CRM Software

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FVDA_Trade-PMR's picture
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Joined: 2008-09-24

Hi Gang!  I need your help.  I'm helping organize a special local FPA chapter meeting discussing CRM software and wondering if anyone can shed some light on their experiences (good and bad) with:
 
1. RedTail
2. Act!
3. Junxure
4. EZ-Data
 
Thanks for your help!
 
Fred

Wet_Blanket's picture
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I have no experience with any of those, and this may be leaving the scope of this thread and CRM software in general but...
 
...any software that can feed FA information into it is great in my book.  We are looking at a service that feeds from all the firms we do business with, which provides full contact info on the FA and tracks them as they "move about" the industry.

san fran broker's picture
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FVDA_Trade-PMR wrote:Hi Gang!  I need your help.  I'm helping organize a special local FPA chapter meeting discussing CRM software and wondering if anyone can shed some light on their experiences (good and bad) with:
 
1. RedTail
2. Act!
3. Junxure
4. EZ-Data
 
Thanks for your help!
 
FredIn my opinion, Salesforce is the best CRM for advisors. I've used Redtail, Act, Junxure, but not EZ Data. Most CRMs for advisors are either enhanced contact management systems (as opposed to relationship management systems) or are built around an assumed investment / sales process that you need to adopt in order to really use the system effectively. Most advisors I've found find CRMs don't fit their practice well. This is why Salesforce is a better approach - because it allows for businesses and users to customize their interface and functions.Redtail - Interesting and designed for advisors - really ahead of its time when they created a web-based CRM, but it can't compete anymore.  Very inflexible compared to Salesforce. It's main attraction is that it's web based, but so is Salesforce. Unlike salesforce, it can't be customized, but it does have the advantage of being designed with an insurance-focused financial advisor's mindset. Unfortunately, you could pretty much customize all of the same functionality on Salesforce in about 5 hours and modify it to fit your practice better. Great integration with outside technologies (aralia, marketing library, emoney, etc), but that really doesn't mean very much. My guess is that Redtail will migrate over to Salesforce platform and become more of a consulting firm in the next few years. Pros - lots of integrations, very cheap (even compared to salesforce), web based, industry focused, great customer service. Cons - Lack of customization. Undoubtedly the best solution for startup advisors or small teams.Act! - It's a contact management system. It mainly addresses the weaknesses in outlook as a basic CRM. Various customizations (Act4Advisors, etc) can add some useful stuff, but it's very inflexible and transaction focused. Not a great solution for wealth managers. Customer service depends on which Act you're purchasing. Pros - Large user group, decent selection. Cons - Inflexible, transactionally related, not really a true CRM.  Probably the best solution for a transaction-focused firms. Junxure - More than the other two - a true wealth management relationship management tool. Integrates well (not perfectly) with Schwab PortfolioCenter (not Portfolio Services), but if you don't use that reporting software, you're giving up quite a bit. Really great system if you buy into the customer service and relationship model of the RIA that owns it and are obsessed with retaining control of the data. Way ahead of it's time 5 years ago, but it hasn't kept up with the lightning fast growth of technology and increasing competition. MS Access, SQL server (as opposed to web) based, so it's very expensive to install and maintain (~$5-10k installation, ~$250/month maintenance). An employee will likely have to work ~2 hours a day updating data and maintaining the software. Extremely steep learning curve. Because of the fact that it runs through MS Access, it has a really sort of outdated, clunky feeling. High degree of customization, but customization requires professional programmer. Sort of the SAP of Indy CRMs. Company (CRM Software, Inc.) makes a point of trying to keep up with all industry innovations, but are increasingly having a hard time keeping up. Their initial foray into online document sharing was pathetic, expensive, and was very client unfriendly when it came out initially. Because they have insisted on staying with an "on-premise" approach (advisor owns and maintains servers), this makes them attractive to firms that are interested in maintaining control of all data, but who are also willing to accept that they won't be using state of the art technology any more. Customer service is very professional, but the company was wicked understaffed when we tried using them (more than a year ago)- meaning that a tech support call generally took 24-36 hours to get a response. Pros - Good process, built by advisors for advisors. Cons - Server technology, clunky, expensive, steep learning curve. Probably the best solution for 5-10+ advisor firms with a dedicated technology person on staff. (I don't hold any bad will towards the company, but I wish I'd saved the money I wasted on this tool when I tried to use it.)

noggin's picture
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Joined: 2004-11-30

Look at Upswing CRM.

dashover's picture
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Joined: 2009-10-07

Just left salesforce for zoho . it's free and i like it better.I set my screens and tabs up identically as in salesforce btw.

B24's picture
B24
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Joined: 2008-07-08

How can it be free?

LockEDJ's picture
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Joined: 2009-07-06

noggin wrote:Look at Upswing CRM.
 

However, be apprised that Upswing does not have a seemless integration with one very important partner - LaserApp. If you are dealing from a "startup" or breakaway, you'll likely be populating Upswing, and then trying to export into LA.
 
Initially, you'll think this can happen only one way; client by client. Unless, of course, you are capable of doing a data export, data cleansing, and then mapping the data into LA. Not an impossible task, but more than I thought would be required.
 
Otherwise, a good application.

chief123's picture
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Joined: 2008-10-28

dashover wrote:Just left salesforce for zoho . it's free and i like it better.I set my screens and tabs up identically as in salesforce btw.

Have you ever used redtail or Upswing? If so is it comparable.

noggin's picture
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Joined: 2004-11-30

I used redtail switched to upswing.

