5 Barriers To Investment Advisors Using CRM - Maximizer CRM

5 Barriers To Investment Advisors Using CRM

BY webmaster
June 24, 2015

johntalkingLast week the Maximizer team had the chance to join 500 attendees at the annual Canadian Institute of Financial Planners (CIFP) Conference which took place in beautiful Niagara Falls.

The CIFP event brings together financial planners, investment advisors and members of wealth management groups from across Canada. It was very thought-provoking to speak with attendees about the challenges facing investment advisors and how many are looking towards technology to streamline their business so they can focus on client relationships.

During these conversations it was easy to identify few common barriers to utilizing technology and specifically CRM tools. Here’s a list of the barriers and the types of comments I heard from CIFP members.

Barriers to Investment Advisors Using CRM

1) Lack of Time Implement - “I would love to move to a cloud solution but don’t have the time to get this done.”

2) Limited technical expertise – “We run a small firm and need to get by with the tools we have. I wouldn’t know how to switch.

3) Potential of a high upfront cost – “A new CRM would be great but the cost of moving always keeps us where we are. I would move if it was cheaper.”

4) No clear ROI – “I always hear about how CRM is going to save me time but this isn’t enough for me…what else should I expect to improve?

5) Fear of the unknown – “Looks like a great tool but I don’t want to mess with what we are doing now”

Many of these common barriers are probably eerily familiar to many investment advisors and backup recent research showing CRM adoption amongst advisors is below industry averages. Although these barriers are common they are not insurmountable by any means. I’ll be following up with some ideas on how to solve these common barriers in the next few weeks. If you wanted to take a look at what Maximizer has recently added to our solution for investment advisors you can learn more here >> Maximizer CRM for Wealth Management

Have an opinion on the barriers above? What is keeping your business from getting the most out of technology? Join the conversation below.


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