Modern CRM tools and software have the potential to optimize processes for professionals operating in various areas of financial services, including institutional asset management, wealth management, hedge funds and private equity. CRM helps to organize the entire client relationship and allows for complete transparency and efficient communication across all teams within an organization. It allows everyone within a company to have instant access to call and meeting notes, emails, marketing emails, road show details and events.
“Effective CRM is a benefit to everyone in the organization: the client admin team, sales team, marketing, compliance and legal,” explains Founder and CEO of Satuit Technologies, Karen Maguire. “Also, management at the upper level are able to enjoy a new level transparency in all of their relationships by using specialist executive dashboards – so management is a huge beneficiary.”
When integrated with back office systems, CRM tools can bring all of a client’s accounts, holdings and transactional information together. If used correctly, the CRM becomes the one-stop-shop for all client information. “If CRM is successfully implemented, when an employee or advisor has a question about a client, their first instinct will be to go to the CRM,” Maguire says. “It becomes the centre point where everything comes together. If an organization does not use the CRM in that way, they’re not using it effectively.”
Maguire is no doubt that innovative CRM tools have the potential to vastly improve the level of customer service that a financial advisor is able to provide. “The personal touch is very important in client relationships and if you have implemented a CRM, and put in the time and effort into doing it properly, you can add several new dimensions to that personal touch,” she says.
Firms who do invest in CRM, and then commit to using it properly, have more time to spend developing the sort of client relationships that will differentiate them from the crowd. “When everyone is using the CRM in the right way, you have more time to provide that personal touch because you’re not spending your time on administrative work,” Maguire says. “It leverages what you’re good at, and if you’re good at client relations, it will make you look more professional as a firm.”