Independent Advisors Still Lag When It Comes To Consumer Relationship Management Software Usage

Wednesday, April 13, 2011 23:32
edit
Independent Advisors Still Lag When It Comes To Consumer Relationship Management Software Usage

Tags: CRM

The Aite Group seems shocked that 25% of all advisors they talk to don't have a CRM system or don't care. But dig under the headlines and some interesting details emerge.

This Website Is For Financial Professionals Only


 

For one thing, the simple fact that 75% of the industry is now using customer relationship management software -- even if it's a solution as vestigial as using Outlook's contacts -- is striking.

 

Gone are the days when most advisors were a low-tech bunch, it seems.

 

But not all industry channels are created equal where CRM is concerned, apparently. Only 23% of wirehouse brokers either don't have or don't want to use any CRM system, but that percentage jumps to 36% of the self-clearing independent brokers and a full 39% of RIAs.

 

Do advisors at smaller firms simply not need high-tech software? Or do they find it harder to justify the expense?

 

The Aite Group wants all advisors to use some version of this type of software -- they even find it essential on a "now, more than ever" basis.

 

They like Salesforce and Redtail for smaller advisors, or Microsoft and NexJ for the big guys.

 

 

 

Comments (3)

...
vguettlein
I use redtail, but it's clunky. It's not easy enough to track families as a family unit - everyone is a separate record. Makes it interesting to consolidate meetings, notes, etc. Also, why does my client's job/company need to be a record. Why do beneficiaries have to be their own record? Just a few of my frustrations. I'm sure there's a good reason, but it's not user friendly in my humble opinion.
vguettlein , April 14, 2011
...
vguettlein
oh, and I can't track/audit my assistant's activities in redtail.
vguettlein , April 14, 2011
...
Micah McCann
Although I don't have access to the full AITE report I'm a bit surprised by their findings. Based on pricing and functionality alone I would have pegged Salesforce.com as the best in class solution for larger shops with Microsoft Dynamics being a low cost alternative. I do think they are spot on with Redtail being best in class for smaller firms as it is an easy to use CRM with basic functionality. Not to mention it integrates well with other platforms like Albridge.
Micah McCann , April 14, 2011

Write comment

You must be logged in to post a comment. Please register if you do not have an account yet.

busy