Wealth Management with CRM Technology


Thanks to advances in digital technology, traditional engagements between clients and advisors are transforming rapidly. New, nontraditional digital players and emerging FinTech companies are entering the industry at a rapid pace, catering to the growing expectations of today’s wealth management clients. These competitors are delivering personalized advice when and how clients want it — across multiple channels and throughout their financial lifetime.

Technology advancements such as robust data analytics and artificial intelligence are transforming how advisors get to know and engage with their clients. As investment portfolio management software becomes commonplace in the industry, financial advisors have to adapt. At the same time, the average age of financial advisors is in the mid-50s, and as more retire, too few new advisors are filling the vacuum. This is creating an industry where, by 2020, it is expected that there will be a gap of about 10,000 advisors, compared to the industry’s potential growth.

CRM technology can help make up the difference, giving financial advisors the power to do more for more clients.

CRM can optimize wealth management.

CRM is a technology that grew from a concept. The concept was that clients should be at the center of every business. CRM platforms capture data from multiple systems to help businesses get a full 360-degree view of each and every client. The best CRM platforms leverage the cloud, allowing multiple users, teams, or departments to easily collaborate across any channel or device. Information is collected, analyzed, and stored automatically, and can be accessed and updated in real time across all authorized users.

A CRM platform ensures that all advisors and client-servicing team members have access to the same vital information, including a client’s financial accounts, relationship networks, goals, and even any previous interactions.

Investment management software built on the foundation of a CRM platform can be seen as a high-touch relationship management solution that pulls client data from multiple sources, making it easy for advisors to get a full view of their clients through a single pane of glass. These kinds of insights are having a major impact on an industry that typically spends a lot of time pulling client data from multiple, siloed systems, instead of focusing on strengthening client relationships.

With rich client profiles at their fingertips, wealth managers can now take their client engagements to the next level — not just understanding what data they have, but also how they can use this data to personalize relationships at scale.

It’s telling to realize that only 37% of investment clients say their financial advisors are aware of their life goals. With a CRM platform in place, wealth managers can tap into broader relationship-based data to provide collaborative advice to clients as well as to their broader households. A CRM platform makes it possible for advisors to track client goals, gain insights into the relationships clients value most, and incorporate held-away account data, to drive more- tailored journeys and even stronger client relationships.

Taken altogether, CRM’s unique focus on clients makes it a perfect tool for wealth managers who want to implement digital technologies to better align their advice to the long-term financial goals of their clients.

What factors make up the best CRM platform for wealth management?

With so many CRM platforms available, it can be difficult to identify the one that aligns best to specific client engagement needs. Here are certain things to consider before choosing and implementing a CRM investment management platform:

  • Actionable Client Data
    Data is the lifeblood of an effective CRM platform, and it’s no different for wealth managers. A superior CRM solution makes it easy to capture, analyze, and retrieve relevant client and investment data, so that advisors will always have the information they need to provide the right advice to clients throughout their financial lifetime.

  • Scalability
    Business isn’t static; it’s a dynamic, evolving entity. The best wealth management software solutions are those that can change right along with any changes to the firm. A CRM platform that is customizable and flexible enough to scale with any firm will give advisors the freedom to grow their book of business, without having to worry about outgrowing their relationship management tools.

  • Integration
    An effective CRM platform shouldn’t force users to change everything about the way they manage their client relationships. Instead, it should improve and enhance existing processes. For this to happen, financial advisors need a CRM tool that is capable of surfacing relevant client data from leading financial services technology partners, including financial planning tools, data aggregation services, and more.

  • Customization
    Financial advisors all have their own way of doing things. Effective CRM tools give advisors the flexibility to work the way they want. Customizable dashboards, client profiles, and reporting tools make it possible for them to build a solution that fits their needs.

Salesforce Financial Services Cloud brings advisors and clients together.

There are many CRM companies in the market, but only those that truly empower advisors to deliver personalized advice at scale can provide a complete relationship management solution to grow an advisor’s book of business. Salesforce, the company behind the world’s #1 CRM solution, does just that, with Financial Services Cloud.

What is Financial Services Cloud? It’s the world’s #1 CRM solution reimagined for financial services. Financial Services Cloud brings superior cloud-based CRM technology to the wealth managers who need it, capturing and analyzing client data, providing insight into a client’s relationship networks, and providing the flexibility for advisors to work the way they want.

By gathering input from customers across the financial services industry, Salesforce was able to design an investment management software solution that promotes true advisor-client collaboration — something that 63% of clients would like to have with their advisor. Additionally, thanks to Salesforce’s latest innovations, including Salesforce Einstein with AI embedded directly into the platform, advisors can manage more clients, receive next best action recommendations, and deliver intelligent advice that locks in client trust with the personalized, and proactive service clients expect.

In short, Financial Services Cloud puts client needs at the heart of wealth management.

The future of investment management software is today.

The world of investment management is changing, and the roles and expectations of advisors are changing along with it. Clients expect more from their financial advisors.

Thankfully, investment management software companies are helping firms make a digital transformation in the new age of the client. Financial Services Cloud gives advisors the power to not only help their clients, but also work alongside them, for effective, collaborative, data-driven results. Now advisors can turn financial goals into lifelong client relationships with Financial Services Cloud.   



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