fbpx

Client Relationship Management (CRM) software helps financial advisors streamline processes and stay connected with their clients while improving contact management and focusing on relationships with individual people. Financial companies use CRM software in every step from finding prospects to winning new clients to providing support and additional services.

In today’s article, I’ve gathered information about the CRM systems designed particularly for financial advisors and advisory firms. The systems are listed in the order of their market share. Data in the tables are from the T3 report.

Redtail

Redtail

Market Share Average Rating
2019 2020 2019 2020
56.90% 62.26% 8.07 8.10

 

Redtail assists advisors in their efforts to strengthen their client relationships, improve their team’s collaboration efforts and overall efficiency, increase their revenues and profitability, decrease client attrition, or engage in any number of other business-building activities.

These are some of Redtail CRM’s features:

  • Design workflows match the processes they already use in their practice.
  • Standard and custom reports use tracked client data in meaningful ways.
  • Redtail’s Calendar has color coding and view customization and can be synchronized with Office 365 and/or Google Calendar.
  • Notes offer an efficient way to capture important information about interactions with clients.
  • The seminar tool can be used to offer a top-notch customer experience.
  • Opportunity Tracker helps advisors stay on course and move prospects or current clients through their sales process.

Redtail

Redtail

Redtail integrates widely and deeply with other popular tools in the financial services industry, which helps eliminate redundant data entry and create consistency across the platforms advisors use in their daily operations.

“We have integrations with nearly every financial planning tool, custodian, account opening tool, form filling software, risk management technology, etc. This is something that the other companies can’t quite provide unless they’re working specifically in this space.”—Brian McLaughlin, CEO at Redtail

Pricing starts from $99/month per database for 15 users.

Wealthbox

Wealthbox

Market Share Average Rating
2019 2020 2019 2020
5.19% 6.96% 7.76 8.01

 

Wealthbox is a CRM application for financial professionals. The list of features includes the following:

  • Contact management
  • Task management
  • Account administration
  • Activity streams
  • Automated workflows
  • Advanced security
  • Calendar events
  • Opportunity tracking
  • System reporting
  • File storage
  • Portfolio integrations
  • Desktop and mobile app

Wealthbox

Wealthbox

Integrated with leading broker-dealers and wealth-tech partners, Wealthbox is known for its modern product design, which results in a powerful yet simple user experience for RIA firms of all sizes.

Pricing starts from $35 per user/month.

Envestnet | Tamarac

Envestnet|Tamarac

Market Share Average Rating
2019 2020 2019 2020
2.85% 6.51% 6.32 6.93

 

Tamarac CRM is a web-based client relationship management system designed for independent advisors and built on the Microsoft Office 365 platform. Tamarac CRM helps advisors deliver differentiated client experiences. With a simple and intuitive user interface, actionable intelligence, and an easy connection to people, Tamarac CRM makes work personal by enabling advisors to provide a high level of service.

Envestnet | Tamarac

Envestnet | Tamarac

Tamarac’s integrated, holistic technology stack gives advisors access to financial planning tools, investment products, data analytics, insurance, and lending products, and more.

Pricing is provided via a custom quote only.

Salesforce

Salesforce Financial Services Cloud

Market Share Average Rating
2019 2020 2019 2020
5.97% 6.59 6.60

 

Salesforce Financial Services Cloud CRM makes it easier to manage multiple clients and households, keep track of financial goals and significant life events, and deliver personalized advice that earns lasting loyalty. This CRM tracks details associated with contacts, such as personal information, communication preferences, financial goals, and history. The system allows advisors to set appointments and better organize and retrieve related financial data.

Salesforce

“We all have our personal financial lives as well as professional financial needs. So, a financial-services institution should view a client from both of those perspectives.”—Jeff Otto, VP of Industries Marketing at Salesforce.

Pricing starts from $150 per user/month.

Junxure

Junxure

Market Share Average Rating
2019 2020 2019 2020
6.25% 5.68% 5.79 6.33

 

Junxure allows advisors to streamline workflow, simplify technology, and provide clients with best-in-class service. This CRM offers the following list of features:

  • Centralized client information—Advisors can capture important client demographic and financial information in one place.
  • Workflow automation—Advisors can manage workflow to ensure tasks are communicated and completed.
  • Reporting—Advisors can create helpful internal reports and provide attractive reports to their clients.
  • Customized search—Advisors can utilize basic and advanced search functionality along with customized search criteria.
  • Key integrations—Advisors can reliably capture client financial data from technology providers.

Junxure

Junxure

Junxure is integrated with many custodians and major portfolio management, reporting and back-office solutions to enhance advisor productivity and create a centralized user experience. These are the main integrations: Advent, Albridge Solutions, TD Ameritrade, LPL Financial, Morningstar, Orion, Riskalyze, Black Diamond, Constant Contact, Docupace, and MyRepChat.

Pricing starts from $65 per user/month.

