An important part of a financial advisor’s job is to generate leads, organise client data, and close deals. Customer Relationship Management (CRM) software can help ease your workload. When you are looking for CRM software, you have to ensure that it is easy to implement and customisable. Also, it should offer a wide range of tools that help you keep your accounts in compliance, market your financial services, and streamline your workflow. To help you make the right decision, we have created this list of top CRMs for financial advisors:
Salesforce is definitely not the easiest CRMs to implement. However, with the wide range of components it offers, you can customise it any way you want. They have been in the market for over 20 years and offer AI-driven analytics, integration with multiple data sources, and mobile access. But, if you are not tech-savvy, it will have a steep learning curve. Also, it is one of the more expensive options on the list.
The best part about opting for Salesforce CRM is its Financial Services Cloud, which is a product designed specifically for financial advisors, it has state-of-the-art tools which you can customise as per your requirements. There are different pricing levels, all of which come with technical support. With Salesforce, you will have a solid platform that you can integrate with your marketing automation tools. Moreover, it is embedded with AI, allowing you to analyse your data and predict sales trends. Since it can integrate with different data sources, you will have a massive data bank, giving you insights into the needs, preferences, and interests of your clients.
With so many capabilities, it might take some time to fully grasp them. However, once you do, you will never go back.
Created by Starburst Labs, Wealthbox CRM runs on web, mobile, and desktop versions. Since it is easy to use, you can start implementing it with minimal training. It is a great option for financial advisory firms as well as solo financial advisors.
One of the best features offered by Wealthbox is its customisable workflow templates, opportunity management, and pipeline management. Using these for your sales process will allow you to get new clients. Its CRM features like document management and task management tools have scaled this to be one of the best CRM software for financial advisors. Apart from financial advisors, it is also a great tool for personal use and contact management.
Released in 2006, HubSpot is now among the top CRMs in the industry. Available at a free price point, it is a powerful tool. If you are someone with a DIY mentality, you can opt for the free version of HubSpot. You will get almost all the features that you get from a subscription such as an analytics dashboard, a task system, storage for 1 million records, and more. Even though it doesn’t support document management, you can integrate it with G Suite and let Google handle these operations. You will have to change the system a bit to fit your requirements.
If you want to engage your existing and prospective customers, you can use other options like Sales Hub and Marketing Hub that are worth the cost. There are free pricing tiers available with both services. There are also paid options that will get you more features, which will help you capitalise on new opportunities.
There are certain downsides to using HubSpot CRM that you should know about. If you opt for the free version, you will get limited features and you will have to tweak it a bit to fit your needs. Their document system needs to be integrated with other services like Google Drive to be effective. Also, even though they offer email tracking, it is only available for the recent 200 open emails, which won’t be enough.
Nevertheless, it is the best option for someone who isn’t afraid of dealing with the process of setting up software and wants to save money.
Redtail Technology’s CRM
Redtail Technology is known for providing the best customer experience, which is why they have the biggest market share than any other CRM provider. They have an easy-to-use interface and offer seminar management tools, along with integrations with other industry tools such as LaserApp, MoneyGuide Pro, Riskalyze, and Morningstar. They offer free training and mobile access.
With Redtail, you will have a simple, straightforward solution that has been created for financial advisors. You also don’t have to worry about missing out on critical CRM features such as contact management, customisable reporting, and workflow automation. There are two other features that make it such an attractive option. The first one is the seminar management feature through which financial advisors can manage their pre- as well as post-seminar activities. The second feature is the Redtail University which offers online as well as in-class training. Apart from this, depending on your needs, you can also get individualised support.
Moreover, the software has been optimised so that it can be used on any mobile device. However, they might be costly for small firms or solo financial advisors. Also, they don’t have the built-in video conferencing option. But, this can be easily fixed by purchasing Redtail Speak which can be integrated with the CRM platform so that you have a compliant communication system.
Zoho CRM is one of the best software in the market financial advisors can use for generating and nurturing leads through communication and digital marketing. It is affordable and accessible, but what makes it stand apart from the crowd is its range of multi-channel marketing tools. You can interact with Instagram and Facebook leads from the CRM directly and even create email campaigns. However, its interface is not as easy to use. But its range of features definitely makes up for this downside.
Zoho CRM has a solid client management system. Through Zoho Help Desk and Zendesk integration, you can tend to clients easily. Also, it offers a 360-degree client view through which you can track their info, interactions, and assets. Another great feature offered by Zoho is its Zia AI assistant that can suggest optimal times and follow-up actions for client outreach.
Having CRM software is no longer an option. You need to improve the productivity and efficiency of your firm. Any of the above-mentioned CRM systems can help you with this. Figure out what you need and you will be able to find one that satisfies it.