Benefits of using a CRM system at an investment firm

Being a Wealth Manager is a very complex job to have.  Typically Wealth Managers need to have product knowledge of their financial offerings, stock market knowledge, and of course knowledge of their prospects and clients.  Keeping up with clients and proper follow up is the lifeblood of any Wealth Management Firm.  Let’s explore some of these reasons and benefits of using a Customer Relationship Management (CRM) solution.

Technology aspects

When building a Wealth Management practice, it is essential to stay organized with records and clients.  Technology can help with this in many ways.  A web based CRM can benefit a Wealth Manager by allowing them to record and access their customers in any setting, as long as there is internet.  As an example, at the office you can access customers while working or making calls and reports, and when working from home, the same can be done. 

Technology driven CRM’s also allow for access to other members in your office, but allowing you to control what information is seen.  Lastly, Wealth Managers are highly regulated and often have a need to show changes or account information quickly when needed.  A cloud based, detailed CRM program can allow for this.

Client follow up

Wealth Managers understand the importance of prospect and customer follow up.  Many people often switch from Wealth Managers due to poor customer service or lack of follow up.  A CRM can help organize when someone became a client, what products or activities the client has, their birthday, and a ton more customizable information.  As an example, a new customer of yours says that they are retiring in exactly 9 months and would like a review at that time in order to make changes to the portfolio and invest new assets.  With a CRM, it will be easy to plug that information in and have that event alert you in 9 months.

Personal client events such as birthdays are also very easy to track in a CRM and be able to send your clients a card or a phone call to wish them a Happy Birthday.

Reports and research

Research and reports are a very important part of being a Wealth Manager in order to make decisions on client accounts.  A CRM can allow you to search and filter certain criteria such as; relationships, types of accounts, basic customer data as part of “Know Your Customer”, and other investment data.

Easily spot trends in certain investment products by running reports and seeing how certain accounts are performing.  A good CRM will also allow you to customize many fields, allowing for further research at your fingertips in seconds.

In conclusion, if you really want to stay very organized as a Wealth Manager, stay compliant, look for selling opportunities, and service your clients efficiently, then a CRM solution is for you.  Trying to collect all this data on your own, will keep your information out of date, and require too much work.