Home » Articles » 4 Crucial Strategies When Choosing a Financial Services CRM

Whether you’re a credit union, broker dealer or bank – your products pass through many hands, entailing numerous stakeholders and reams of red tape. Financial services top the charts when it comes to industry fragmentation and distribution channel complexity; while price wars lead to razor-thin profit margins. Faced with stiff competition in such a turbid environment, businesses turn to FinTech for an edge.

As another tool in your FinTech kit, CRM helps organize your advisor, distributor and broker relationships; while empowering your advisors to deepen personalization and prove how they earn their fees.

Just like any tech investment, however, buying CRM does not guarantee success. Getting the right fit and achieving a solid return in the first year requires clear vision and thorough strategy. We’ve zeroed in on the critical factors you’ll need to consider in order to get outstanding results.

1. Isolate your main objective

Right out of the gate you’ll need to isolate your main objective. Are you looking to drive consistency across your business? Ensure advisors use the same database? And achieve greater visibility across your operations?  Are you more concerned with improving client experiences? Whatever your aim, be crystal clear. Afterwards, you can articulate your primary objective with sub-goals.

2.Identify your user needs and determine the right fit

Next on your checklist is to determine the needs of your team. Your intent may be to implement a CRM at the head office to manage advisors; or you may be interested in keeping advisors on the same page. Whatever the case, you’ll need to articulate how your CRM improves life for your team. Your choice of CRM and your success hinges on your team’s buy-in and enthusiastic participation.

If you want to empower your advisors, a simple Finance CRM for small practices may suffice. It should come pre-loaded with dozens of industry-specific workflows – from mutual funds to insurance. This empowers your advisors to enhance the scope and speed of their service delivery. While it simplifies their compliance by storing and tracking every client conversation.

For managing advisors, a more general CRM with basic contact management, correspondence tracking and auditing features may suffice. Partial implementation of CRM or multiple solutions, however, can lead to data silos, inconsistency and disjointed processes.

If you’re considering implementing a CRM across your organization, an all-in-one Financial CRM like Maximizer CRM for Financial Advisors may be more to your taste. Combining the best of both worlds, an all-in-one solution ensures advisors improve their service delivery, while driving consistency and clarity across your entire organization. With built-in workflows for KYC, for example, your compliance officer can easily ensure performance of fiduciary responsibilities and risk assessments. In turn, advanced dashboards and reports will enable you to get a personalized view of your business based on handpicked KPI.

3. Prepare for your roll-out

You’ve identified your main objectives and user needs; and the sort of Financial CRM you’ll choose. Now it’s time to think about implementation. As in any complex organization, slow and steady wins the race.  If you want to onboard advisors, implement your CRM across one team as a pilot project. Scale up one team at a time. If you plan to implement at the head office, try gathering a group of power users as part of setup and have them test out the solution. The right CRM should allow for a phased approach; while an experienced vendor can help you iron out any wrinkles.

4. Evaluate the final product

Once everything is in place, you’ll want to see if your CRM is working for your business. Asides from anecdotal feedback from stakeholders, you should be able to use your CRM to check usage levels across the office, as well advisor and client activity. A CRM with easy-to-customize dashboards will allow you to build a clear 360-degree view of your business based on real-time information.

How do you fit CRM into your organization? Do you have any tips, strategies or horror stories you’d like to share? We’re eager to hear your thoughts. Drop us a line on Twitter or LinkedIn.

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