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Client relationship management (CRM) is a business-management component that helps financial advisors and firms handle their day-to-day operations on the personal relationship front. Moreover, CRM software allows financial advisors to analyze relationships with their clients in great detail. The main goal of using CRMs is to see what factors lead to success and help advisors win and retain clients or why they leave.

I previously covered the first part of an overview of the most popular CRM systems for financial advisors. Today, I will look into more CRM software offered by industry leaders.

Advisors Assistant

Advisors Assistant

Advisors Assistant provides a comprehensive CRM system that helps financial advisors keep in touch with their clients to keep them from straying to other advisors. It also helps them organize their office, work more efficiently, and increase sales.

Advisors Assistant’s CRM helps advisors track as much information as they need about their clients and prospects and then use that information to find targeted lists of people for marketing campaigns. CRM links directly with Microsoft Word and Outlook to enable advisors to quickly and easily get marketing mailings and emails out to their clients and prospects.

With Advisors Assistant advisors, can do the following:

  • Track any type of contact: clients, prospects, groups, vendors, friends
  • Search client and prospect files for new sales opportunities
  • Track prospects in the sales pipeline
  • Write unlimited notes with follow-ups that integrate with their calendars and organize those notes into topics
  • Link names together and show how they’re related, including tracking family members and referrals
  • Track all appointments and tasks and assign tasks to other staff members
  • Synchronize Calendar Events and Contacts with Outlook or Google and send them to their mobile devices
  • Use Markets to group people into different categories for reports and mailings
  • Send mailings and emails quickly and easily with Microsoft Word and Outlook
  • Use Workflows to increase efficiency and track office procedures
  • Prepare a wide variety of reports, from address lists to birthday reports
  • Go mobile easily with the Advisors Assistant Mobile App
  • Move toward a paperless office

Advisors Assistant

Advisors Assistant

To save advisors time and help run their office more efficiently, Advisors Assistant’s CRM has established over 50 in-depth integrations with Fintech companies such as Albridge, Morningstar, AdvisoryWorld, Charles Schwab, Fidelity NFS, FolioFN, RBC, MoneyGuidePro, Docupace, LaserFiche, and many more.

Pricing starts from $49/month for the first user and $11/month for additional users.

Salentica

SS&C Salentica provides CRM solutions for the wealth management industry to eliminate redundancies for company clients. The CRM allows advisors to convert and organize their data into logical tables using Salentica’s proprietary mapping methodology. Reports on metrics for loaded data are also provided to ensure all information is properly loaded.

SS&C Salentica’s Business Process Optimization helps advisors define a set of steps that will lead to a predictable outcome: efficiency, consistency, and reduction of risk.

SS&C Salentica

SS&C Salentica integrates with industry-leading solutions, such as Black Diamond, Orion, Envestnet|MoneyGuide and Envestnet|Tamarac, TD Ameritrade, MyRepChat, end more. With secure and easy access to critical client information, advisors can elevate the client service they provide with increased operational efficiency.

Pricing is provided via a custom quote only.

RBC Black

RBC Black

RBC BLACK is an innovative, integrated financial advisor platform that modernizes comprehensive wealth management and combines world-class solutions on one platform. BLACK platform providers include these:

  • CircleBlack for account aggregation and client engagement
  • Envestnet MoneyGuide for financial planning
  • Riskalyze for client and portfolio risk alignment
  • Redtail for CRM

RBC Black

Pricing is provided via a custom quote only.

CircleBlack

CircleBlack

CircleBlack is a financial services hub that embraces all the tools financial advisors and their investors use daily in a well-designed and sophisticated solution. The platform provides a complete financial overview of a client’s portfolio in one location.

CircleBlack enables advisors to build stronger relationships with their clients and grow their assets under management with the following opportunities:

  • See the full picture of their clients’ assets to understand their total wealth and better advise them
  • Create a greater need for their guidance, from developing clients’ retirement and financial goals to determining their appropriate risk tolerance
  • Enhance communication with their clients by initiating more conversations about their total portfolios
  • Leverage daily performance reporting on client assets under their management as well as those that are not

CircleBlack

CircleBlack is integrated with the following industry leaders: Charles Schwab, TD Ameritrade, Fidelity, Pershing, RBC, Wealthbox, Salesforce, Redtail, Envestnet | MoneyGuide, RightCapital, Riskalyze, and many more.

“Our view is [that] we will even provide what some people might say are competitors’ applications to some of the core functionality that we provide.  [For example, imagine that] you have an iPhone. It has a great camera, but you can also download camera apps that will leverage it in different ways. We have the same strategy, which is we’re a platform, we’re a network, we’ll make it all work.” — John Michel, CEO at CircleBlack

Pricing is provided via a custom quote only.

