Crm For Wealth Management

Crm For Wealth Management

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In the post-crisis era of risk aversion and demands for transparency, financial advisors face greater competition for client business and new investors. More than ever, firms need to arm advisors with the tools for managing increased client activities that will enhance their levels of service.

Download Aite Groups report on CRM for Wealth Management for a comprehensive look at how CRM enables wealth management firms successfully vie for investment dollars by delivering on client demands. Learn how todays CRM establishes a strong fit with process and gain insight into best-in-class solutions.

In this report, youll discover how CRM delivers value in the Wealth Management industry through:
Greater integration with other wealth management applications
New functionality that ensures optimal fit with your processes
Flexibility and customization that drives user adoption
Analysis capabilities that provide deeper insights into client relationship

IMPACT POINTS

Advisors need to up their game in a post-crisis environment in which clients have grown more risk-averse and seek more control over their investments, compared to pre-crisis years. To avoid losing clients, advisors must enhance the level of service they provide while ensuring their service model is profitable. Advisors need customer relationship management (CRM) technology more than ever to help them manage the increased number of client activities in the most efficient and strategic way.

CRM solutions today have improved compared to 10 years ago. Data is easier to find, analyze, share, and access from any device. The functionality is easier for end users to change, which allows firms to establish a stronger fit between process and enabling technology. In addition, new workflow capabilities provide firms with significant value, allowing them to manage and monitor all client-related processes from one application.

Given the confluence of factors driving CRM investments in the wealth management industry, Aite Group estimates that North American wealth management firms will grow spending by 8% over the next five years from approximately US$460 million in 2010 to US$620 million in 2014.

The two most important factors for wealth management firms to consider when selecting a CRM solution are its flexibility and its wealth management capabilities. Highly malleable solutions are not likely to have the most pre-integrated wealth management functionality and applications.

In this report, Aite Group profiles seven CRM solutions with differing strengths:

Junxure and Redtail, two solutions designed for small wealth management firms
Microsoft Dynamics, an industry-agnostic solution that Microsoft wealth management-focused partners can easily customize
NexJ, a solution built to address the data integration and functionality needs of large wealth management firms
Pareto Platform, a highly customized version of Microsoft Dynamics that embeds best practices taught by Paretos consulting group
Pivotal CRM, a flexible solution with prebuilt wealth management sales and service capabilities
Salesforce for Wealth Management, the leading cloud CRM solution

Compared with the customer relationship management (CRM) solutions of the 1990s and early 2000s available worldwide, todays Web-accessible, service-oriented CRM solutions enable firms to integrate more of their client data (e.g., financial data and documents), access this information from more devices/locations, share this information with more colleagues and divisions, and use this information to manage and automate critical practice activities beyond sales and services. While many large and small wealth management firms are starting to take advantage of these newer solutions, a significant number continue to manage client contacts and activities through Microsoft Outlook/Office or basic desktop contact management tools. Aite Groups 2011 survey of 380 financial advisors revealed that almost a quarter of survey participants either do not have a CRM solution or do not find the solution applicable to their business.

About the Author:
CDC Software is a global software provider of Customer Relationship Management (CRM), Enterprise Resource Planning, Supply Chain Management, and Performance Management solutions and CRM services targeted to specific vertical markets.



Article Originally Published On: http://www.articlesnatch.com


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