CONTACT US
Log In

Selecting the Right Wealth Management CRM

By Adrian JohnstonE                                                                                                                               
CHIEF EXECUTIVE OFFICER

Four Steps to Selecting the Right Wealth Management CRM for Your Advisory Firm

When it comes to your wealth management CRM, you have two options: tolerate it or embrace it.

CRM is a must for any wealth management business, but how you view it can significantly impact your bottom line.

Some advisors have grown used to viewing their CRM as a “box to check.” It’s just another expense they need to do basic business functions.

On the other hand, growth-minded advisors understand that their CRM is the key to unlocking one of their firm’s most valuable assets: client data.

A powerful, purposeful CRM for financial advisors plays a crucial role in managing client relationships, data security and business growth. Unfortunately, there are so many CRMs out there that act as simple, static repositories that add little value to your firm.

It can be challenging to distinguish whether your CRM is purposely-built for your firm, even if you have previously used CRM platforms. That’s why we put together this four-step process for selecting a purpose-built wealth management CRM designed to accelerate your success.

Step #1: Review Your Business Goals for Your Wealth Management CRM

It’s not just about having a CRM; you need the right CRM to power you toward your goals. That starts with a deep understanding of those goals.

Whether your focus is business growth, client onboarding or meeting regulatory requirements, a wealth management CRM can help align these business goals with actionable data.

But not all CRM platforms are designed alike. Some may be better suited for facilitating intra-firm communication, while others are designed to fit seamlessly within your existing tech stack. That’s why reviewing your larger business goals and objectives is essential before jumping into research, reviews and product demonstrations.

Step #2: Outline What You Need from Your Wealth Management CRM

Once you have a clear picture of your destination, think through what your CRM needs to do for you. You may not need every bell and whistle, but knowing which features and functions are necessary to your business will make the evaluation process much more manageable.

For example, suppose one of your goals is to increase client retention. In that case, you may be most drawn to features that empower seamless client communication and data visualization that enhances client understanding.

If you don’t know what you need, that’s okay. At Practifi, we recommend beginning with an internal needs assessment, which can help advisory businesses think through workflows, client interactions, and team dynamics that will impact the success of their CRM implementation. Ultimately, an internal needs assessment clarifies your firm’s needs and brings into focus the path to get there.

Step #3: Ensure Your Wealth Management CRM Integrates with Your Critical Technology.

Every advisory business has at least one platform deemed “mission critical” in its tech stack — meaning the company cannot run effectively without it. For modern advisory firms, that requirement is selecting the right CRM. An instrumental thread between all aspects of your technology stack, a CRM tracks seamlessly across and throughout your must-have technologies to create a balanced, practical technology ecosystem.

In practice, this means ensuring that your CRM integrates seamlessly with your portfolio management software, financial planning tools, marketing automation and other advisor tech. Involve your IT team in the selection process to ask technical questions and ensure seamless data flow between systems.

It’s helpful to know your tech must-haves throughout the CRM selection process. But if you don’t, an internal needs assessment should highlight which technologies are integral to your unique business operations.

Step #4: Make Sure Your Wealth Management CRM Can Scale as Your Firm Grows.

Before implementing solutions, ensure your team has strategically analyzed and planned for the new technology. After all, any new tech put on your business like a bandaid is bound to fall off when your business needs evolve.

That’s why it’s important to consider solutions that will scale alongside you as you grow. A scalable wealth management CRM should accommodate enterprise-level solutions, enabling seamless growth in client management, automated compliance, and operational efficiency.

Some things to look for in a scalable wealth management CRM include robust features that make daily processes easier, a vast network of integration partners, platform add-ons designed to address specific operational needs and implementation support to ensure you have everything you need to achieve long-lasting success.

Get Started With Practifi: Redefining Wealth Management CRM

Practifi is forging a new path for financial advisors and wealth management professionals demanding more from their CRM. Our wealth management CRM was designed to empower advisors’ absolute trust in their CRM as the steward of their most valuable asset: data.

A well-implemented wealth management CRM is more than a too l— it’s a catalyst for business growth and client relationship success. Join the revolution with Practifi.

Schedule a demo to explore how our wealth management CRM solution can streamline your firm’s operations and enhance client relationships.

Browse Categories

Check out our new eBook:  Under the Hood of Compliance Audits

Get My Copy