|Wealth management firms need to upgrade CRM capabilities|
May 3, 2011
Compared with customer relationship management solutions of the 1990s and early 2000s, today’s web-accessible and services-oriented CRM solutions enable firms of all sizes to manage and automate client service, sales, marketing, and risk management processes through embedded best practices, workflow tools, and integration with other wealth management applications.
A new report from Aite Group details the value that customer relationship management solutions provide to the wealth management industry.
While many large and small wealth management firms are beginning to embrace these newer solutions, a significant number continue to manage client contacts and activities through Microsoft Outlook/Office and other tools. Aite Group’s March 2011 advisor survey of 380 financial advisors revealed that almost a quarter of survey participants either do not have access to a CRM solution or do not find the solution applicable to their business. Aite Group expects this situation to change as financial advisors increasingly recognize the business value of today’s CRM solutions.
“Financial advisors need to up their game in a post-crisis environment in which clients are more risk-averse and seek increasing control over their investments,” says Sophie Schmitt, senior analyst with Aite Group and author of this report. “Advisors need CRM technology now, more than ever, to help them manage increased client activities efficiently and strategically.”
CRM vendors profiled in this report include CDC Software, Junxure, Microsoft, NexJ, Pareto Systems, Redtail Technology, and Salesforce.com. The full report is available to Aite Group clients or may be purchased.
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