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4 Powerful Tips to Maximizing a CRM for Financial Advisors

4_Powerful_Tips_to_Maximizing_a_CRM_for_RIA_Firms.jpgAre you in dire need of a productivity boost? Has your RIA firm been searching high and low for a new way to leverage technology to create a more streamlined client management process?  Trumpet has the answer: maximize your CRM.   

A client relationship management (CRM) application may be your key to becoming more efficient in the ever-changing times of the financial advisor profession. You understand that helping people is important, and in order to impact as many people as possible, creating a streamlined workflow for managing your contacts and clients is critical. 

There are many choices of CRM for financial advisors and RIA firms specifically. Every advisor needs a CRM, but sometimes getting started or optimizing your CRM process can be overwhelming. However, we understand that it is impossible to keep track of the amount of data that needs to be tracked on every single client without the right technology

Your CRM should be acting as a central hub for your firm and additional customizations should be considered in order to take full advantage of your system. When done right, a fully integrated and customized CRM can mean significantly more business for you. Your CRM will allow your firm to continue to grow quickly and efficiently as you successfully cater to prospects and maintain, strengthen, and delight your existing clients.

So how do you get the most out of your CRM solution?   

Try these 4 powerful tips to maximize CRMs for Financial Advisors 

Cement Relationships with Workflows.  A CRM can be the foundation for maintaining relationships with existing and past clients. It can also be the missing piece to attracting new clients. In order to maximize your CRM, focus your efforts on the approaches that are most effective. A great way to help instigate success is by using your CRM’s workflows. When you use workflows within the CRM, you’ll guarantee an enhanced client experience, provide faster, more efficient responses to clients’ needs, and maintain more consistent and effective client communications.   

Provide Ongoing CRM Training.  It may be beneficial for your financial firm to offer CRM training classes to teach the key features of the system. It could be something as simple as offering a “lunch-and-learn” on using the CRM to better equip each individual for success or regularly touching base to ensure the system is addressing your team’s key needs. RIAs who invest adequate time to implement a CRM into their core workflow will position themselves for continued success and growth.  

Track Key Pieces of Information.  Maximizing your CRM can help you to gather valuable relationship intelligence and keep track of your clients. Use your CRM to deliver real-time reporting on your firms’ key business metrics. By using your CRM as the hub of your practice it will allow you maximize your existing client relationships and help strengthen and build new ones.

In addition, the ability to see all of your prospect or client information and activity easily and quickly can make a world of difference to your productivity levels, streamlining processes and making sure everyone is on the same page with what steps result in the best outcomes. For example, your CRM may offer insight into your sales process that allows you to fast-forward prospects to the point of purchase.

Truly Integrate Your CRM.  Integrating with other systems, such as document management software (DMS) and portfolio management, will increase your team’s productivity. Allowing your CRM to act as the central hub for client data makes accessing information quicker and headache-free. Rather than spending any unnecessary time jumping between systems, or searching for information or documents, everything will conveniently be in one place.  Integrating your CRM with a DMS will enable employees to be more effective in their communication and client management and better provide an overall positive experience.

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Robin Houston

Robin Houston

Robin brings over 15 years of B2B marketing and channel partner management experience to Trumpet. She has a passion for creating an amazing experience which results in long-term relationships with channel and technology partners. She loves to drive the creation of highly-effective marketing programs that bring a company's vision to life. In her spare time, Robin loves to travel with her husband and friends. They attend music festivals, snowboard and try to escape the Phoenix summer heat as much as possible by camping in Northern Arizona.