Financial Services CRM Systems
Redtail CRM is a cloud-based CRM soluton specifically for financial advisors. Redtail is offered as a subscription service and, unlike most of the other CRM providers available, is priced per database, rather than per user, allowing up to 15 database users for one monthly subscription…
The Financial Services Cloud from Salesforce is used to create customized experiences for users and customers, and get information at the right to improve productivity and satisfaction. The vendor states that wealth management advisors can use the CRM’s ability to better understand…
Pilot is a platform that offers bookkeeping, tax, and CFO services for growing businesses. Pilot's bookkeeping and tax plans are based on an annual subscription model with t pricing that scales with to a business's expense rate and business needs, such as connected institutions,…
Wolters Kluwer offers the ProSystem fx Suite (also the CCH ProSystem fx Suite editions with similar capabilities), a workflow management suite with document management system for accounting firms. The solution presents centralized firm management capabilities with firm, employee…
Ebix, headquartered in Johns Creek, offers SmartOffice, the company's practice and agency management solutions for financinal service providers and banking institutions, supporting these agencies with CRM features, supporting client engagement, note logging, financial document and…
Equisoft/connect (formerly Kronos Finance) is a web-based CRM software specifically created for financial advisors. It enables users to centralize clients’ insurance and investment information. And the vendor state it is also a productivity, marketing, sales and compliance tool. Equisoft…
What are Financial Services CRM Systems?
Financial services CRMs provide a system of record for communication with other companies. CRMs specific to the needs of financial advisors and their agencies provide the contact and task management features, as well as workflow automation, associated with general CRMs. These systems are typically used by hedge funds, investment banks, traditional banks, and insurance agencies to strengthen customer relationships and assist in building new ones.
Features unique to CRMs for financial agencies might include prospecting workflows, compliance-minded communication tools, or customer onboarding workflows with finance-specific assessments. These systems also provide financial document imaging and storage management, as well as integration with investment portfolio management tools.
The size of the financial industry and its growing market create more competition within institutions. This can make it more difficult to stand out. Integration, storage, and client outreach capabilities make these systems necessary for building and maintaining customer relationships.
Financial Services CRM System Features
Some common features found within financial services CRM systems include:
- Contact/customer database
- Financial account management
- Sales pipeline management
- Customer price quoting
- Analytics & reports
- Expense tracking
- Collaboration tools
- Document management
- Activity dashboard
Financial Services CRM System Comparison
When choosing the proper system for your organization, consider the following:
- Industry type: Though most of the products will be geared towards financial institutions, make sure they are suitable for your industry. Insurance agencies, for example, may not want to purchase a product that is designed to meet the needs of banks.
- Customization: Some businesses may require more customization for reports and workflows. Be sure the vendor offers customization within certain features.
- Ease of Use: How easy is the product to use? Is there a steep learning curve? For tasks such as searching for clients, make sure the product isn’t too difficult to use.
The pricing for financial services CRM systems depends on the number of features and users. Subscriptions with limited features usually cost around $10 to $40 per user per month. For more pro/premier packaging, look to spend between $50 and $100 per user per month. Some products offer a free version with limited users and features, as well as a free trial.