XLR8 Concenter Services

Concenter Services XLR8

Market Share Average Rating
2019 2020 2019 2020
1.51% 2.32% 8.51 9.03

 

XLR8 is a highly customized solution for Financial Services such as Financial Advisory, Wealth Management, Personal Insurance, Commercial Insurance, and Corporate Plans, and so on. XLR8 CRM is the hub of the advisor’s relationship with their clients and must contain all important information related to them.

“We strive to make the customer happy. We went from an environment [where] people were skeptical of [us, the cloud, and Salesforce] to where we are today. And the way that we did it was really through the old-fashioned way of really good customer service, quality, and care.”—Mary Ferguson, CEO of Concenter Services

Concenter Services XLR8

Concenter Services XLR8

XLR8 integrates with the following systems: Morningstar, Envestnet Tamarac, Advent APX, MoneyGuidePro, Laserfiche, iContact, Fidelity, eMoney, Charles Schwab, Black Diamond, TD Ameritrade, Orion, FinFolio, and more.

Pricing starts from $75 per user/month.

Advyzon

Advyzon

Market Share Average Rating
2019 2020 2019 2020
1.53% 1.66% 7.51 7.38

 

In addition to being one of the most popular financial planning tools, Advyson is also famous for its CRM system, which allows advisors to manage all points of contact with their clients and prospects as well as within their firms.

Advyzon’s CRM features deep integration with Microsoft Office 365 and Google G Suite, with a seamless flow of email and calendar information all the way down to advisors’ client records. This approach allows advisors to continue to use Outlook or any email/calendar tools but have all client communications visible and archived within the CRM.

Advvyzon

Advyzon is backed by integrations with Schwab, TD Ameritrade, Riskalyze, Quovo, and Kwanti.

Pricing is provided via a custom quote only. In response to the COVID-19 pandemic, Advyzon has announced free database migrations as well as payment flexibility, to new customers on its platform through June 2020.

Ebix

Ebix

Market Share Average Rating
2019 2020 2019 2020
1.85% 1.60% 5.00 5.48

 

Ebix’s SmartOffice solutions help financial advisors improve marketing efforts, provide valuable reporting capabilities that drive better business decisions, and create a customer-centric environment that helps increase sales revenues.

Ebix utilizes vast technological capabilities and resources and works with advisors on software solutions that address numerous needs, including the most complex challenges.

Ebix SmartOffice

Ebix SmartOffice

Ebix CRM solutions are designed to easily integrate with other leading software applications and data providers to deliver a best-of-breed solution that addresses advisors’ specialized needs. From investment and pending case data downloads and insurance forms to valuable third-party software, Ebix offers dozens of pre-built integrations to choose from.

Pricing is provided via a custom quote only.

Bottom line

Together with financial planning and risk analysis tools, CRM systems are the most essential technologies for every financial advisor and advisory firm. By managing and simplifying client relations and monitoring and measuring engagement, CRMs specially designed for financial advisors help them build stronger relationships and grow their business faster.

Above, I mention the CRM systems in the order offered by the T3 report (from the biggest market share to the lowest).

 

Rebalancing and Trading Tools Overview: Part 2

Rebalancing and Trading Tools Overview: Part 2

Rebalancing software, one of the most important tools for financial advisors, helps advisors retain clients’ asset allocation and protect them from undesirable risks. We continue our overview of popular rebalancing…

Top Rebalancing and Trading Tools Overview

Top Rebalancing and Trading Tools Overview

Rebalancing software is considered one of the most influential forms of WealthTech technology because it is used on a regular basis to readjust levels of asset allocation and protect investors…

Portfolio Management Tools Overview: Part 2

Portfolio Management Tools Overview: Part 2

It's vital to know the whole wealth management ecosystem and partner with the leading providers in every category. We continue presenting the best portfolio management software that is available on…

Top Portfolio Management Tools Overview

Top Portfolio Management Tools Overview

In this pick, you can find the top ten best portfolio management tools in 2020 by the T3 report, with the most noticeable information about them included.

Top WealthTech Influencers to Follow in 2020

Top WealthTech Influencers to Follow in 2020

At the age of market turbulence, it’s important to gain advice from authoritative sources that are relevant to your business needs. This pick of influencers is here to help you…

Overview of Popular CRM Software for Financial Advisors. Part 2

Overview of Popular CRM Software for Financial Advisors. Part 2

CRM is a business-management component that helps financial advisors and firms handle their day-to-day operations on the personal relationship front and see what factors lead to success and help advisors…

Financial Planning Tools Overview. Part 2

Financial Planning Tools Overview. Part 2

The pandemic has caused a global economic recession. As a result, millions of people feel uncertain about their future and need help to handle lifestyle changes and return to normal.…

Top Financial Planning Tools Overview

Top Financial Planning Tools Overview

The pandemic has resulted in a (or just amplified an already coming) economic recession and more financial advisors consider using financial planning tools. We offer an overview of top financial…