Top CRM for Financial Advisors: Salesforce, Redtail, or Wealthbox

June 3, 2023
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If you're in the market for a CRM for your financial advisory business, you've probably come across Salesforce, Redtail, and Wealthbox. Any financial advisor CRM software reviews will lead you back to these three. But which of these CRM platforms is the best fit for you? In this blog post, we'll compare and contrast the three CRMs (plus a bonus CRM platform) so that you can make an informed decision. Spoiler alert: it really depends on your specific needs and preferences. Read on to learn more!

What is Customer Relationship Management (CRM) software?

Customer Relationship Management (CRM) software is a critical tool for any financial advisor and others in the financial services industry. It supports...

  • Client relationships
  • Streamlines client data management
  • Marketing automation
  • Contact management
  • Boosts client interactions

If you go to Google and look for "best CRM for financial planners", you're going to be inundated with options, but they're not created equal. Furthermore, if you try to be cost effective and type in "free CRM for financial advisors", you're going to find every CRM solution seems to be generic and stripped down. Financial CRM software is unique compared to generic tools. It's a specialized industry that requires a specialized financial advisor CRM.

Companies like Salesforce, Redtail, and Wealthbox have capitalized on this need by cornering the financial advisor CRM software market with tailored solutions that help advisors grow their assets under management. With CRM software's ability to automate mundane tasks, advisors (including independent advisors) can now spend less time shuffling through client information and more time growing client relationships — quite convenient, don't you think?

Why off-the-shelf CRM companies aren't enough.

Financial services companies need more than just a cookie-cutter CRM to effectively operate and sell their products and services. They require a tailored approach that can be used to identify customer patterns, preferences, and needs. This data can then be utilized to provide better customer support and develop strategies for increasing sales and improving customer retention rates. A cookie-cutter CRM may lack the necessary customization to accurately capture these specific insights, resulting in lower conversion rates. While this sounds daunting, it doesn't have to be.

Off-the-shelf CRM solutions without any customization or tailoring aren't going to work for advisors of any type, including independent advisors. But, that doesn't mean you have to start from scratch. In order for financial services companies to achieve success in their field, they must utilize a CRM that is tailored specifically to their company’s needs and objectives.

When choosing a CRM, put the client relationship first.

When considering CRM software for advisors, it's important to put client relationships first. Wealth management is a personal business and you need to provide outstanding client service in order to stay competitive. Unfortunately, Salesforce, Redtail, and Wealthbox dominate the CRM market, but don't be fooled - they can't possibly manage your client relationships with the same level of expertise that you have. A carefully chosen CRM system has the power to improve client interactions and help financial advisors keep up with contact management in this grow or die industry.

Key Features in a CRM for Advisors

A financial advisor has very different sales cycles and processes than a traditional sales team will. A traditional business-to-consumer (B2C) company will be more focused on fast, transactional sales with the need for digital marketing analytics, attribution reporting, etc. A traditional business-to-business (B2B) company is a bit more similar to a financial advisor in the fact that it's a relationship-based tool with the need for tracking full customer context. However, advisors need features others simply don't. Even a small firm and/or independent advisors need a professional solution that impresses customers.

Robust Portfolio Tracking

Robust portfolio tracking is essential for anyone in financial services. This feature provides advisors with the ability to track their clients' investments in real time and keep an accurate record of all transactions. With this data, they can have a clear overview of their clients' financial health and make informed decisions when it comes to portfolio management, asset allocation, and other strategic investments. Being able to identify trends over time allows financial advisors to highlight areas of improvement and provide more tailored advice to their clients.

Ultimately, having access to this type of insights helps advisors deliver better services and achieve stronger relationships with their clients. Nothing builds trust, the foundation of a relationship, more than being able to adjust client strategy in real-time and report against it on the fly.

Secure Customer Portals

Secure customer portals are critical for financial advisors because they provide clients with access to their own personal and financial data. By giving clients the ability to track the progress, performance, and updates of their investments in one secure portal, advisors can ensure that their customers have up-to-date and accurate information at all times.

Furthermore, customer portals allow advisers to better protect sensitive client data by offering a secure login process and two-factor authentication. This helps to ensure customer privacy and trust while efficiently servicing their clients. As a result, customer portals offer an easy way for advisors to maintain strong relationships with their clients and keep them engaged in the management of their finances.

Onboarding Automation

Onboarding is the nemesis of all professionals in financial services. Opportunity management, automated workflows, and customizable reports are great. However, if you can't get your client onboarded quickly, all of it becomes a bit pointless. The best CRM is going to streamline the process of onboarding new clients. Automate  routine tasks such as gathering and verifying customer information, creating accounts and portfolios, and keeping track of client data. In doing so, advisors can save time, get rid of repetitive tasks, accelerate the sales process, and reduce errors associated with manual data entry.

