Investment advisors are turning to software companies to streamline and upgrade databases – but those enhancements are only as good as the feedback advisors are hearing from clients.
“All of the enhancements implemented are the result of feedback from existing clients,” says John Easton, director of wealth management CRM for Maximizer. “Financial advisors need to understand the importance of having a better grip on the client profile for the development of their business.”
With the introduction of new software programs, investment advisors can now expand their use of CRM to track insurance, mortgage, GIC, segregated fund and annuity account information, which can directly help advisors grow their book of business, says Easton.
Software has also been at the heart of reducing Canada Revenue tax audits, something that wealth professionals have been quick to adopt for their clients.
“Brokers should use the best reporting software possible so that they can keep track of things like cost basis, paid-up capital, historical foreign exchange, and foreign income verification,” says Aaron Schechter, a partner with Toronto-based Crowe Soberman LLP, told WP
. “With the T1135, I’ve seen some brokers with good reporting software that will provide all the information that taxpayers need to complete the T1135 well.”