B24's picture
B24
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noggin wrote:I used redtail switched to upswing.
 
pros/cons of each?

chief123's picture
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Joined: 2008-10-28

Redtail is more expensive and takes a lot of clicking to get to where you want to be...

dashover's picture
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b24 Most crm's cater to firms with many users, some in the 100's or more.Zoho is a firm Google was trying to buy with over 100,000 different users.They allow the first 3 users to use it totally free and if you want more than the allotted custom reports they charge $12 month etc. With 1 login,  you and your assistant can use it and it's great... test it while you keep using your current system.Some of the broker specific crm's allow importing of client data and a daily download; I use rj back office so I have no need for that.My 2cDash

DodgerDraftpick's picture
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Joined: 2006-12-24

Started using Act 4 Advisors this year and have no complaints going well.

san fran broker's picture
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Joined: 2006-02-25

DodgerDraftpick, what do you like about Act4Advisors? What are you using it for?Thanks in advance!

dashover's picture
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Joined: 2009-10-07

Most Crm's ; can be tested for 30 days for free.Use them alongside your current system and see which one you like better.--------------Crm concepts for brokers (super low iq approach)

  • Use Crm alongside google calendar (best calendar imho)
  • Go through all clients and prospects on Thurs/ Fri and make sure you have
  • 7 appointments set for next week. ( 30 month = goal).
  • Call everyone to setup a review or whatever right now and put the date on your calendar
  • If not ready or nothing now and you want to keep name on the list assign a "future action date". (fad)
  • Do a report of people with no "fad" or one before today and work off that list
  • The goal is to have that list empty.

Use Zoho and Google Calendar it's free and works greatMy 2cDash-----------

B24's picture
B24
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Joined: 2008-07-08

Don't most CRM's have built-in calendars?  Seems silly to use two systems.

chief123's picture
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Joined: 2008-10-28

Rumor has it LPL is getting new CRM with branch net... anyone know what it looks like?

kengolding's picture
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Joined: 2008-02-11

In the interest of full disclosure,  I am the person who wrote Junxure and I would like comment on the post by San Fran Broker in regards to Junxure. 
 
While everyone appreciates comments of people who have experience with various products, it is important to be sure to give our accurate information.
 
Junxure 7 was released over 2 years ago and it featured a complete rewrite moving it 100% into the Dot  Net platform.  It no longer users MS Access.   Junxure 8 was released last year so we are far from the days of using MS Access.
 
In terms of having to give up using "State of the Art Technology" if you control your own data, I am not sure what he is talking about, because of our move to the Dot Net platform we can now provide access to your data while you are on the road, either thru your smart phone or a web browser.
 
His pricing is a bit off, it is actually $350 a year not $250 a month per user.  CRM Software will handle the total installation of the system in your office, for no charge. 
 
In terms of being "Wicked Understaffed" (More than a year ago) that was probably during our transition from Junxure 6 (MS Access) to Junxure 7 (Dot Net) and this was a big undertaking. 
 
We have grown from about 8 employees when we were an access program to now over 30 employees. Our callback time has always had a target of a call back within 2 hours and a growing percentage of our calls are direct answer.
<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" /> 
 
Ken Golding
Vice President, Junxure

chief123's picture
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Joined: 2008-10-28

kengolding wrote:
In the interest of full disclosure,  I am the person who wrote Junxure and I would like comment on the post by San Fran Broker in regards to Junxure. 
 
While everyone appreciates comments of people who have experience with various products, it is important to be sure to give our accurate information.
 
Junxure 7 was released over 2 years ago and it featured a complete rewrite moving it 100% into the Dot  Net platform.  It no longer users MS Access.   Junxure 8 was released last year so we are far from the days of using MS Access.
 
In terms of having to give up using "State of the Art Technology" if you control your own data, I am not sure what he is talking about, because of our move to the Dot Net platform we can now provide access to your data while you are on the road, either thru your smart phone or a web browser.
 
His pricing is a bit off, it is actually $350 a year not $250 a month per user.  CRM Software will handle the total installation of the system in your office, for no charge. 
 
In terms of being "Wicked Understaffed" (More than a year ago) that was probably during our transition from Junxure 6 (MS Access) to Junxure 7 (Dot Net) and this was a big undertaking. 
 
We have grown from about 8 employees when we were an access program to now over 30 employees. Our callback time has always had a target of a call back within 2 hours and a growing percentage of our calls are direct answer.
<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" /> 
 
Ken Golding
Vice President, Junxure

How come on your website it says "$1850 first year, $1500 each additional year"

LockEDJ's picture
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Joined: 2009-07-06

lol ... pricing a bit off? $4000 per year versus $350? I guess I'd say so. What are the minimum number of users, Ken?

chief123's picture
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DodgerDraftpick wrote:Started using Act 4 Advisors this year and have no complaints going well.

what was the cost on that?

kengolding's picture
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Joined: 2008-02-11

There is a 3 user minimum, here is a link to the pricing.
 
http://www.junxure.com/main/solut_price_junxure.asp

chief123's picture
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Joined: 2008-10-28

Do all users have to be in the same office(firm)?

Kerby's picture
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Joined: 2011-09-02

You don't have to actually use the tool that many people are using. The CRM tool you should use must comply all your needs in such tool. It must have the features which you need. If Act! has features that you all need then use it. You can take down notes of what features you need which you cannot live without and also a "wish list" which lists some features you want but not really necessary. You can then look for tools that has features you listed that you cannot live without. You may check this list of tools that you can compare its features to each other and see if it has the features you need.

sageone's picture
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Joined: 2014-04-30

I love highrisehq.com its low cost and powerful whilst being easy to use. you could also try sugarcrm which is a bit more feature packed and customisable.

scrittitrader's picture
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Joined: 2013-07-19

Zoho CRM works well for me - and yes it's free, it's very versatile, and very professional.

Google calendar for appointments and reminders - and yes - free.

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