Additionally, automated onboarding systems allow advisors to quickly scale their businesses by providing them with the ability to manage multiple clients at once. This allows advisors to efficiently provide personalized services while allowing them to focus on developing long-term relationships with their customers. As a result, onboarding automation helps financial advisors serve more customers in less time while maintaining high standards of quality service.

Client Planning

Comprehensive client planning and adjustments are essential for advisors because they allow them to provide tailored advice and services to their clients. By having access to tools that enable comprehensive analysis of a client’s financial situation, advisors can make sure that their advice is tailored to the specific needs of each customer.

Additionally, having access to tools that allow for easy adjustment of portfolios will help financial advisers stay on top of changes in the market and maintain portfolios that are in line with the changing needs and goals of their clients. As a result, comprehensive client planning and adjustments help advisors provide better service to their customers while also helping them maintain competitive edge in the industry.

Digital Document Management

Digital document storage is an essential tool for financial advisors because it allows them to securely store and access important documents related to their clients from anywhere. Having a reliable system to digitally store customer information such as financial reports, tax returns and account statements makes it easier for advisors to quickly reference the data they need when providing advice. If the advisor is out of the office and out with clients, they can access a good platform from a mobile device.

Additionally, utilizing digital document storage helps advisors maintain a secure environment for customers’ sensitive data, ensuring that only authorized personnel have access to this information. As a result, digital document storage helps advisors increase the security and efficiency of their operations while also providing improved customer service.

3 CRM systems focused on the financial services industry

Salesforce, Redtail, and Wealthbox have the financial CRM market completely on lock. For good reason too - these companies are designed to help any advisor take their asset management portfolio to the next level. While these are big companies, even small firms can use these tools to handle sales pipeline management, act as a contact database for prospects and new leads, as well as manage customers. Big platforms don't have to take up millions of dollars in revenue.

Salesforce, Redtail, and Wealthbox are the ultimate power trio when it comes to CRM systems in the financial services industry - something no other companies have been able to match. So if you’re an advisor looking for a surefire way to increase your assets under management, Salesforce, Redtail, and Wealthbox can definitely help you out.

Salesforce Financial Services Cloud

Salesforce Financial Services Cloud is a CRM designed specifically for the needs of financial services companies. Salesforce CRM was one of the first cloud-based CRMs on the market from all the way back in 1999 and has dominated the CRM platforms category ever since. It provides a relatively intuitive, unified platform that allows users to manage customer data, create tailored customer experiences and develop more effective sales strategies.

While Salesforce Sales Cloud is the original CRM product the company offered, they've done a deep dive into specific niches like financial services, automotive, retail, etc. With its powerful analytics capabilities, Salesforce Financial Services Cloud enables businesses to gain insights into customer trends, predict customer behaviors with Salesforce Einstein, and create personalized strategies for engaging with customers. Additionally, its integrated marketing automation options help financial services organizations build stronger relationships with their customers and increase their sales success rates.

The Benefits of Salesforce for Financial Advisors

Salesforce Financial Services Cloud is a great CRM for financial advisors due to its powerful analytics capabilities and customization options. It allows advisors to get an in-depth understanding of their customers’ needs, preferences and behaviors, enabling them to create tailored strategies that will resonate with their target market. Additionally, the integrated automation tools help the advisors save time while providing a seamless customer experience.

The high-level insights into customer relationships and personalized sales strategies enable advisors to gain an edge in the competitive financial services landscape and increase their chances of success.

The Negatives of Salesforce for Wealth Management

On the flip side, Salesforce can be a bad CRM for financial advisors if they don't take the time to properly use the platform and customize it to meet their needs. If not set up correctly, advisors may not get the full range of analytics or automated features, or they may be overwhelmed by all the data available in the interface. Automated workflows do take setup at the end of the day. Additionally, without proper training, advisors may have difficulty leveraging their insights into customer trends to identify new opportunities, resulting in fewer successful customer engagements.

Redtail, a CRM only for Financial Advisors

Red tail contact management technology is a cloud-based customer relationship management (CRM) system designed to help advisors and other financial planning professionals streamline their operations, manage client relationships, and increase profits. Red tail software offers an array of features such as contact and activity tracking, portfolio tracking, document library, automated marketing campaigns, CRM analytics, and more. Redtail technology helps advisors build better relationships with clients by providing them with the information they need to make informed decisions.

