Over the last few years, we have seen new trends* emerging with RIAs when considering switching to a new CRM: they are considering document management software simultaneously.
When Trumpet first started, we used to encourage RIAs to implement Contact Relationship Management (CRM) separately from Document Management Software (DMS), mostly because RIAs needed a lot of extra support to get CRM workflow automation up and running.
So what’s changed? We’ve been seeing two trends explaining why financial advisory firms are looking at new CRMs and considering DMS:
- They want to improve their efficiency, and
- Getting a more intuitive, easy-to-use system drives employee adoption.
RIAs are done with flat folders. Given all the roles in an RIA, no two roles think about information the exact same way. Employees are seeing that folders are an outdated way of working and don’t serve any role well.
Further, linking a directory tree through the CRM doesn’t actually improve productivity – it’s just a shortcut. Documents that are “in a CRM” are not the same as document management that integrates with a CRM – that’s like saying high school athletes are as skilled as professional athletes. We are talking two different leagues.
So, if you’re considering switching CRMs, here are two important takeaways:
- Evaluate document management simultaneously. Besides getting real insight for how much better your work life could be, an added benefit is understanding how to structure your CRM to leverage all the DMS integration points whenever you decide to pull the trigger on document management. Taking just a little extra time to understand the fundamentals of DMS integration will help you set your new CRM, and your firm, up for success.
- Then, ask your team if they want to pull the trigger on DMS and CRM simultaneously. Operations teams are famously detail oriented. If they give a thumbs up, they are well informed and motivated to be successful.
Life’s too short to work with inefficient tools. Doing your due diligence when searching for new CRM solutions while considering DMS can save your company time and money and help you focus on the important aspects of your firm.