Financial advisors often ask, “What can I do to drive CRM success at my firm?” Implementing, adopting, and maximizing a CRM system is a challenge for any organization. It’s a change that requires buy-in from your whole team. The right CRM can automate your daily processes, save you time and money, and allow you to focus on the most important thing -- your clients. Whether you are converting to a new CRM or looking to drive user adoption in your current system, here are eight ways to help drive success. I hope these tips come in handy for your firm’s CRM journey.
Are you still using a legacy on-premise solution for your CRM? I get it, you're nervous about a number of things. Let me help put your mind at ease. Investment advisors are fiduciaries who innately understand the importance of protecting client data and confidentiality. Which is why some advisory firms might be wary about the concept of cloud-based technology. But shifting from servers you can see in your own office to a virtual network of software and services running entirely through the Internet (the “cloud”) doesn’t make your core business systems and files vulnerable -- we believe it is quite the opposite. Firms using on-premise Client Relationship Management (CRM) technology face challenges such as costly maintenance issues and limited resources, not to mention regular exposure to data leaks and security breaches. Converting to a cloud-based CRM not only helps address these issues and provides more secure storage for your data, it makes that data and software accessible online anytime, anywhere, from any device. So as a firm looking to make a move, where do you start? What can you expect? I’ve worked alongside hundreds of financial advisors, many who were hesitant at first about cloud-based solutions. I’ll share those concerns with you and demonstrate why making the switch to the cloud can actually help your business grow.
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As a financial advisor, you take pride in how you’ve cultivated deep relationships with your clients. But in a new reality where it is difficult to meet in person, you’re naturally concerned about how to maintain those connections. The right Client Relationship Management (CRM) technology system can not only help you stay connected to clients during this global pandemic, it can strengthen your ability to personalize your client service and help you win new business. Streamlining workflows makes it simpler to stay in touch with clients, while automating tasks frees advisors to concentrate on the conversations that clients value most. A CRM aids the advisor at every step, from discovering prospects to supporting existing clients and improving contact management. But how much does CRM technology cost? What are some factors to consider beyond the cost?
During these unpredictable times, a positive relationship between Financial Advisors and their clients is imperative. In-person meetings have been replaced by Zoom calls, networking events aren’t happening and handshakes are a thing of the past. This added layer of complexity compounded by the fact that clients expect clarity on what’s happening in the market, to help calm nerves, and to set realistic expectations for their financial future.
Think about it for a minute, how much does your business rely on email communication? Email has become such an important method for business communication. It’s accessible, fast, cheap and private - plus, it can be easily replicated and stored. I’ve actually had an email account since I was in college. But the norm these day is that elementary-aged kids are using email to communicate with teachers and collaborate with friends on class projects. According to statistics more than half of the global population now uses email - 3.9 billion people have active email accounts. In comparison, there are 3.5 billion social media users worldwide. Since building strong relationships is a core element of providing financial advice, a financial advisor Client Relationship Management (CRM) system should support email functionality. It’s no wonder that financial advisors are thrilled with Junxure®’s latest integration with Office 365.
Wealth management is an ever-changing environment. Evolving technologies are rapidly changing the ways investors access investment products and receive financial advice. This paradigm is challenging the business models of long-established advisory firms and providing opportunities for competitors. New experiences and technology are changing industries across the board.