Would you purchase a tool with an ROI seven times greater than what you paid? Customer Relationship Management (CRM) software is that tool, but too often, wealth management firms realize no return on their investments because the software goes largely unused — even though it’s a powerful game changer for the customers driving your profits.

Jason Kulps, from Digital Media Solutions points out that, “CRM helps businesses build a relationship with their customers that, in turn, creates loyalty and customer retention. Since customer loyalty and revenue are both qualities that affect a company’s revenue, CRM is a management strategy that results in increased profits for a business. At its core, a CRM tool creates a simple user interface for a collection of data that helps businesses recognize and communicate with customers in a scalable way.”

CRM brings together essential components for client advisory solutions, and relationship managers are getting great returns with digital tools like CRM software.

What’s holding you back from doing the same?

How Relationship Managers Are Getting Great Returns with CRM Software

Chances are good that your customers are either millennials who place a high value on experiences or Gen Ys who focus on saving money and experiencing a high return on investment. Regardless of the financial needs of their customers, relationship managers must have a way to deliver exceptional experiences with every interaction.

Customer information lives in the CRM software, and with this data, wealth advisors can:

  1. manage leads,
  2. customize recommendations, and
  3. forecast sales.

CRM adoption automates many of the routine tasks for wealth advisors to spend more time with customers.

How private wealth firms can prepare for the shift to digital management

Keep in mind that CRM software is a management tool. It will not resolve communication issues between departments, get everyone you embrace your firm’s philosophy, or

Here are three ways you can prepare your firm to maximize its CRM use:

  1. Make knowledge universal. If your departments work independently, you can expect the CRM software to help open up the floodgates of shared information.
  2. Offer training opportunities and explain benefits. When relationship managers realize that they can complete better follow-ups with their clients, automate paperwork processes that are often time-consuming, and make more money, they will attend training!
  3. Make the adoption easy but not mandatory. Some people still distrust technology, preferring personal folders to digital files. Provide training, coaching, and mentoring to offer everyone an opportunity to move in the same direction, but don’t force adoption.

Remember that the CRM software only works if you do. Your firm should consider how to be a part of the push. Talk to your recruiter about onboarding relationship managers ready to embrace transformative technology.

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