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3 Reasons Why Financial Advisors Need a CRM

Client Relationships, Research & Insights 1 Comment

shutterstock_407461435Technology is one of the most important pieces of a financial advisor’s business, from financial planning programs to risk analysis to automation platforms. A CRM (Client Relationship Management) system is another essential piece of software for advisors.

CRM is the process of tracking, managing, and analyzing the interactions you have with clients, prospects, referrals, and strategic partners. Some of the most popular ones for advisors are Redtail and Salesforce. A CRM software centralizes and simplifies that client engagement. You can track everything from birthdays and addresses to meeting appointments and special anniversaries. Here are just three reasons why you need a CRM to efficiently manage your firm.

1. Accomplish More with Less

The average advisor serves 156 clients. That’s a lot of people to manage and a lot of names, anniversaries, and meetings to remember. A CRM makes it easier to juggle your multiple tasks, opportunities, and communications. Set reminders for upcoming meetings or follow up calls with prospects. Send out celebratory cards for clients with children who are graduating college. You can stay much more engaged with your contacts and maintain stronger relationships for less time and effort by enlisting CRM software to do the heavy lifting (and remembering) for you.

2. Get a Sneak Peek Into Your Business’ Future

A lot of advisors say accounting and tax planning is about reviewing the past, whereas financial planning is looking toward the future. The same can be said in the world of marketing. Your account balances, financial and business data, and marketing analytics all reveal details about your past, whether it was yesterday or a year ago. CRM is a forward view into your business and revenue stream.

Through your CRM, you can get an inside look into trends and events that will serve as indicators of your future revenue and profit metrics. These indicators may be lead generation, opportunity creation, or pipeline value. What prospects may become clients in the next month? Which contacts are cold leads and will require more time to convert? Which warm leads should you reach out to in this next month so they don’t go cold? Through your CRM software, you can monitor your marketing activities and campaigns, see what opportunities are currently open, and how you can improve lead generation.

3. Establish Stronger Relationships 

When it comes to something as personal as money, clients need to feel valued by their advisor and require a much more intimate relationship than they would with another service professional. The more you can tailor your services, marketing, and messaging to fit your clients’ needs, the better you can retain current clients and attract new ones. Tailored content and marketing will also help you stand out in a crowded and competitive industry. CRM software can capture the information you need to send targeted campaigns such as birthday cards or a blog post on retirement planning.

If you thoroughly fill out contact profiles and track communication, you can start seeing trends in your clientele and prospect base. You may discover a large number of your clients are teachers, so in June you may send a timely email on graduation, college planning, or budgeting in summertime to account for a loss of income. In essence, CRM software helps you remember intimate details for thousands of clients, prospects, and business associates at any given time.

By tying together your marketing automation tools with CRM software, you can simplify your marketing, target your ideal clientele, and grow your business. Use a marketing automation platform that allows for simple integration with a CRM. At FMG Suite, our tools easily connect with Redtail, which simplifies the work you have to do.

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  • Sarah

    December 12, 2016 at 3:28 am - Reply

    Great post! I’m searching for the right CRM now that I’m using GetResponse marketing automation. It’s important to make these things easy to use. 🙂

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