It’s difficult to overstate the importance CRM technology for wealth management firms. “The CRM is now the platform to unite all teams around the customer,” observes Feinstein. Almost three quarters (71%) of firms already use CRM software, and all but a small percentage of the remaining firms are considering using it within the next 18 months.
In fact, most advisors already understand that a sophisticated and well-managed CRM system can produce tangible value for their firms. When it comes to their technology investments, survey respondents report that they have experienced the greatest returns on investments in portfolio management (65%), CRM (58%), and financial planning (58%) systems.
And the more they use their CRM platform, the better firms understand its value: 71% of existing CRM users believe it delivers a greater return than other technology tools. A good deal of that value comes from the way a customer focus drives all elements of the business into alignment organically. “The Customer 360 brings sales, service, marketing, commerce, IT and analytics together through digital workflows that power a modern way of working,” says Feinstein.