What is the best CRM for financial advisors

Talkin go money

Personal relationships are at the heart of any financial advisory practice, and as robo-advisors rise, they will become even more important over time.

The problem? Relationship building is difficult to scale for a large number of customers.

It is almost impossible for consultants to maintain a large amount of customer relationships while building a more personal connection with each customer. This is important because allowing customer relationships erodes over time, creating the conditions for higher customer churn rates.

The good news is that customer relationship management (CRM) software solutions can address these issues and empower financial advisors to scale their business. These tools can help advisors ensure they are in touch with large numbers of clients frequently while maintaining a personal touch. CRM software can provide a combination of automated messaging programs and timely reminders for consultants to reach customers individually. There are many different tools in this field for financial advisors to choose from in order to improve their business. (For more information, see Essential Financial Advisor Software.)

In this article, we take a look at five of the most popular and emerging CRM solutions for financial advisors and discuss why advisors should consider them.

Wealthbox CRM

www. Wealth. com

Wealthbox is an elegantly designed web and mobile CRM system for financial advisors. The technology has a number of unique features like click-to-call and social media monitoring that stand out from many competing products in the market. After a 30-day free trial, the service costs $ 35 per user per month without any lengthy commitment. The data is secured with 256-bit encryption via SSL security to ensure that the customer data remains confidential and confidential. Wealthbox also offers file storage integration with services like Google Drive and Dropbox, and has a mobile app feature that allows you to manage your activities while traveling.


www. Foreclosure. com

Salesforce is a software-as-a-service pioneer that has quickly grown to become the world's largest online CRM provider. While the enterprise solution caters to all types of businesses, the company also has a consulting-specific financial services cloud product. The platform offers a high level of maturity and integrations with other marketing automation tools that consultants can use in their company. This CRM platform also features the use of artificial intelligence that can analyze your data to make recommendations based on your unique business processes. Various Salesforce products are priced between $ 25 and $ 300 per user per month and billed annually (for more information, see: Salesforce Versus SAP: Key CRM Vendors Comparison).

Redtail Technology

corporate. redtailtechnology. com

According to a 2017 software survey, Redtail Technology is the most popular CRM solution for financial advisors with a market share of just over 24%. Unlike many other CRM services, Redtail is priced per database rather than per user (at $ 99 per month), which allows it to scale in medium to large financial advisory practices. The solution also comes with client reporting to collect personal and account information, and offers free database migrations for users switching from a desktop solution.


www. Junxure. com

Junxure was developed by financial advisors (founder Greg Friedman is a consultant himself) and has become one of the most award-winning CRM solutions for consultants. With a market share of around 20%, Junxure has always been a popular on-premise solution for established medium-sized companies. More recently, however, the cloud-based option has made it accessible to financial advisory firms of all sizes - although the monthly fees are generally higher than those of the competition. Prices range from $ 44 per user per month to $ 700 per month for the premium product, where the price is based on AUM rather than users or databases. (For more information, see: Top Digital Age Tips For Financial Advisers.)

Envestnet / Tamarac

www. Tamaracin. com

Envestnet is a well-known leader in financial advisory with a wide range of products and services. However, his TamaracĀ® CRM is an increasingly popular tool for consultants who want to maintain their customer relationships. The platform is built on the trusted Microsoft Dynamics CRM platform, has a growing number of features and offers deep integration to help consultants do personal work and connect with their customers. Pricing is only done after a demo has been requested on their website.

The bottom line

CRM solutions have become an invaluable tool for financial advisors as competition from robo-advisors heats up. In the past few years, several companies have launched financial advisor solutions that are rich in functionality and deeply integrated with other tech tools. Those looking for help choosing the right solution for their business can try services like ActiFi or hire a technical advisor to help with decision making. Many CRM providers will offer free demos on their websites, and it never hurts to ask your colleagues which solutions they'd rather use in their own practice. (For more information, see: 10 Best Tools For Financial Advisor.)