Fully transitioning into the digital space is essential for any advisor who wants to thrive in today’s competitive market. Although most financial professionals have automated some (or all) of their processes, a few are still reluctant to invest in the tools and software that will drag their business into the modern age. Even advisors who have invested in technology, but are slow to add updates, may find themselves at a disadvantage to the competition. CRM tools should be at the forefront of any digital optimization strategy.
“Most advisors recognize that they need to track communications and will have something they’ll call a CRM even if it’s totally inadequate,” says Karen Maguire, CEO and Founder of Satuit Technologies.
There is a growing demand for more innovative CRM tools and some advisors are now requesting client portals. These allow the advisor’s client to access their own data on the CRM portal. “Satuit Technologies has a fully integrated investor portal that can be used for two-way secure communication with clients and prospects,” Maguire says. “With email not being secure enough for many, the investor portal is becoming essential to client service and operations teams working on client reporting.”
In the early days of CRM software, most financial professionals were satisfied with tools and software that enabled them to manage their contacts and store meeting notes. But as technology leaders have continued to pursue innovative products, the demands placed on CRM have increased exponentially. “Financial advisors want to do marketing, metrics, analytics, client reporting and document management through their CRM these days,” Maguire says. “The level of sophistication of the CRM has had to grow to meet user demand. Instead of being a little contact management system, CRM tools have become mission critical within most successful organizations.”
Although investing in CRM is a major step towards digital efficiency, it can only be successful if fully embraced. “The CRM tools are just one piece of the puzzle; the second piece is the business practices that make the tool work well,” Maguire says. “If used properly, onboarding practices, communications, document management, the client reporting cycle, ongoing client retention and touchpoints should all be managed through the CRM.”