Best CRM for financial advisors in 2024

Choosing the right Customer Relationship Management (CRM) software can make or break a financial advisor's efficiency and effectiveness. With a lot of financial CRM software to choose from, it's essential to identify which CRM aligns best with your business needs. In this blog post, we unpack the features you need to consider in your next CRM and the best CRMs on the market.

12 features financial advisors need from their CRM tools

When selecting a CRM, financial advisors should consider several key features tailored to their unique needs. These features help streamline client management, ensure regulatory compliance, and improve overall efficiency. Below are some features financial advisors typically need from their CRM.

1. Client management and contact tracking

For financial advisors, generating new leads and retaining existing clients is a constant battle. So their ideal CRM solution needs to be able to help with the following.

• Comprehensive client profiles: Detailed profiles including personal information, financial goals, and interaction history.
• Activity tracking: Logs of all communications, meetings, and follow-ups.
• Client segmentation: Ability to categorize clients based on various criteria such as net worth, investment preferences, and life stages.
• Contact management: That enables real-time updates so you can update a contact directly from your customer relationship management software instead of going into multiple inboxes.

2. Workflow automation

The right CRM should have automation to eliminate the manual process of repetitive tasks so that you can prioritize tasks that bring in business. To take advantage of this, look for CRM solutions that have the following.

• Task automation: Automating routine tasks like data entry, follow-up emails, and appointment scheduling.
• Reminder systems: Automated reminders for key dates and follow-ups.
• De-duplication: Automated de-duplication feature so you do not need to manually take out contacts that have doubled up without you realising.

3. Integration capabilities

Look for a CRM system that works for you, not the other way around. The best CRMs have basic integration capabilities to fully adapt to your needs.

• Financial Software Integration: Compatibility with other financial planning and portfolio management tools.
• Third-Party Apps: Integration with commonly used apps such as email marketing platforms, calendar systems, and document management software.
• API Access: For advanced custom integrations.

4. User-friendly and intuitive interface

If you want to avoid having to train your team of busy financial advisors to use their new CRM, look for a plug and play solution that is highly customizable and can adapt to your team's needs.

• Customizable dashboards: That can handle multiple sales pipelines across different projects across a single financial services firm so you don't need to invest in multiple financial tools.
• Custom fields: So that you know which financial advisory practice a lead or contact came through.

4 best CRM software

Below we unpack the best financial services CRM software on the market. Let's dive in.

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1. folk

Best for: Small to mid-sized financial advisory firms looking for a user-friendly and intuitive CRM with strong client management capabilities that can scale with them.

folk is a CRM designed with simplicity and functionality in mind. It aims to streamline client interactions, track communication history, and help advisors manage their workflows more effectively. Folk is particularly known for its easy-to-navigate interface and robust client management features.

Key features

• Multiple sales pipeline management including sales cycle overview and lead overview
• Marketing automation with AI-assistance to personalize bulk email campaigns efficiently
• Lead generation
• Customer support
• Mail merge that supports Gmail and Outlook
• Unlimited dashboards

Pros

• User-friendly interface: Folk’s intuitive design ensures that even those with limited tech experience can navigate it easily. This is crucial for financial advisors who need to spend more time with clients and less time managing software.
• Efficient client management: It offers comprehensive tools for tracking client interactions, scheduling follow-ups, and managing client data, which enhances the advisor-client relationship.
• Customizable workflows: Financial advisors can tailor workflows to fit their specific processes, increasing efficiency and consistency in client management.

Cons

• Reporting isn't available in folk yet but is coming soon.

Price and plans

You can try folk for free with a 14 day free trial. After that, a monthly or annual subscription plan is as follows. 

• Standard: $20 per user, per month 
• Premium: $40 per user, per month
• Custom: Starts from $60 per user, per month 
  

2. Apptivio

Best for: Sales driven CRM

Apptivio leverages artificial intelligence to provide deep insights into client behaviors and preferences. Its advanced analytics help users understand client needs better, predict future trends, and personalize their services.

Key features

• Sales-driven CRM
• API integration with web forms
• Lead management and lead scoring
• 24/7 customer support

Pros

• Good for enterprises looking for comprehensive support.
• Custom reports and views.
• Funnels for opportunity management.

Cons

• Clunky user interface means new users should expect a steep learning curve for implementation.
• The advanced features and AI tools can be overwhelming for users not familiar with data analytics. This might require additional training for effective use.
• Users are limited to a number of dashboards, custom fields and workflows depending on the tier of their subscription plan.

Price and plans

An annual subscription plan is as follows.

• Lite: $15 per user, per month.
• Premium: $25 per user, per month.
• Ultimate: $40 per user, per month.
• Enterprise: Undisclosed.

3. Pipedrive

Best for: sales-focussed CRM for your business development team

Pipedrive is a CRM tailored towards sales teams but offers significant benefits for financial advisors through its pipeline management and automation capabilities. It helps advisors track their sales processes and manage client relationships efficiently.

Key features

• Multiple pipeline management
• Sales automation features
• 400+ integrations

Pros

• Pipeline management: Pipedrive’s visual pipeline management is excellent for tracking the sales process and managing client onboarding.
• Automation features: Automation of routine tasks saves time and reduces errors, allowing advisors to focus on client interaction and advisory services.

• Integration options: Pipedrive integrates with a wide range of third-party applications, enhancing its functionality and allowing for a more cohesive workflow.

Cons

• Sales-focused: As a sales-oriented CRM, some features may not be as relevant to financial advisors who need more client management tools.
• Customization limits: While it offers good customization options, some advisors might find it less flexible in tailoring to very specific financial advisory needs.
• Enhanced security preferences: Are only available on the enterprise plan.

Price and plans

An annual subscription plan is as follows.

• Essential: Starts from $14 per user, per month.
• Advanced: Starts from $29 per user, per month.
• Professional: Starts from $49 per user, per month.
• Power: Starts from $64 per user, per month.
• Enterprise: Starts from $99 per user, per month.
  

4. Redtail CRM

Best for: CRM built for financial professionals

Redtail CRM is a CRM built specifically for financial advisors. It focuses on industry-specific needs such as compliance, client management, and seamless integration with financial tools.

Key features

• Financial services industry specific CRM.
• Workflow automation.
• Two-way sync between Redtail CRM and Office 365.

Pros

• Industry-specific features: Redtail is tailored for financial advisors, offering tools and features that meet industry-specific requirements, including compliance management.
• Integration with financial tools: It integrates seamlessly with popular financial planning and portfolio management tools, enhancing its utility for advisors.
• Strong client management: Redtail provides robust client management features, ensuring all client interactions and data are effectively organized.

Cons

• Learning curve: Despite its industry focus, some users find Redtail’s interface and features have a steep learning curve.
• Performance issues: Some users have reported occasional performance issues, such as slow loading times and glitches, which can hinder productivity.

Price and plans

An annual subscription plan is as follows.

• Launch: $39 per user, per month.
• Growth: $59 per user, per month.
• Enterprise: Undisclosed.

Conclusion

Choosing the right CRM is crucial for financial advisors to enhance their client management and operational efficiency. folk stands out for its user-friendly interface and efficient client management, ideal for firms that need a CRM system to scale with them. Pipedrive provides robust pipeline management and automation features, making it a solid choice for sales-focused advisors. Apptivio is suitable for those looking to leverage data analytics. But although Redtail is industry-specific, it is one of the hardest CRMs to use in the list. Try folk free if you want a powerful but lightweight CRM solution you can plug and play.

More resources

• folk price and plans

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