Financial Advisor CRM: The Importance of a Purpose-Built Solution

Managing all corners of a client’s financial life, providing a standout client experience and keeping day-to-day business operations humming along is a tall order for the already time-deprived financial advisor. Organization and clarity are key. That’s where a CRM comes in handy. 

Unsurprisingly, the majority of financial planners and investment advisors worldwide tend to agree, sharing they found financial advisor CRM to be the most valuable software in their tech stack. Especially during periods of strategic growth, a financial advisor’s CRM has the power to make business operations purr like a well-oiled machine. 

But not all CRMs are created equal. Simple, out-of-the-box advisor CRM can seem appealing when first selecting a CRM solution, but these are easy to outgrow and often don’t support the nuances of advisory firm growth. Even globally-recognized firms like Salesforce and HubSpot, which undoubtedly provide phenomenal CRM technology, are not crafted with financial advisors’ unique needs, challenges, and optimal workflows in mind.  

Financial advisor CRM should be the nucleus of your business operations, providing the ultimate repository of data. It’s your business’ control center. That’s why a solution purpose-built with your needs in mind can unlock doors to growth you may have never before considered. 

Here’s how. 

A Financial Advisor’s CRM Helps Establish Their One-Stop-Growth-Shop

Too many advisors view their CRM as a simple digital rolodex. A bill to pay. A box to check.

Unfortunately, that’s what many solutions are; just a CRM. They provide a singular solution with limited capabilities.

That could be why many financial advisors are dissatisfied with their CRM software. After all, not all CRMs were created to become your advisory firm’s growth engine.

However, when you start to see your CRM data as the key to unlocking exponential growth, barriers standing between you and your goals begin to crumble. Suddenly, your CRM becomes a connection-builder, revenue-generator and opportunity-manager. 

CRMs purpose-built with financial advisors in mind streamline the functions you need to achieve operational efficiency and scalability as well as prioritize the advisor-client relationship in ways non-industry CRMs cannot. 

For instance, let’s consider your client is going through a unique life event. With a financial advisor CRM, you can kick off a prebuilt workflow, ensuring you follow step-by-step processes involved with servicing your client’s life change and assign task owners based on the clients’ needs.

Automating this granular day-to-day workflow helps streamline operations. But it also goes the extra mile to provide you with automated communication tools to update your clients with critical information every step of the way. It enables you to create customizable reports that show them exactly what they need to know.

Ultimately, these CRM-powered workflows are not just about efficiency and data accuracy. They foster client engagement and trust. 

No matter your business goals, your CRM should help you do whatever it takes to get there, whether that’s managing your client relations, overseeing your team operations or scaling burdensome tasks. 

A CRM Purpose-Built for Financial Advisors Provides Relief From Administrative Grievances 

Administrative tasks have an uncanny ability to bog down even the hardest-working advisory teams. Most legacy software systems — and even some modern solutions — simply weren’t built with advisors’ real day-to-day workflows in mind. Plus, the administrative mountain only becomes more difficult to climb as your book of business grows. 

Out of the box, traditional CRM may not seamlessly share data with custodian, portfolio management, financial planning, risk management, document management, compliance, tax and other technology platforms. It acts as just another part of the whole.

CRMs that are purpose-built for advisors, on the other hand, are designed to be the single source of truth across every account and integration. From viewing outstanding action items after a client meeting, to tracking upsell opportunities, to driving client action on documentation and paperwork, to seamlessly managing inbound client requests, your CRM should automate manual work and kick tasks off to your team members. No messy email chains, crossed wires or items lost in the shuffle. 

Simply put, a purpose-built financial advisor CRM empowers you to deliver the differentiating, high-quality service you promise. 

At Practifi, we believe that the right financial advisor CRM should empower teams and the clients they serve to step perfectly in sync toward shared goals, fostering deeply trusting client relationships and ushering in future growth. 

Ready to Move with Purpose? Move To the CRM Built for Financial Advisors: Practifi

Purpose-built for financial advisors, Practifi does more than what you expect from your CRM. Seamlessly connected and strategically integrated to drive tangible business outcomes, Practifi is the power behind your growth engine.

At Practifi, we’ve reimagined what a CRM can do. Designed to scale alongside your growing client base to accommodate increasingly complex operational puzzles, Practifi transcends other “out-of-the-box” solutions to serve as the catalyst for innovation and growth across your entire firm. 

Sign up today for an exclusive look into our product demo and Q&A to discover how Practifi fits seamlessly into your firm’s operations and growth plan.