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.
Attending industry conferences allows advisors to network, hear from experts, and explore relevant challenges and opportunities facing today’s financial services industry. Attendees take the knowledge gained from these events and integrate it into their practice to further deliver value to clients. Many of these conferences were interrupted in 2020 by the coronavirus pandemic – shutting down all in-person events after the March outbreak through the end of the year. Planned events were canceled or rescheduled, while most pivoted to a virtual format.
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As a training specialist for AdvisorEngine’s Junxure, 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.
Things are changing fast in the wealth management industry. Last week, AdvisorEngine® CEO Rich Cancro shared his perspective on this moment of “hyper change” we all are experiencing. Client and market shifts in motion are now accelerating and advisory businesses must react to the pace of this change. How the industry meets is also evolving. Social distancing demands and health concerns have pushed a number of wealth management events online. That’s why for the first time in eight years, our >drive conference will not be held in-person. Instead, it will be an immersive, virtual experience held October 22-23, 2020. One of the biggest draws to past >drive events has been the opportunity for Junxure® users to gather together - administrative assistants, advisors, CEOs, firm principals and operations leaders alike - to share ideas, knowledge and experiences. With that in mind, we have designed a virtual >drive2020 conference focused on engagement.
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.
As a financial advisor, it’s important to log every interaction you have with a client - whether it’s a brief email, a phone call or an entire planning meeting - all part of client relationship management (CRM) best practices. What can be hard to decide is how much information you put in each one of these notes. On the one hand, sharing an entire wall of text can be confusing when you need to go back and reference it. On the other hand, a short sentence of, “Had financial planning meeting,” is equally unhelpful.