Your Wealth Management CRM is Holding You Back. Here’s How to Revitalize It.

Unlocking Your CRM’s Potential.

In an ideal scenario, your CRM would thrive in two key domains:

1. Managing client information within a flexible, intuitive database that captures contact details, account balances, relationships, preferences, and communication history.
2. Organizing your team’s tasks into tailored, automated workflows that boost efficiency and ensure exceptional client experiences.

Does your current CRM fit this description? If so, you’re on the right path! If not, don’t fret—you can achieve this!

The Evolution of CRMs for wealth managers.

In the past, CRM systems were confined to office desktops, equipped with basic features that were often under-utilized. Making adjustments was cumbersome, time-consuming, and expensive.

Today, contemporary CRMs are web-based, adaptable, and come with sophisticated functionalities.

Wealth managers frequently find it challenging to enhance their CRM systems because they are preoccupied with administrative duties and client interactions, leaving little time to focus on CRM improvements.

Maximizing Your Management Practice's Potential with CRM

Here are three strategies that can transform your CRM landscape:

1. Conduct weekly or bi-weekly meetings with your team to discuss CRM usage and identify potential enhancements.
2. After a few meetings, evaluate whether your CRM toolkit is adequate and correctly configured. It should align with your business objectives and improve team productivity. If it’s not providing more benefits than your previous CRM or if your team is resorting to manual methods, it might be time to upgrade or replace it.
3. Designate an internal specialist or hire an external expert to oversee CRM usage, train users, and drive ongoing improvements. Ensure that suggestions for enhancements from your team are tracked, prioritized, and implemented, fostering an environment where your team feels motivated to continually suggest ways to improve your CRM.