Poll Results: How Wealth Managers Are Using CRM Software - Maximizer CRM

Poll Results: How Wealth Managers Are Using CRM Software

BY Maximizer
June 24, 2015

laggardsI recently had the opportunity to host a webinar which brought together 100+ wealth management professionals and investment advisors. The topic of discussion for this talented group was 'The 7 Steps to Build Book Value with CRM Technology'.

During the webinar I was able to ask the audience several questions to explore how they currently use CRM software and some of the challenges they  face in realizing the potential of CRM technology within their business.

Looking at the results you can see a common trend across the majority of wealth managers: 1) They need a CRM to help manage clients in a way specific to their unique industry. 2)  Advisors still feel CRM can be a drain on productivity 3) Compared to other industries investment advisors have been slow to adopt CRM.

Here's a few of the questions we asked:

Question 1

We see that by far the biggest benefit would be to quickly see a snapshot of all key client details. The better you know your customers the better you can service them, which is also closely related to the second most popular benefit, the ability to easily identifying new revenue opportunities.

It's worth noting that to fully reap the benefits a CRM should be customized and heavily adopted by your firm. The more a CRM is utilized the more complete the client data becomes. As for customization, in the instance of our new Wealth Management CRM solution we've specifically got things set-up to easily show client profiles.

Question 2

Pretty monumental swing there - our audience of Wealth Managers overwhelmingly voted that CRM is time consuming to use effectively.

Honestly, it's a fair point. Logging into a CRM will take more time than hitting "Start" typing "Word" and jotting down some quick notes (you'll see why I bring this up when we get to Question #3). I'll also point out that a CRM does take a bit of time to learn how to use, just like every program any of us have ever had to learn. This can be even more challenging when working with a generic CRM solution not built for your specific industry.

But fast forward a couple months to when you're familiar with the program. Suddenly that barrier has been crossed and while it will still be faster to launch Outlook and capture a few notes against a contact but CRM software will keep you organized.

The end result? Drastically better client management. Never having to search for data. All information on a single screen in front of you. The ability to segment and automate marketing. Full mobile access to your entire database...and so on.

Is CRM time time consuming to use effectively? No, but it does take a bit more time. There are also lasting benefits which far outweigh having to make a few extra clicks.

Question 3

This graph suggests two things. First, a lot of Maximizer customers came out to our presentation because of our long history in the wealth management industry. The really interesting thing is that 30% of attendees are still using a combination of Outlook/Word/Excel for client management.

Of course this combination can get the job done but like I noted above, CRM can make a world of difference to the way your company does business.

Want to see the webinar?

If you missed the webinar and are interested in checking it out, you'll find it right here.

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