3 Reasons Why Financial Advisors Need CRM

1. 3 Reasons Why Financial Advisors Need CRM With the evolution of financial advisory firms, the tools used to support them have also developed. In the past the Contact Management System was the key to tracking all the activities with prior customers. As advisors have increasingly evolved towards actual advice, so too have the software tools evolved to a far more comprehensive Client Relationship Management (CRM) solution. Enhanced Client Experience The biggest advantage of CRM software is the ability to provide the clients with optimal experiences which further strengthens those relationships. Client relationships are the core elements of an advisory firm just as trust in a relationship. CRM soft wares provide the firm with consolidated knowledge base of each client’s specific needs, requirements, preferences and much more. In today’s time the client expects streamlined experiences, and when advisors provide high-quality service, clients tend to become more loyal and generate referrals. Increased Revenue If an enhanced client experience is the biggest benefit, then the increased revenue becomes the most obvious reason for any firm to deploy new CRM software. Strategic advisors can make use of the data collected in their CRM system in order to identify the niche services or the client segments which creates up-sell opportunities and ideas for the effective referral programs. Business Insights Firm managers must always be aware of the fact that from where the business is most likely to come from. CRM software provides the ability to understand the scope of the future revenue and determine where the additional focus needs to be directed. Since one person cannot track and analyze the habits of each and every client, CRM aggregates data for a wide analysis which can then be further utilized to enhance the client services, increase the revenue and reduce the client attrition.

2. CRM systems are becoming less of a trend and more of a norm in the financial industry. The benefits that can be derived out of a CRM system are more than worth the monthly subscription involved. If a CRM system is not integrated into your advising business, you might be missing out on a vast amount of potential revenue and misusing you and your company’s time.