CRM Insights Blog How Can CRM Software Benefit Wealth Management Firms?
The volume and complexity of information handled by wealth management firms for clients is staggering, and a CRM software solution provides an excellent way to coordinate and categorize that data to make sure nothing falls through the cracks for any customer in your care. From tasks as simple as updating contact information, to the intricacies of investment strategies and estate planning, CRM software lets your advisers see customer profiles in real time to get a complete picture of their current situation to address opportunities or needs. Whether you’re a small company managing a handful of clients, or a large firm controlling hundreds of investors’ portfolios, a CRM application can enhance your relationship with clients and expand your business.
The database provided as part of a comprehensive CRM software solution stores not only all of your clients’ personal and financial information, but can also house all of the other internal services and systems used by your staff to conduct business on a daily basis. Using a business-specific dashboard, advisers can instantly pull up a client’s entire profile to show investments, financial accounts, interests, and holdings along with all of the other services your firm offers. This 360-degree view affords financial planners the opportunity to look at a client’s information in relationship to your firm’s associations and activities, and find additional investment opportunities beneficial to both parties.
The analytics functionality available with CRM software makes it easy to sort and group information in every way possible to identify new strategies for servicing clients, identify and target new business, and see how the organization is performing financially. Group clients by investment type, total net worth, assets, or any other number of ways, and even drill down within each group to focus on individuals in specific roles. Analytical software can also help you identify and capture marketing opportunities for new and existing clients as well.
CRM software improves the efficiency of your advisers and office staff. Live chat features enable everyone inside the firm to collaborate in real time. The workflow system included with software expedites compliance procedures and the approval process to prevent delays. And for your business, financial dashboards let management stay on top of key performance metrics and client satisfaction ratings.
CRM software solutions don’t have to be expensive. By taking advantage of cloud-based CRM systems, you can get an application running with little investment in hardware or software required, and with no downtime or disruptions to your business. Also, by using a web-based application, your staff can have continuous access to your central database when they’re on the road using a smartphone or tablet, so customer relationships can be maintained beyond office walls. A well-designed and implemented CRM software system can improve your relationships with clients, expand your business through new sales and marketing opportunities, and keep your office running smoothly with advanced workflows and integrated email and calendar systems.
When your wealth management firm is ready to invest in a CRM software application, contact Harvest Solutions. They are experts at helping small- and medium-size businesses design, build, and launch CRM and SCRM applications.
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