Benefits of the cloud-based CRM for a Wealth/Asset Management firm.

Cloud computing is reshaping nearly all of the industries in the modern world and transforming the way companies do business. Both smaller companies and bigger enterprises enjoy the benefits of cloud-based CRM solutions to improve their efficiency and scalability while saving significant costs.

The first CRM system in the cloud,, was introduced in 2007. Since then, such systems have become increasingly widespread due to their flexibility and convenience.

Cloud computing has transformed companies like Netflix that couldn’t meet its demand when using a traditional data center; or Heineken, which now runs a cutting-edge marketing campaign on the cloud. However, the financial industry, and especially asset management are still behind the curve and struggling to adopt the technology, according to Dassault Systèmes survey and reported by the Financial Times.

Now, with the growing importance of personalized customer experience, cloud-CRM is becoming a crucial tool in an asset and wealth manager’s toolbox. Luckily for the asset managers and their clients, CRM SaaS companies, like Clientele Center, make it easy to jump on board and start using cloud CRM straight away.

Cloud vs. On-premise CRM System

Customer relationship management (CRM) software and data can be stored on your servers (on-premise), or you can use third-party servers in the cloud. Many companies now offer CRM SaaS (Software as a Service) solution with the possibility of customization, IT support, and more. Cloud-based CRM is accessible to you from anywhere in the world, online, just like anything else stored on the cloud.

Although some companies are still required to store their data and CRM in-house and ‘on-premise’, over 87% of companies have already migrated their CRM system to the cloud. The cloud is becoming the industry standard with many benefits for business and the end customers. The CRM SaaS companies anticipate the wealth managers’ pain points and offer a hassle-free implementation process. They also provide better security measures with dedicated developers and support teams. Here are even more benefits of cloud-based CRM solutions for wealth management services.

Benefits of the Cloud CRM

Global accessibility

Clouds are accessible from anywhere in the world, provided you have an unobstructed internet connection. It makes it easier for companies with employees working remotely. The system can be unified and available at any time for all of the employees regardless of where they are. In wealth management, where VIP treatment may require Relationship Managers to visit clients personally all around the world, cloud-CRM gives your employees access to the latest up-to-date data and helps them manage data and requests of the clients.

Instant implementation

Cloud-base CRM is delivered as a service. You do not have to hire an IT administration team, purchase hardware, or create and manage your data center. With CRM in the cloud, you outsource the work to third-party providers and have your CRM implemented almost instantly. Usually, you purchase subscription-like access to CRM software and the cloud storage for your data and analytics, without the setup hustle and risks like catastrophic events, downtimes, and data loss.

Omni-channel access

Many CRMs provide multi-device access, where managers can schedule appointments, track client communication, and easily contact clients using their mobile phones or tablets.
According to CRM statistics gathered by FinanceOnline, in 2016, mobile cloud CRM increased customer satisfaction by 74%, business efficiency by 73%, and sales by 87%. In 2018, 81% of marketers already adopted mobile CRM solutions, accessing cloud data from many different devices.

Easy to scale up or down

As a service, cloud-based CRM can be easily scaled to fit your business’ size at any time. On-premise systems come with hardware and implementation issues. Scaling up is costly, time-consuming, and may introduce faults and errors to your data center required for a functional CRM. Scaling down is not easy when you already own a specific number of servers. Using third-party servers on the cloud offers a simple solution where you can change your server requirements and your settings flexibly.

Seamless management

With on-premise systems, you are in charge of software updates, fixes, and backups. Especially the data backing may require significant and costly resources with specialized knowledge and storage space. With cloud CRM, all updates, software fixes, and data safety-nets may be outsourced to your service provider and implemented seamlessly. Cloud-based CRM SaaS significantly lowers cost and keeps your data secure from system crashes and power outages. As a small family office, you don’t even need an IT employee to oversee these processes.

Secure 3rd party servers

CRM SaaS companies implement better security measures than what most smaller asset/wealth management business can maintain. CRM providers cater to many companies and have dedicated teams of experts to tackle software updates and fixes, data center management and maintenance, and security measures. They are also up to date with the recent cybersecurity threats. In effect, CRM SaaS vastly outperforms on-premise CRMs when it comes to data security and privacy protection.


Purchasing servers for your CRM and hiring the IT team to manage your infrastructure is a large undertaking with a significant initial investment in hardware, software licenses, and the in-house IT team. Cloud CRMs, on the other hand, are usually available to you on a subscription basis where you pay a small fee to access the CRM software and all the tools and consult the third party IT support whenever needed. Choosing cloud CRM over on-premise CRM, you can make significant savings on the initial investment and save time and trouble of building and maintaining the vast IT infrastructure required to run a functional CRM.

Privacy protection

Many CRMs have built-in privacy compliance tools for the types of personal information you might store. Many companies will also offer you a choice of server location, depending on the local legal requirements. With the complex issues stemming from the new European regulations GDPR, PSD2, and MIFID, and their incompatibility with already existing KYC and AML regulations, it’s often beneficial to use the 3rd party systems and servers. The seasoned service providers have the expertise of managing their privacy compliance, as well as that of their clients.

Seamless and secure collaboration

Many businesses suffer from the compartmentalization of data, where every department has its version of the truth, which makes collaboration and customer service difficult. Cloud CRM provides every department and employee with access to the same customer information hosted on the cloud and available online via the employee login. Multiple representatives can work simultaneously on the same files, manage the client onboarding process together, and see the updates in real-time. The cloud-stored information is also more uniformly secured by the CRM SaaS company like our Clientele Center. SaaS CRM encourages communication, collaboration, and improves the experience for your end clients who are requested to share any information only once.


Cloud-based CRMs provide many benefits to wealth/asset managers and family offices that want to go with the spirit of the times and offer all their clients an outstanding customer experience. In the words of Bobby Darnell, and author of “Time for Dervin – Living Large in Geiggityville”:
“Learning new systems and processes is not mandatory…but neither is staying in business”.