Do you ever feel like you’re all over the place with client details, juggling info across various emails, spreadsheets, and maybe even the odd sticky note? Or worse, have you almost missed out on a big lead because it slipped your mind?
The struggle is real. Many advisors often see their day vanish into paperwork and admin—poof!—leaving little time for actual advising. If this sounds familiar, it could be time to look into, or upgrade, your CRM (customer relationship management) system.
After working with hundreds of financial professionals, we’ve found that those who do use CRMs tend to feel more confident in the growth of their business, less stressed, and more organized. But there’s a catch: CRMs are not all built equal, especially when it comes to the needs of financial advisors.
In this article, we simplify how to choose the best CRM for financial advisors, so you can free up more time to focus on what you actually love doing.
What Is a CRM?
A CRM, or customer relationship management system, is a technology that keeps track of customers and leads so you can close more business and retain more clients. It’s a place where you can store all the information you need about your clients and prospects, then easily search for and access that information when you need it.
Why Every Financial Advisor Needs a CRM
Implementing a CRM can be a game-changer for financial advisors looking to enhance client relationships, simplify daily operations, and make every interaction count. Simply put, it helps handle the heavy lifting so you can spend more time doing what you love.
Organized Contacts
Gone are the days of scattered email lists. The best CRMs for financial advisors allow you to easily organize—and categorize—all the information you need about clients, prospects, and referral partners. This means you’ll save time and energy having all this important info stored in one place.
Email Storage
With the best CRM systems, you can keep important client communications front and center with secure, easily accessible email storage. That way, no email—or client opportunity —is missed.
Notes and Information
The best CRMs for financial advisors allow you to store all your client info and notes in one place—ready when you need them. Now you can approach every meeting with more confidence and ease.
Scheduling and Alerts
Type A personalities rejoice! With a CRM system, you can stay on top of your schedule like never before. These platforms prevent double bookings and forgotten tasks, so you preserve your professional image and impeccable timing.
Document Storage in the Cloud
When it comes to data security, advisors are held to a high standard. CRMs allow you to enjoy the security of cloud-based document storage and easy file retrieval—anytime, anywhere. This feature helps safeguard your documents and supports a seamless advisory process.
Tracking Leads
CRMs help turn potential opportunities to wins. How? By helping you keep an eye on potential clients and follow up effectively to secure more business—and boost your closing rate.
Mobile CRM Access
Looking to manage your practice on the go? With a CRM, you can access your client information and manage tasks from anywhere on your phone. This means you’re never out of touch, no matter where your work takes you.
Spotlight on the Best CRM for Financial Advisors
Wealthbox
Among the best CRMs for financial advisors is Wealthbox. It’s designed specifically for our industry, making it easy to track client interactions, manage tasks, and see your schedule at a glance. That’s all thanks to serial wealth management entrepreneur Steven Lockshin and top advisor Michael Kitces, who teamed up to create a system that really gets what an advisor needs. The company’s tagline is “A CRM you’ll actually enjoy using,” which we find to be true for the advisors we work with!
Redtail
Redtail stands out as another great CRM for financial advisors for its strong features that cater to larger teams and firms. Known for handling complicated client management well, it’s the go-to for advisors looking for advanced capabilities. Redtail can be especially valuable for advisors aiming to improve efficiency and get their team in sync. From client tracking to communication and task management, this platform gets everyone on the same page.
Salesforce
Salesforce is highly customizable, making it one of the best CRMs for financial advisors who like things their way. Nearly everything can be tweaked to fit exactly how you manage and handle your work—from client relationships to your unique internal processes. While it may take a bit more effort to learn, Salesforce allows you to set up everything to work just right for your business.
Your Perfect Match
When it comes down to it, the “winner” truly depends on your specific needs and individual preferences as a financial advisor. Each of these three CRMs has its strength and is designed to cater to different aspects of your practice—not to mention your personal client-relationship style.
Wealthbox is best for simplicity and ease, which means it’s a solid option if you’re looking for a straightforward system without the hassle of a steep learning curve. If you’re building a more complex advisory practice or have more specialized needs, Redtail has greater appeal for its advanced automation, detailed client segmentation, and comprehensive integrations. And the champion for customization is Salesforce; it’s the way to go if you need a highly adaptable system to match your unique business needs.
Before choosing or changing your CRM system, consider your everyday activities, the complexity of your client communication, and how you already integrate tech into your work. The best CRM helps streamline your work, strengthens client connections, and supports your practice’s growth and productivity.
Ready to Level Up After Picking the Perfect CRM?
Let Indigo Marketing Agency help you take the next step toward unlocking your growth potential. Our expert marketing tailored for financial advisors works hand in hand with your CRM to accelerate your success. Schedule your free consultation with a marketing expert today!
