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Data Unification and Beyond: How Robust CRMs Help RIAs Deliver Great Client Experiences

By Finn Gilbert

In the modern wealth management landscape, client experience is king, and CRM systems play a pivotal role in achieving this goal. Advisors use technology on a daily basis, employing it for tasks such as accessing client records, monitoring real-time market movements, generating reports, ensuring compliance and more. Without a central hub for data (which is most commonly a CRM), advisors spend significant time switching between multiple platforms to perform these functions. Fragmented data creates inefficiencies, disjointed client interactions and missed opportunities in RIAs, ultimately leading to hindered client experiences.

What’s the solution? Data unification. By unifying data from multiple platforms and providing personalized technology, a robust CRM can empower teams to streamline information access, enhance collaboration and offer tailored recommendations, fostering stronger and better client relationships. Data unification is becoming more and more critical for firms to deliver exceptional client experiences.

Accessing and Unifying Data With CRMs

CRM systems play a pivotal role in unifying data from multiple tools and platforms, allowing RIAs to gain a comprehensive and holistic view of their clients. The 2023 T3 Inside Information Survey revealed that advisors utilize a range of software tools, often exceeding seven applications, to efficiently complete their tasks. As you could imagine, switching through these is incredibly time-consuming, especially during client interactions, making it difficult to provide a high level of service. Not only does this constant tool-switching consume valuable time, but it also leaves room for errors when compiling, importing or exporting data between platforms in an attempt to consolidate and make sense of critical client information.

Leading CRMs are the ideal hub for RIAs as they collate data from multiple platforms, solving these issues and ultimately enhancing the client experience. CRMs like Practifi integrate with a variety of tools such as portfolio management, financial planning, document storage, marketing, and more, consolidating a range of data. Through these integrations, RIAs access real-time insights and comprehensive analytics, enabling them to make well-informed and data-driven decisions on behalf of their clients. For example, in Practifi, advisors can seamlessly access critical client data, deliver personalized advice and consolidate information across multiple platforms with ease, all in the one central location.

Empowering Teams with Personalized Tech and Data

Delivering exceptional client experiences also relies on empowering teams with personalized technology and data-driven insights. Disconnected tech and data cause inefficiencies for users, leading to time wasted on manual data entry, difficulty in accessing critical information, and hindered collaboration among team members. However, integrated technology, with personalized experiences for each role, equips RIAs with relevant tools and data. This ultimately boosts team productivity and fosters higher user adoption, resulting in improved client experiences and strengthened relationships. Through personalized technology, offered only by robust CRMs, teams can seamlessly collaborate and deliver tailored services, enriching the overall client journey. 

Empowering teams with personalized technology and data-driven insights is the catalyst for delivering extraordinary client experiences. Real-time data insights put advisors in the driver’s seat, allowing them to make swift and well-informed advice, while tailored experiences for each role helps deliver personalized recommendations. Practifi’s role-based apps make this tailored approach possible, ensuring that each team member receives a customized experience that aligns with their unique responsibilities. This is a unique capability not commonly found in other industry-standard CRMs and guarantees that clients receive the highest level of service and care, contributing to enhanced client experiences.

Unlock the Power of Data Unification

A seamless user experience lies at the heart of delivering exceptional client experiences in the modern wealth management landscape. Research from EY states, “a model wealth management platform demands a rich user experience, which is scalable and backed by a strong foundation to enable easy integration. Leveraging the capabilities of leading fintech products can improve the client experience, reduce time to market and help firms offer end-to-end services.” CRMs lay the foundation for meaningful and lasting advisor-client relationships, serving as an essential support system throughout the engagement. So, when empowered teams enjoy a thoughtful and tailored user experience, it rolls on to benefit the entire client experience.

Imagine an advisor who’s always in the loop – they see an upcoming annual review alert on their dashboard and catch a note on the client noticeboard about a recent addition to the family. Equipped with these insightful cues, the advisor is fully prepared to engage in upcoming discussions tailored to specific topics like college savings. This ability transforms routine conversations that extend beyond numerical figures, embracing practical changes and individual circumstances. A CRM like Practifi empowers teams to deliver better client experiences through multiple functions that facilitate interactions like this to happen.

Enhance Client Experiences with Unified Data

In the modern wealth management landscape, CRMs act as the connective tissue that unifies data from multiple platforms, breaking down data silos and playing a pivotal role in delivering exceptional client experiences. However, the consequences of disconnected data and less-robust CRMs are apparent in inefficiencies, missed opportunities and sub-optimal client interactions. 

Practifi, as an industry-specific solution, stands out by providing personalized technology and seamless information access, enabling RIAs to offer tailored recommendations, enhance collaboration and foster stronger client relationships. Want to learn more? Download our comprehensive eBook “Why Unifying Data Is The Key To A Great Client Experience.”

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