The Benefits Of Using CRM as a Wealth Manager

Benefits of CRM for Wealth Managers - Cover image

The role of wealth managers is always evolving, and it is becoming an increasing customer-focused position. Improving client loyalty, and building retention and long term relationships are essential for the practice of wealth management. 

As a wealth manager, your relationship with your clients is pivotal to your role. Customer relationship management (CRM) is an important strategy to help build quality relationships with your current list of customers and future clients. It also has a long list of benefits that can help you enhance your overall business offering. But for many companies the CRM benefits For wealth managers are not clear.

If you’re looking to free up your time while maximizing your efforts, let’s explore some of the ways in which CRM can help you. 

Understanding CRM - Blog image

Understanding CRM 

The main goal of CRM is to improve the relationship that you have with your customers and drive more sales. CRM can be implemented in various different forms. This can include technology or software products, a business strategy, or adopting it as a new process within your business. 

For financial advisors, entrusting in a SaaS with CRM capabilities comes highly recommended. This way, you can access your client folders, calendar, and emails in one space. Once your CRM strategy is underway, this will help make it easier to manage and monitor. 


CRM Benefits For Wealth Managers

It’s evident that wealth managers often find themselves under administrative heavy tasks. Working in the financial industry comes with a lot of reporting, portfolio updates, and managing client relations. However, what we don’t see enough of is advisors utilizing technology to their best efforts. Here are a few reasons why CRM can be your firm’s ticket to greater success and productivity. 


CRM Builds Trust

Having a trustworthy relationship with your clients is essential for any wealth manager. This is one of the most important factors for a long-standing client relationship. After all, it takes a lot of trust to hand over your funds and future. 

Furthermore, there’s also your brand name to consider. Having a trustworthy name out there is a competitive advantage that many envy. Word of mouth is still one of the most important considerations that future clients look out for.

Where does CRM come in? With the right software, CRM can be utilized to identify areas of client interaction that need to be focused on and to identify opportunities that help to build a stronger bond of trust. CRM systems help to facilitate long-term, trustworthy relationships with clients through researching trends and historic data. 


CRM Provides Valuable Data

When using CRM systems, all information is stored in a large database. This allows you to access a massive pool of data regarding all customer interactions and appointments. The effective use of data can help wealth managers to hit their KPIs, as well as create reports based on actual experiences. 

Having a large database of all customer information allows you to better understand your clients too. This can allow wealth managers to streamline their processes with clients, and improve the kind of services that they have to offer. Again, having a stronger understanding of your customers and their needs can provide a major competitive advantage to any wealth management firm. 

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Personalized Customer Service

Every client is different, with unique needs and desires. If you’ve read our article on New Ways to Engage Clients, personalized financial services are becoming increasingly popular. As CRM systems can allow you to access a large pool of data on your clients, it can also allow you to understand their individual requirements. 

This means that CRM technology can allow wealth managers to better customize their services to meet the needs of different people. As a result, stronger customer relationships and happier customers will create a better name and possibly more business for your firm. 


CRM Allows For Improved Collaboration

When using CRM through a SaaS platform, one of the unique advantages is that the software is cloud-based. This means that the database on the different customer profiles and history can be accessed across the board. Wealth managers and clients can both access their profiles. This allows for better collaboration and easier communication from absolutely anywhere. 

CRM systems like this give the clients more power, and allow them to build stronger relationships with their advisors. It can help to provide greater confidence in their services and strengthen communication between various parties. 


Administrative Tasks Become Easier

CRM systems can automatically handle time-consuming administrative tasks relating to their customers. This can save wealth managers plenty of time, and allow them to focus this time on more important issues. 

CRM programs provide a simplified experience for wealth managers to get in touch with and understand their customers. This can be done through minimal effort. 

For example, we already know that paying attention to your clients’ unique needs and life events is key to a winning customer experience. By using CRM technology, happy birthday emails or date reminders can automatically be set up. As a result, advisors will open up their to-do list and enjoy higher levels of productivity. 


Customer On-Boarding is Handled

While on the topic of administrative tasks, perhaps one of the greatest benefits that CRM provides is helping you increase your client base. If you’ve spent time sending out emails to prospective clients, then you are well aware of the wasted hours spent doing this. Crafting and tracking responses is not only time consuming but it can get fairly messy too. 

Using CRM software can take out these headaches for you. All that you need to do is set up reminders, schedule emails, and frequently check in to see where manual input is required. 

Furthermore, you can also set up a smooth customer onboarding process. All the necessary documents and legalities can automatically be sent to new clients which leaves wealth managers to focus on crafting a winning investment strategy. 

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Introducing Our Pivolt CRM Technology 

When it comes to choosing a SaaS tailored to the financial industry, look no further than MD Solutions. Crafted by a team of experts, our CRM system brings wealth managers everything they need to reap the full benefits of customer relationship management. 

Our CRM platform helps you with:

  • Digital Customer Onboarding
  • Salesforce Management
  • Opportunities Management

For more information, please get in touch