Financial Advisors using CRM
Don’t they look happy they are using a CRM?

CRM for financial services has significantly evolved. It is no longer just about client management, but it is about relationship management and developing deeper relationships between firms and their clients. Here are a couple of reasons why CRM is an important part of any financial services client experience and marketing strategy.

1. Understanding your Client

CRM is designed to collect and store important data about your customer. As a financial advisor, it is your job to understand who your client is, what they do, and important demographic information. It is also critical you know other more in-depth data including financial data, such as assets, liabilities, and more.

The more you know your customer, the more likely you are to avoid any underlying compliance issues. Not to mention, you are able to build deeper and more stable relationships with them. A CRM houses all of this essential information and is accessible to those who need it to get the job done right.

2. Onboarding

No matter what financial services you offer, there is always a process to get the clients onboarded properly. From paperwork to workflow tasks, a CRM with email marketing and document management capabilities will make the process simple, trackable, and transparent.

For example, you can create workflows to automate your key processes across the entire firm. These can be multi-stage/multi-activity procedures involving a number of staff from start to finish.

4. Opportunity tracking

It is not enough for your CRM to simply track clients and onboarding. Your CRM should have the ability to track every stage of the sales funnel, from awareness to a closed deal. Having a CRM with opportunity tracking enables you to identify hot prospects and see how they move through the funnel. What engagements did they have that drove them to conversion? This information is critical to every salesperson wanting to track and maximize their efforts.

5. Relationship Management

It is important to understand the relationship between the firm and the client across all departments. Who has the client spoken with, what have they spoken about, and have all tasks been completed? With CRM, you get have access to a holistic view of the relationship that the firm has with the client, resulting in increased transparency and efficiency. You are able to provide a better an improved experience for both the client and the advisor, because they have access to all conversations, paperwork, and any other materials associated with the relationship.

6. Track marketing campaigns

Today, consumers are more educated and do more research before they even pick up the phone or start a real conversation with a financial services firm. Digital marketing campaigns are helpful in driving clients to your website, but just because they are on your website does not mean they are going to automatically sign with your firm (however this does not guarantee a closed opportunity with your firm). This is where email marketing and lead nurturing comes into play. Provide your leads with valuable and educational information that showcases your services and the benefits of working with your firm. The more you show your expertise and understanding of the clients needs, the more likely they are to choose to partner with your company.

Of course, it is important to track you your campaigns. This gives you insight into which of your leads are opening up your emails and engaging with your firm. This information is not only important to marketing, but to sales professionals as well.

As a financial services firm, CRM is becoming an asset helping advisors, marketers, and administrators alike better understand and service their clientele.