Although firms are now well-familiar with CRM software and existing users understand its value across a range of applications, these tools still offer a great deal of untapped potential to firms that look for ways to unlock it. Currently, most primarily use their CRM tools to strengthen existing client relationships (70%), and manage their practice (58%).
However, with relationships and productivity as key focuses for the wealth management industry moving forward, firms can further leverage this tried-and-tested tool to best position them to achieve their 2022 goals. “At Salesforce, we see the CRM as a powerful platform that wealth management firms can leverage to enhance experiences for advisors, the middle office and clients,” says Feinstein.
Indeed, many firms see opportunities to link their CRM platforms to general practice management applications, business growth and compliance, in addition to improving client attraction and retention.
“Instead of just using CRM to track leads or manage contacts, firms are using it to modernize their data strategies, incorporate AI and analytics, streamline advisor and client onboarding experiences, simplify workflow and task management and enhance collaboration,” Feinstein says. A majority of firms report they would like to expand their CRM applications into streamlining automation and workflow processing for middle office (59%) as well as predictive insights (51%).
CRM software is a foundational means of support for firms’ existing practices, but it is also an integral part of their expansion plans for the future. Even the vast majority (84%) of those firms that are considering adopting other technology applications in 2022 expect their CRM to be able to integrate with those solutions.