complementary Discovery Call to find out how we help Registered Investment Advisory (RIA) firms quickly implement and enhance Customer Relationship Management (CRM) features.

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