Choose the right CRM software for better results

By: Derek Landi

As firms grow, their operations become more complex. Cloud-based customer relationship management (CRM) systems allow firms to grow with scale. Here are the top four benefits of using CRM systems:

  1. Improved client experience
  2. Great client relationships are the core of any successful advisory firm. When you understand your client’s interests and what’s important to them, they begin to really trust you, and will recommend you to others.
    Good CRM software gets you there. It provides a consolidated knowledge base of each client’s specific needs, preferences, past service issues, etc., so every user can deliver personalized service to every client.

  3. Increased revenue
  4. When clients are happy, they allow their advisors to manage a larger share of their investable assets, which increases annual management fees and provides opportunities for advisors to cross-sell (e.g. estate planning).

    The more a CRM system is used, the more value it provides; productivity increases, sales cycles decrease, and win rates grow. CRM data identifies niche services or client segments which create cross-sell/up-sell opportunities and ideas for effective referral programs.

  5. Efficiency boost
  6. When information is shared across a common CRM platform, employees are better able to solve problems and understand each important role in the firm, which allows it to achieve greater scale. Operating as a team increases profitability and quickly achieves desired results.

    When signing new clients, a CRM system replaces manual processes with automated workflows to perform pre-determined actions, which cuts administrative time, eliminates duplication, and saves countless employee hours. The best CRM systems also alert business managers when tasks are overdue or portfolios drift.

  7. Business insights
  8. Managers must always know where future business is likely to come from. CRM software helps users to understand the scope of future revenue and determine where efforts should be focused. A well-informed advisor with access to real-time data can make quick adjustments to seize an opportunity or avoid a crisis.

Since one person can’t track and analyze the habits of every client, the CRM software aggregates data for firm-wide analyses which can then be used to improve client experiences, increase revenue, and reduce client attrition. It also identifies high performers, pinpoints weak sales links, develops retention plans, and is an effective recruitment tool.

To learn how to get the most value out of a CRM solution, contact us at