Advisors and CRM Technology: How Does your Firm Stack Up?

By Amy McIIwain, President, Financial Social Media on Thursday, August 18th, 2011

I am not an early adopter − I am not the person who runs to the store the day that a new smartphone or gadget becomes available. In fact, I don’t own an iPod, a tablet or an electronic book reader. However, I do value technology that improves my life personally or at the office. At last count, I rely heavily on eight core technologies to efficiently and effectively run the marketing operation at ByAllAccounts (a discussion of these technologies will have to wait for another day, with one exception)..

Frankly, I’m a tough grader when it comes to measuring the value of my technology at the office. After all, I make tradeoffs in how to spend the marketing budget. That said, I would give my customer relationship management system (CRM) a B+ grade. It is critical to our success to have a CRM system that enables us to communicate effectively with clients and potential clients, integrates with the other software that we use, and supports us as we grow. 


But what about the financial advisors whom we serve (and those who don’t yet use ByAllAccounts’ services)? We were curious about their adoption and use of CRM technology, so we made that the topic of our Q3 ByAllAccounts survey


Our survey covered topics that include:


Do the respective advisors use CRM? Why or why not?   How do they use such a system? How much do they pay? Would they recommend their CRM system to a colleague?


Three out of four financial advisors (74.5%) who responded to our Q3 survey rated their CRM as “very important” to their business. Another 19.5% rated it as “important.” In terms of evaluating the ROI of a CRM system, survey respondents consider increasing efficiency (83.5 percent) and increasing client satisfaction (70.7 percent) as the two most important factors.


Would you agree with these answers? How do you measure the value of your CRM? Just take a look at the measurement criteria below, and see where you net out in relation to firms that responded.

This is, of course, just one aspect of our Q3 CRM Survey findings. For complete details of what we learned, check out our on-demand webinar replay  "How to Choose and Use CRM Systems for Financial Advisors"  Topics include:

  • Financial Advisory Trends in CRMs: Am I going to be left behind if I don’t have a CRM? What trends should I be aware of with regard to CRM integrations with other platforms and data services providers?

  • Choosing a CRM: What criteria should I consider when selecting a CRM, how much should I expect to pay, and which features do other users find valuable?

  • Using a CRM: How are other advisors using CRMs and what are the benefits?  How can I efficiently get my clients’ account data into my CRM?

Presenters: Brian McLaughlin, CEO, Redtail Technology; Cynthia Stephens, Vice President of Marketing, ByAllAccounts

Check out this video of highlights from the webinar!

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