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5 CRM functions a financial advisor shouldn’t miss

As a training specialist for AdvisorEngine’s CRM, I witness first-hand what works and what doesn’t when it comes to running an effective client relationship management (CRM) system.

One firm I recently worked with had work processes that literally were all over the place - scribbled down on whiteboards, shelved inside filing cabinets, noted on sticky notes stuck to walls, handwritten memos, and more. 
They didn't rely on a “digital manual” to organize the critical aspects of their business - in fact, they actually didn’t rely on anything digital. They were 100% old-school and in desperate need of a change

Over the course of a few months, this firm’s core team met weekly to discuss, build, test, and refine important workflow actions. They created rules to automate the day-to-day tasks that took up so much of their time.

By establishing a replicable process, they set themselves up for success. This particular firm took the time to set up proper CRM automation and define that essential “digital manual.” 

As a result, the firm has rapidly excelled. By automating these daily processes, they saved time and money while allowing their advisors to focus on the most important thing - working with clients. 

That firm’s experience provides a great opportunity to share with you the top five CRM functions every financial advisory firm shouldn’t miss. These functions could help improve your return on investment - and really, who doesn’t want that? 

CRM for contact management

Contact management is such an important piece of your CRM strategy. Essentially, it’s the practice of storing and organizing your contacts - and related client data - so that it’s easy to access. You’re essentially creating a hub where all this important information can be found in one place. 

Gone are the days of Rolodexes and Filofaxes. Cloud-based CRM contact managers make it easy to access your client contact data remotely. You can add records with one single click and from any device. All activities are logged automatically, so you can easily keep your records up-to-date.

We have a saying at Junxure: “If it isn’t in Junxure, it didn’t happen.” With CRM, you have a centralized tool. Everything that relates to your client is tracked - contact information, goals, details, communications, and requests, amongst many other items. This information is centrally stored and can be accessed by anyone on your team whenever necessary.

CRM for workflows

In most CRM systems, the term workflow designates a sequence or progression of steps that are necessary to complete a business process. These workflows are the reason the “digital manual” is so important. CRM workflows are highly customizable to cater to projects varying in size and scope. You set your workflows to fit your business. 

This exercise ensures a culture of consistency. Everyone in your organization is doing the same thing and taking the same steps to achieve success - enforcing a high standard of client experience across the board. 

By digitally mapping and storing all communications and records for all your clients, you will be ready for any compliance check. Teams can collaborate through the CRM by defining employee accountability and outlining an action plan to adhere to when it comes to accomplishing work. 

CRM for reporting

Since a CRM functions as the digital hub where all client data intersects for real-time summaries, you have the powerful ability to tailor the information you see. Reports can be customized on dashboards to display a bird’s eye view of your firm and your clients, or narrowed to a specific tranche of information. This high-level customization allows you to quickly and simply generate reports.

CRM for service monitoring and meetings

Most firms have set services they wish to provide at regular intervals for each tier of their client base. For example, a highest-level tier client may receive a phone call every month to touch base, or every client may receive a quarterly newsletter. The service monitor in a CRM allows you to keep track of how these services are being fulfilled. 

With this service monitor, you can see, at a glance, which services are expected for a particular client, when they were last fulfilled when they will be due next (or if they’re overdue), and even generate a reminder to complete the service at a time of your choosing.

The CRM also allows you to organize your client meeting schedules. We all know setting up client meetings involves a lot of juggling: You’ve got to check timings with everyone to determine scheduling, do all the preparation, send out meeting reminders, have everything on hand to host the meeting, and of course follow-up. The most efficient way of knowing who has been scheduled for a meeting and logging meeting notes after the meeting is to track it through your CRM - it streamlines and enhances your client experience. 

CRM for communication

Another key to CRM is an integrated communication function. It should be a robust and intuitive tool that can gather contacts to proactively communicate with clients. 

Instead of having to run around and complete each communication manually, this CRM function lets you do it all in one place.

You gain the ability to create emails, letters, envelopes, and labels that make it easy to initiate and send personalized correspondence in bulk, or to an individual client. In addition, emails from clients are automatically imported into your client history for future review.

Making music

Billy Rueckert TubaPrior to Junxure, I worked in a completely different space. I performed around the Palm Beach, Florida area with various orchestras - I am a classically trained tuba player. 

If I were to parallel my experience with the tuba and my experience with CRM -- just as the orchestra could not function without that distinct, low brass sound of the tuba, a financial advisor cannot function without an effective CRM. 

It’s time for you to make sweet music with your CRM by simplifying, streamlining, and automating your business processes - freeing up your valuable time. If you are ready to experience the CRM that thinks like an advisor, it’s time to experience the power of Junxure. 


This blog is sponsored by AdvisorEngine Inc. The information, data and opinions in this commentary are as of the publication date, unless otherwise noted, and subject to change. This material is provided for informational purposes only and should not be considered a recommendation to use AdvisorEngine or deemed to be a specific offer to sell or provide, or a specific invitation to apply for, any financial product, instrument or service that may be mentioned. Information does not constitute a recommendation of any investment strategy, is not intended as investment advice and does not take into account all the circumstances of each investor. Opinions and forecasts discussed are those of the author, do not necessarily reflect the views of AdvisorEngine and are subject to change without notice. AdvisorEngine makes no representations as to the accuracy, completeness and validity of any statements made and will not be liable for any errors, omissions or representations. As a technology company, AdvisorEngine provides access to award-winning tools and will be compensated for providing such access. AdvisorEngine does not provide broker-dealer, custodian, investment advice or related investment services.

Billy Rueckert

Billy Rueckert

Billy provides best practices for the first-rate usage of our AdvisorEngine platforms through private client training and webinars. He also contributes to the content on our help center while constantly striving to meet everyone’s needs, while exceeding expectations.


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