Personal relationships are at the heart of any financial advisory practice, and as robo-advisors grow, they will become even more important over time.
Problem? Building relationships is difficult for a large number of clients.
It is virtually impossible for consultants to maintain a large number of client relationships while at the same time creating a more personal bond with each client. This is important because changing customer relationships over time creates the preconditions for higher customer churn rates.
The good news is that customer relationship management (CRM) software solutions can solve these problems and give financial advisors the ability to scale their business. Using these tools, advisors can make sure they communicate frequently with a large number of clients while maintaining personal contact. CRM financial advisors software can provide a combination of automated messaging programs and timely reminders that consultants can address clients individually. There are many different tools in this space for financial advisors to choose from to improve their business.
In this article, we’ll take a look at the most popular and upcoming CRM solutions for financial advisors and discuss why advisors might consider them.
Wealthbox CRM
Wealthbox is an elegantly designed web and mobile CRM system for financial advisors. The technology has a number of unique features such as:
- “per click” monitoring;
- “social media” sets it apart from many competing products on the market.
After a 30-day free trial, the service costs $ 35 per user per month with no long-term commitment. The data is secured with 256-bit encryption through SSL security to ensure the confidentiality and confidentiality of client data. Wealthbox also offers file storage integration with services like Google Drive and Dropbox, and has a mobile app feature that lets you manage your activities while you travel.
Salesforce
Salesforce is a software-as-a-service pioneer that quickly became the world’s largest online CRM provider. While the enterprise solution caters to all types of businesses, the company also boasts a consultant-focused Cloud Services product area. The platform offers a high level of maturity and integration with other marketing automation tools that consultants can use in their business. This CRM platform also offers the use of artificial intelligence that can analyze your data to make recommendations based on your individual business processes. Pricing for various products from Salesforce ranges from $ 25 to $ 300 per user per month, billed on an annual basis.
Redtail technology
Redtail Technology is one the most popular CRM platforms for financial advisors according to the 2017 software review, with a market share of just over 24%. Unlike many other CRM services, Redtail is priced (at $ 99 / month) per database, not per user, allowing it to scale into medium to large financial consultancies. The solution is also equipped with client reporting to collect personal and account information, and comes with free database migrations for those moving from the desktop solution.
Envestnet / Tamarac
Envestnet is a renowned leader in financial consulting with a wide range of products and services, but it’s Tamarac CRM has become an increasingly popular tool for consultants looking to develop customer relationships. The platform is built on the trusted Microsoft Dynamics CRM platform, has an increasing number of features and offers extensive integrations to help advisors personalize their work and connect with their clients. Pricing is only provided after a demo is requested on the website.
