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Top 4 CRM features for financial advisors

Are you maximizing the benefits of your Client Relationship Management (CRM) tools? 

CRM and the customer experience is arguably the most powerful tool in the advisor-client relationship. Advisors spend more minutes of the day on CRM than any other part of the value chain.

There are several features every advisory firm should be maximizing for top return on investment (ROI). By utilizing the following key CRM components, you can deliver best-in-class service – most of these factors occasionally get overlooked:

  •    Activity Tracking and Corporate Memory
  •    Smart Automation
  •    Customized Fields
  •    Client Data Segmentation

Activity tracking and corporate memory

When I think about the “to-do” lists for everyone at your advisory firm, your corporate memory - I am reminded of a quote from Margaret Thatcher, “Look at a day when you are supremely satisfied at the end. It's not a day when you lounge around doing nothing; it's a day you've had everything to do and you've done it.”

Your “actions” list can provide that satisfaction. Actions within CRM serve as a to-do list, a corporate memory if you will. The goal should be that you are able to see what needs to get done and once the tasks are complete, it provides a place where you can check off that to-do list.  It ensures that no action steps are missed and accidentally slip through the cracks. Who doesn’t love a to-do list with a ton of checkmarks signifying completion? 

A firm owner who utilizes a CRM platform can see the broader scope and note actions on a firm-level as well as at the individual advisor level. This allows you to see the overall big picture while maintaining the day-to-day productivity of your firm. In the event an employee calls out sick, action lists provide the ability to reassign daily tasks to others. 

Every CRM user can customize actions for any client, however, they like. Each staff member is different, so they should be able to organize and sort their ‘to-do’ list in a way that suits their workflow needs.

Why wouldn’t you want a corporate memory? Wouldn’t it be great to have one place to store all the notes you take on your client interactions?

Smart automation

Smart automation or advanced workflow is the sequence and processes through which an action passes from initiation to completion. In many financial advisory firms, these workflows can be complex processes, with many steps to get a client from start to finish.

With a CRM platform, it is simple to build out your workflows while customizing each step. You also have the opportunity to assign actions to a group or to an individual employee.

CRM allows you to accomplish those “if/then” tasks, those actions that will be established ONLY if the first step has been finalized. You don’t want actions to be assigned out prematurely –the workflow roadmap will guide the process.

It is one thing to set up the automation processes, it is another to monitor and track the tasks. Especially with complex workflows with multiple steps, it can be difficult to keep up with your to-do lists. With advanced workflows, you can maintain control and always check the status of any step and with any client.

Through CRM you should also be able to automate your service monitor or client segmentation. This is an opportunity to map your services and determine which clients you offer which services.

Does your CRM platform offer the ability to fully automate and customize your workflow? Are you able to map your service monitor? Does it help you be effective and efficient in your daily processes? Is it proactive or reactive?

Customized fields

The grids, dropdown menus, records and reports should have the ability to be set up and customized to fit your CRM needs. A platform should be flexible and powerful and mold to your unique needs. Your needs should not have to change to suit your CRM technology. 

You should also have the ability to customize your database all by yourself, with a few clicks. There’s no reason that you need to have extensive coding knowledge to make simple changes. 

Does your CRM platform allow you to decide how and what you want to see? Are you able to customize and sort fields and reports the way that works for you? 

Client data segmentation

Your CRM is only as good as the client data you can get out of it. When you think about your client data segmentation consider:

  •     Does this system allow me to have the reports that I really need?
  •     Does this data make my life more efficient?
  •     Do I have the ability to be proactive with my clients utilizing my CRM?  

Meeting monitor reports, time reports, last contact reports – a CRM should have these basic reports already built out for you. In addition, capabilities for expanding and customizing your own reports should be in place.

Client data segmenting will make it easy to search for client records. Make sure to choose a CRM tool that provides this client segmentation, classifications that you select, for ease.

Does your CRM help you forge deeper client relationships and use smart automation and segmentation? Are you able to capture important client demographic and financial information in one centralized place?

What’s next?

Do you have a CRM that is serving as your corporate memory?

You can harness the power of meaningful data while reducing data entry, minimizing errors, streamlining your workflow, and ensuring up-to-date information. Such integrations have proven to increase advisor productivity and create a centralized, satisfying user experience.

If you are looking for a CRM that thinks like an advisor, look no further. Here at AdvisorEngine CRM we know the industry and we know what works. Let us help you get it right the first time. From initial implementation through your future growth, a passionate team of experts is here to support your entire Junxure journey.

“If it’s not in your CRM, it didn’t happen” is the mantra we live by here. I invite you to discover what that can mean for you and your business. SCHEDULE TIME WITH ME

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.

Kathy Crowley

Kathy Crowley

With over 10 years of experience in software sales and FinTech, Kathy spends her days sharing the incredible value of AdvisorEngine CRM with advisory firms. You may have seen her at conferences at the AdvisorEngine booth or recognize her voice from webinars. Having past experience as a CRM administrator, Kathy knows the important decision that your firm is making when choosing a CRM and is driven to ensure you have all the information you need. She brings a wealth of knowledge and experience to helping firms recognize the need for a CRM and how our solution can be the best choice for them.


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