Photo by Raphael Schaller on Unsplash

Why Advice Firms Should Look for a Business Hub, Not a CRM

December 4, 2019

By Adrian johnstone

The familiarity advisors create with their clients over time is a highly valuable asset. Clients appreciate when their advisor remembers all of the relevant details about their account. In addition, remembering personal information like a client’s birthday can strengthen the relationship.

Client relationship management (CRM) systems are thought to enhance these relationships by ensuring advisors can keep track of their interactions with clients. However, clients demand more than remembering birthdays or anniversaries. Business management platforms act as a hub for your firm, enabling you to differentiate your firm from others whom prospective clients may be considering. When using more modern tools, everyone has access to the full picture of the client record, communications, notes, and interactions. So, clients speaking with other employees of the firm will receive the same level of care and support with which they’re familiar. This not only improves consistency in how your team interacts with clients, but also streamlines internal processes. Long gone are the days when successful advisors would share their client notes on paper.

A new phase of digital transformation is currently taking place as financial advisors think about using their business systems to grow their practice. By evolving past traditional CRM capabilities, modern solutions provide the necessary tools and information to identify new business opportunities.

Financial advisors need advanced business tools

The first CRM tools were little more than digital file systems. Later, more sophisticated tools allowed users to gather statistical information from their client database. Linking these systems to business intelligence platforms, new solutions opened up more ways to improve the client experience.

Another shift is occurring right now, as organisations realise the need for growth-oriented systems. Advanced analytics, evolving feature sets and robust integrations help advisors to leverage their existing clients and gain access to new prospects. In a data-driven world, an advanced system like a business management platform does much more than store information.

4 Essential technology features for advisors

Advisors who currently use CRM systems are beginning to look for more robust solutions that don’t just help them maintain their business, but actually help it grow. Features like these ensure financial advisors have everything they need to satisfy their client base and extend their reach into new markets.

1. Configurable dashboards

Every organisation is unique and every person’s job is different, so why settle for one-size-fits-all solutions? Best-in-class business tools provide configurable dashboards so everyone can access the tools and information they need, when they need it. When you can see everything you need at a glance, the rest of your day goes more smoothly.

2. Compliance factors

Using a system that doesn’t support your compliance efforts is like not wearing a hard hat around a construction site. You might be fine, but the risk of serious injury is high. Old-school CRM platforms don’t help manage the complete client picture. A business management platform acts as a hub, providing instant access to important dates, documents, interactions and revenue. This accessibility helps advisors adhere to their compliance standards.

3. Visual reporting

It’s difficult to grow when you can’t see where you’ve been or where you’re going. Advanced technology like a business management platform offers intuitive visualisations to help you track your organisation’s growth trajectory. When all the necessary information is at your fingertips, you can make decisions more quickly, evaluate your firm’s processes and keep moving forward.

4. Workflow automation

Automation is helping almost every aspect of the business world to become faster, more efficient and more consistent. Automatic management of dates, alerts and marketing efforts reduces the time your team members need to spend on these tasks. That means more face time with clients and more opportunities to grow the business.

Important platform integrations for growth

The best business tools don’t exist within a bubble. It integrates with other useful tools to empower advisors to do more with their information. Look for robust integrations that will move you and your team closer to your goals.

  • Portfolio management and advice tools
    You likely use several tools to produce reports, bill clients, review business intelligence and put your financial plans into action. Moving data from system to another manually creates many unnecessary risks, such as typos and missing information. Look for a solution capable of importing and exporting data between your solutions seamlessly. This will help you save time and ensure you have more resources to focus on helping your clients.
  • Document management tools
    The best CRM solutions help you keep your documents safe and secure while allowing you share them with relevant stakeholders. Consider CRM solutions that integrate with tools that allow you to securely request digital signatures and store documents under tight security.
  • Marketing and communications tools
    Raising client awareness of your brand and its offerings is where many CRM solutions fall short. Many tools are great at storing information about your current clients, but they do little to help you grow your client base. A business management platform will integrate with marketing solutions that allow you to email clients, post ads and plan events.
  • Productivity and business management tools
    Collaboration tools help advisors to streamline their administrative duties so they can spend more time with clients. Integration with solutions like G Suite and Office 365 help stakeholders stay productive and organised. In addition, automation tools can greatly reduce time spent on necessary but tedious tasks.

Growth, on your terms.

Advisors should expect more from their business tools. Features like workflow analytics and configurable dashboards support your mission and help you focus on what’s important. In addition, best-in-class integrations ensure you have all the resources you need to succeed in one central location.

Contact us to learn more about how to go beyond the standard experience and grow your business.

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