Do You Have a CRM Yet? It’s Time You Do!

November 15 2019

by Kati Hess

How do you manage your relationships with your clients?


Do you use sophisticated client relationship management (CRM) software, like Salesforce? Or do you do it the old-fashioned way, perhaps with an Excel spreadsheet or even a physical contact book?

According to a study by Financial Planning Magazine, more than 90% of financial professionals report owning a CRM. However, that doesn’t necessarily mean they use it on a regular basis. In fact, it’s not uncommon for financial professionals to invest in CRM but not actually put the software to use.

Do you and your team regularly use your CRM to enhance and strengthen client relationships? If not, you may be missing out on some key benefits. Below are four reasons why you should start using CRM software in your practice.

Improve client experience.


Clients want regular communication with their financial professionals. However, not all clients are the same. Some want regular emails and phone calls, or perhaps even quarterly review meetings. Others prefer less contact, and may only want an annual review and infrequent check-ins.

CRM helps you hit the sweet spot in terms of communication for each client. As you onboard a new client and gain an understanding of their needs and expectations, you can make customized notes in the CRM. You can even schedule and delegate outreach tasks, like making a phone call or even scheduling a review meeting.

You can also use your CRM to customize the content of each client interaction. For instance, assume you have a client who always asks about economic issues or has a specific concern with regard to his or her portfolio. You can make notes in your CRM so you’re prepared to handle those concerns in your next conversation. Your CRM can help you customize the quantity and quality of your outreach and improve the overall client experience.

Automate prospecting.


Let’s face it: prospecting is hard. You want to bring in new assets. You want to grow your practice. But you don’t have time to do it. After you meet a new prospect, it takes on average at least five more conversations before they’re converted to a client. You’re busy running a practice and taking care of your current clients. How can you make regular, consistent outreach to potential new clients?

Again, CRM can help you manage this daunting task. You can schedule and even automate emails to touch base with prospects. You can schedule and delegate phone calls. You can even classify and prioritize your prospects so you can focus your attention on those that have the biggest potential.

Consolidate data and save time.


One of the most attractive features of CRM software is the way it can be used as a centralized location for client data. Many CRM programs integrate with your other platforms, like planning software, portfolio management systems, and even document cloud services. You can use the CRM to not only access basic client information but also all other important pieces of information.

This kind of centralized information hub saves your team time and energy. There’s no more need to click between multiple spreadsheets and software to prepare for a client meeting. Everything you need is in one easily-accessible location.

Analyze your business.


One of the subtle but powerful benefits of CRM is its ability to provide insights into your practice. You can use the software to track things like revenue, potential assets, and even client interactions. Those pieces of information could provide deep insights.

For example, you could use your CRM to track what assets your clients have with other firms or financial professionals. That could provide you with insight into a potential pool of assets to pursue. You could use your CRM to see that certain clients have stopped responding to calls or emails, which may be a sign that there is a disruption in the relationship. Your CRM doesn’t just help you manage relationships. It also helps you manage your business.


Ready to integrate a CRM and other marketing systems into your practice? Contact CreativeOne today at 800.992.2642 and let’s start the conversation.

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