Software providers are promoting the very tangible benefits of CRM solutions to advisors and wealth management firms – but are they selling the steak, or is it just sizzle?
Software providers are promoting the very tangible benefits of CRM solutions to advisors and wealth management firms – but are they selling the steak, or is it just sizzle?
Systemizing the processes, workflows and practices of a wealth management firm by adopting a comprehensive CRM solution allows the firm to lay the cornerstones of a more customer-focused business. These include:
• client knowledge, which is critical to fostering customer intimacy;
• employee productivity, due to less time and resource spent on administration and fruitless information searches, leaving more client face time; and
• guaranteed compliance due to standardized processes and secure, auditable records.
“Having the most advanced CRM technology keeps employees engaged and armed with the tools they need to support the level of efficiency and customer intimacy a smaller firm needs to build its AUM and company size,” says John Easton, the director of wealth management CRM for Maximizer Services Inc. “Creating this caliber of professional, well-run and respected enterprise will attract not just better employees and desirable clients, but also strong partners who bring new skills and healthy books of business to the practice, further enhancing the ability of your wealth management firm to grow.”
This higher level of organization, supported by technology, lifts the overall efficiency and reputation of a wealth management firm. The result, particularly for small and independent players, is a more competitive practice that can punch above its weight by providing a more personalized service when challenging bigger, less intimate competitors.
