How to choose a CRM for financial advisors

In this constantly shifting market, today’s financial advisors are finding that they have a lot to keep track of. Between stock details, tax regulations, estate information, and more, wealth management professionals may feel like keeping up with client data is more than a full-time job.

However, despite the difficulty associated with information management, many financial advisors cite another issue as their number one challenge: effectively managing client relationships at scale.

Eighty-six percent of financial advisors say that their success is linked directly to their ability to effectively manage client return expectations. Return expectations aren’t the only issue, either. Many clients are their own worst enemy, making investment decisions with their hearts, instead of their heads. Eighty-five percent  of advisors identify the ability to prevent clients from making emotional decisions as a critical success factor.

Thankfully, much of the same wealth management software that allows financial advisors to manage investment data is also helping them establish more collaborative and proactive relationships with their clients.

Sixty-three percent better collaboration with their financial advisors. Clients aren’t content to sit on the sidelines. They want to play an active role in how their finances are managed.

This increased need for collaboration on both sides of the table is leading many wealth management professionals to adopt CRM tools as a solution. CRM for financial advisors is a significant step up from traditional wealth management tools. Unconnected databases, spreadsheet programs, siloed information, various marketing tools, and more were once the backbone of wealth management. Unfortunately, these tools failed to provide advisors with a full 360-degree view of their clients, and did little to help connect or build client relationships based on trust.

CRM, as the name suggests, is designed to track, facilitate, analyze, and improve client interactions, and can assist with referrals, leads, and even integration partners. CRM tracks details associated with contacts, such as personal information, communication preferences, financial goals, and history. The best CRM for financial advisors also makes it possible for users to set appointments and better organize and retrieve related financial data.

The right CRM helps wealth management professionals deepen and grow their book of business, and helps to keep them competitively ahead of new entrants and emerging fintechs with innovative releases. And, given that roughly half of wealth management professionals don’t use account aggregation software of any kind (including CRMs), those who do will likely find themselves at an advantage over their competition. Of course, not every CRM option is a perfect fit for financial advisors. Even among those that are specifically designed for the wealth industry, some fail to fully meet user needs. When looking for the top CRM for financial advisors, reviews are a great place to start, and Financial Services Cloud is the most obvious place to finish.

Financial Services Cloud is one of the most trusted, highest reviewed wealth management CRMs for financial advisors. This is because Financial Services Cloud is built on the the tried-and-true Salesforce CRM platform. Salesforce CRM is widely recognized as the go-to solution for businesses large and small, and is the top-rated CRM in the world.

Financial Services Cloud offers the best CRM software for financial advisors. It is cloud-based, which means that users can take advantage of what it has to offer without having to install any expensive hardware or local software. All you’ll need is an internet-compatible device, and you’ll be able to access Financial Services Cloud directly through your browser. Cloud technology also resolves the compatibility issues that plague traditional financial advisor toolsets and allows for multiple users to gain access to the same client data across any channel or device.

Financial Services Cloud offers a robust partner ecosystem, allowing for the flexibility needed to seamlessly run your business, including integrations with financial planning tools, electronic forms, data aggregation services, and compliance solutions. The Financial Services Cloud data model also comes with out-of-the-box industry standard objects built directly on the Salesforce Platform that model financial accounts, assets, liabilities, and financial life goals for individual clients and entire households — saving firms time and money on customizations.

The Salesforce wealth management CRM is designed for usability. With an intuitive UI that relies heavily on data visualization, users can access and manage client data at a glance. Financial Services Cloud is customizable and configurable, so that it not only meets your business’ needs but also scales and grows with your organization.

Of course, it takes more than being built on a respectable CRM to make the perfect wealth management tool. This is why Financial Services Cloud offers a set of features specifically created for financial advisors.

Financial Services Cloud was created through direct collaboration with financial services professionals. This partnership helped ensure that the tools and features built into the CRM system would be valuable and effective.

The Advisor Home Page lets advisors see their responsibilities, appointments, and goals all in one place, helping them plan their day efficiently. Advisors can also keep track of client goals directly in Financial Services Cloud with key targets and action items to help keep clients on track. Considering that only 37% of clients say that their financial advisors are even aware of their life goals, this means improved relationships and better returns across the board.

With three Financial Services Cloud releases a year, advisors can accelerate business growth and maintain a competitive edge with new product features and enhancements integrated automatically into the Salesforce Platform.

Coupled with the power of artificial intelligence, event tracking, and advanced automation, these features give financial advisors the insight they need to build strong  client relationships that continue from one generation to the next.

Even in such a constantly shifting industry, the need for one-on-one financial service never changes. When it comes to wealth management and the financial services  industry, relationships are vitally important; 30% of investors would even consider switching advisors due to poor communication.

Don’t shut your clients out. Instead, take advantage of the top CRM systems for financial advisors, built on the most powerful CRM system in the world. Financial Services Cloud gives you the tools and the data you need to develop a comprehensive view of your clients, and also gives your clients the resources they need to become actively involved. In short, Financial Services Cloud helps you deliver intelligent, customized, and proactive advice across your entire book of business so you can strengthen client relationships at scale.

^{_{Writers were aided by AI to draft these FAQ questions}}