ProTracker

ProTracker

ProTracker Software specializes in CRM software for financial advisors. Their flagship product, ProTracker Advantage, is one of the most comprehensive industry-specific CRM software on the market. It provides a full-featured, easy-to-use relationship and practice management solution for busy professionals.

ProTracker helps advisors make the following work easily:

  • Manage their tasks and relationships
  • Sync their calendar and contacts with Outlook
  • Organize financial, life planning, and estate information for their clients
  • Manage emails as well as scanned and other electronic documents
  • Prepare many standard and custom reports

Further, ProTracker offers these benefits:

  • Expedites communication with individuals, clients, and groups via email and printed mailings
  • Imports from portfolio management systems and accounting software
  • Calculates complex required minimum distributions (RMDs)
  • Allows remote access
  • Offers fast navigation and an intuitive interface
  • Provides marketing campaign management and analysis
  • Facilitates regulatory compliance

ProTracker

ProTracker

Pricing is provided via a custom quote only.

Skience

Skience

Skience delivers cloud-based strategies that are inventive, reliable, and scalable, enabling financial advisors and firms to grow and thrive in the ever-evolving advisory space.

Skience digital onboarding minimizes rekeying, reduces “not in good order” (NIGO) transactions, enforces compliant processes, and enables rules-based supervision. The client portal allows advisors to collaborate with clients on a platform that can be customized to match their firm’s website, and built-in tools for managing regulatory and business risk enables advisors to protect their business and make more informed decisions.

Skience offers deep, bi-directional integration with the leading technology tools to help streamline the client onboarding process for wealth managers. The integrations list includes the following platforms and tools: Fidelity, TD Ameritrade, Schwab, Pershing, E*Trade, Envestnet, Morningstar, DocuSign, Salesforce, and more.

Pricing is provided via a custom quote only.

Practifi

Practifi

Practifi is a business management platform powering growing financial advice firms around the world. The platform allows advisors to unlock new insights, manage their pipelines, automate operations, monitor compliance, and build deep client relationships.

Practifi offers the following business management features integrated into an intuitive user experience:

  • Client 360 shows advisors every aspect of their client relationships and allows them to manage key dates, interactions, revenue, and opportunities from a rich client view.
  • With compliance management, advisors maintain a rich client record capable of meeting strict regulatory standards.
  • Pipeline management enables advisors to configure their sales processes and watch prospects and opportunities flourish in its rich, industry-specific pipeline management engine.
  • With time tracking, advisors can capture every minute spent to determine the cost to serve their clients and calculate profitability, and it connects to invoicing systems for seamless reconciliations.
  • Centers of influence helps advisors segment and manage referral sources with quantifiable detail.
  • Analytics and reporting help advisors monitor every aspect of the advice firm in real time, from sales performance and service delivery to compliance, revenue tracking, and more.
  • Team collaboration allows for avoiding delays by communicating in real time on the client record.

“The role of Practifi in regulation management is to build the most compliant record with the least burden for the firm. Whether you’re looking to hold the firm to the Australian standard, the US standard, or the UK standard, all the information is in one place.” — Adrian Johnstone, Founder and CCO at Practifi

Practifi

Practifi_At_A_Glance

Practifi is constantly integrating with portfolio management platforms and productivity and advice tools to eliminate rekeying, reduce risk, and build advisors’ growth. Today, Practifi is connected to Envestnet | Tamarac, Orion, Addepar, Black Diamond, DocuSign, Hubspot, Zapier, G Suite, and many more.

Pricing starts from $120/user per month.

AppCrown

AppCrown

AppCrown delivers highly specialized Apps built for specific industry needs across all aspects of wealth management. AppCrown CRM allows advisors to integrate other technologies, consolidate operations, integrate data from back office and front office systems, and scale technology across multiple advisors to manage multiple client relationships.

AppCrown’s innovation comes from creating client and firm analytics from the combined integration of custodian and industry applications, such as Orion, Fidelity, Envestnet, eMoney, Pershing, TD Ameritrade, DocuSign, Albridge, and others.

Pricing is provided via a custom quote only.

Bottom line

CRM is an essential tool for financial advisors. It enables them to gain detailed insight into relationships with clients so they better understand their needs and preferences. Integrations with industry technology leaders give advisors access to client information and enable them to increase their operational efficiency and provide better advice. The CRMs above are sorted according to the market share shown in the T3 report.

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