Drive Your Wealth Management Practice to New Levels of Success with CRM 2011

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Over the course of their lifetime, the financial needs of customers evolve. Elite advisory firms embracing a client-centric approach and executing a comprehensive CRM strategy will be better positioned to meet those changing client needs and to cultivate customer relationships that last a lifetime. By exhibiting consistent responsiveness, offering quality advice, and providing a personalized level of service with customized choices, leading wealth management firms will win the trust, loyalty, and respect of their customers. High net worth clients will appreciate the differentiated service offering and be more inclined to build long-term relationships and perhaps even pay a premium, rather than worry about fees for outstanding service. On the other hand, advisory firms still adhering to transaction-based service delivery will not be able to make well-informed business decisions due to the fact that they lack a complete, consolidated financial picture and a 360-degree view of client activity. It is very difficult for advisors using non-integrated legacy and manual-intensive platforms to foresee or adapt to changes in client goals and behavior because their client data is spread across multiple convoluted systems or proprietary databases and spreadsheets. As they struggle to find existing critical client data due to technology limitations and burdens, these lagging advisors often suggest inappropriate or inferior products and services that are not in line with clients’ objectives, time horizons, and best interests. In turn, client dissatisfaction rates tend to increase, cross-sell and up-sell opportunities get missed, client loyalty decreases, referrals to other affluent families evaporate, and assets under management and fee-based revenues severely decline.

Having more client background on past interactions and investing tendencies centrally located within a front-office web-based client relationship management system, such as Microsoft Dynamics CRM 2011, enables financial advisors to be more prepared for future opportunities to help clients meet their financial goals. Sometimes, advisors have adequate time to prepare and deliver an investment proposal or financial solution because a client review meeting is planned well in advance. In other situations, though, an advisor may receive an unexpected phone call from a client with multiple questions and concerns about market volatility or recent poor performance. In either case, financial advisors can rely on CRM 2011 to provide them with a real-time view of past and upcoming client activities across various touchpoints and channels. All sales, marketing, and service interactions and communication history with a client or prospect can be captured and available for not just the advisor, but all members of his support team. Moreover, the advisor can even quickly pull up summary or detailed data on not only one family member, such as the head of household, but also the entire multi-generational family. Such household relationship tracking features and flexibility make it easier for the advisor to gather more assets and increase wallet share.

Customer Effective has tailored Microsoft Dynamics CRM 2011 to meet the needs of top-tier wealth management practices. Operating directly within the familiar Microsoft Outlook application and serving as the hub of the advisor workstation, our wealth management-configured solution for CRM 2011 can produce reports and dashboards on key metrics, including closed deals MTD or YTD, total AUM, total net new assets, prospecting activity, sales pipelines, top referral sources, household growth opportunities, average sales cycles, production goals, fees vs. commission activity, and at-risk clients.

Please visit to learn more about how our intuitive, cutting edge CRM tools, technology, and pre-designed wealth management templates can help your financial advisory teams more efficiently and effectively track, analyze, and report on every facet of their high net worth client relationships. As Gerd Leonhard, a renowned expert on the future of business, media, and content, said during his keynote speech at the FPA Business Solutions 2011 Conference, “Technology will never replace people; however people who use technology will replace those who don’t.” In light of the current challenging economic and regulatory environment, the time is now to leverage CRM 2011 in conjunction with integrated technology to outpace the competition and drive your business to new levels of success.

Post by: Kevin Wessels, Customer Effective 

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