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Is Your Wealth Management Firm Getting the Most Out of Its CRM?

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Over the summer, Schwab Advisor Services surveyed over 1,600 Registered Investment Advisors (RIAs) concerning how they are utilizing CRM technology in their business operations. Poll results demonstrate that RIAs have significant room for improvement in how they leverage CRM. For instance, key findings include:

  • Merely 5.8% feel that they are maximizing the full value and potential of their firm’s CRM data.
  • Only 17.9% affirm that their firm’s use of CRM deserves a stellar grade of “A.”
  • Just 61.3% leverage CRM to prep and distribute client updates and notifications.
  • Only 57.8% utilize CRM for automatic task assignment and progress tracking.

As the Schwab press release states, “Advisors are barely scratching the surface when it comes to putting CRM to work for their businesses to streamline processes, increase efficiencies, and deliver higher levels of client service and satisfaction.” After all, proven and scalable CRM systems such as Microsoft Dynamics CRM provide so much more than just basic Contact Management.


In particular, the Customer Effective: FinServ for Wealth Management CRM platform is a comprehensive xRM Marketing, Sales, and Service suite that comes with pre-designed process automation and advisor reporting templates that are tailored to the needs of top producers at Investment Advisory firms. This custom Wealth Management solution can help better segment your practice’s book of business, formulate and execute more targeted client communication campaigns, and then quickly track and rate the overall profitability of your clients and related outreach programs. Additionally, Customer Effective: FinServ for Wealth Management CRM can integrate seamlessly with third party applications, including portfolio management and performance reporting systems. Having detailed client and investment portfolio information together in the centralized CRM hub facilitates more informed decision making and empowers financial advisors and client service personnel to provide better levels of service, which helps build stronger relationships and grow assets under management with high net worth households. Furthermore, the robust client reporting, powerful sales performance analytics, and prospecting activity and referral tracking tools enable executive management and advisor teams to get the real-time data they need for immediate insights at a glance on all client, prospect, and partner relationships. Plus, it instills more accountability and fosters more internal competition for greater sales results throughout the organization.

If you are a Wealth Management firm looking to leverage CRM to its fullest potential, please contact info@customereffective.com. You can always visit the Customer Effective website to learn how we can grow your business and expand your opportunities, too.

Post by: Kevin Wessels, Customer Effective, Florida, Georgia Microsoft Dynamics CRM Partner

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