The Benefits of Redtail for Financial Advisors

Redtail CRM is a great option as a CRM for financial advisors due to the simplicity it brings to the table. It offers everything from contact and activity tracking to portfolio tracking and automated marketing campaigns for a comprehensive approach to client management. Additionally, its intuitive interface allows advisors to easily navigate the system, find what they need quickly, and stay organized. With robust analytics and customized reporting, advisors can better understand their clients and uncover new opportunities for increased customer engagement.

The Negatives of Redtail for Wealth Management

Like any CRM, there's always downsides. One potential downside of Redtail CRM for wealth management is its lack of integrated portfolio accounting features. This may make it difficult to keep up with complex portfolios and comprehensive reporting. Additionally, the system does not offer customizable options for fields or forms, which can make it difficult to meet the needs of specific clients. Finally, it lacks in-depth customer support, meaning advisors may have difficulty getting help when they need it.

Wealthbox, a CRM Focused on Customer Strategy

Wealthbox CRM is a comprehensive tool designed specifically for wealth managers, whereas other platforms are often standard CRMs with a financial twist. It offers an intuitive interface with everything from automated reporting and contact tracking to portfolio analysis and customizable marketing campaigns. Integrate it with twitter for twitter wealth box to automate tasks. Its advanced analytics capabilities provide deep insights into client activity, enabling wealth managers to uncover new opportunities and better understand their clients. Additionally, its integrated portfolio accounting can make it easier to manage complex portfolios and ensure accuracy in reporting.

The Benefits of Wealthbox for Financial Advisors

First, Wealthbox is intuitive and it allows users to quickly access all the features and tools they need from one platform. Additionally, its integrated portfolio management makes it easier to track investment performance and analyze client portfolios in-depth, making it a helpful friend in client meetings. It also has customizable options for fields and forms, which can be tailored to fit the needs of each client. Finally, its advanced analytics capabilities provide real-time insights into customer activity, enabling advisors to uncover new opportunities and better understand their clients.

The Negatives of Wealthbox for Wealth Management

Wealthbox CRM may not be a good choice for financial advisors in certain circumstances. It is designed to meet the needs of wealth managers, so it may not be suitable for all types of advisors. For example, its sophisticated analytics capabilities may be too burdensome or complex for those with less experience or smaller portfolios, as well as small businesses. Additionally, Wealth box's pricing structure is geared towards high-end professionals and institutions, making it inaccessible to individuals and smaller practices. Finally, while its features are powerful and comprehensive, they also come with a steep learning curve that can make it difficult for beginners to utilize the full potential of the software.

Microsoft Dynamics: Great Reporting, but Too Complex

While this blog is about Salesforce, Redtail, and Wealthbox, it's hard to write any article about CRMs without mentioning the Microsoft Dynamics platform. While an industry giant, it's more often overkill than not. Dynamics can be a great resource for business intelligence reports, as it provides powerful features that allow users to analyze various sets of data. However, it is often too complex and cumbersome for financial advisors to utilize effectively in most cases.

Microsoft Dynamics requires an extensive technical understanding in order to fully leverage its capabilities, and many advisors may not have the time or expertise to learn how to use all of its features. Additionally, the software has high setup costs and can require long implementation cycles which can make it difficult for small-to-medium sized businesses with limited budgets to manage. As a result, while Microsoft Dynamics can be a great CRM for data analytics and serving as a massive data bank, it can often be too complicated and expensive for most advisors.

Technical Comparison of Wealthbox, Salesforce, and Redtail

While we could write separate articles comparing all three of these platforms against each other, a quick summary for each comparison is included here. All three CRM platforms are industry giants, with a focus specifically on supporting financial services. However, there are key differences between each of these web services and how they support you.

Redtail vs Salesforce

The main technical difference between Redtail CRM and Salesforce Financial Cloud is in the features offered. Redtail CRM focuses on simplicity and ease-of-use with features such as contact management, email automation, and marketing capabilities. On the other hand, Salesforce Financial Cloud provides a wide range of additional features for portfolio management, analytics and reporting, alongside strong integrations with third party systems. While both solutions offer access to back office solutions such as invoicing and payment processing, Salesforce Financial Cloud has the edge when it comes to more advanced capabilities.

Salesforce vs Wealthbox

Both Salesforce and Wealthbox are great solutions designed to help advisors manage client relationships more efficiently. Wealthbox offers a suite of customizable workflows, templates, and integration with financial planning software. On the other hand, Salesforce Financial Cloud provides access to back office solutions such as invoicing and payment processing, alongside strong integrations with third party systems. Additionally, it features advanced capabilities such as portfolio management, analytics and reporting. If you're looking to move from one to the other, a Wealthbox to Salesforce migration isn't very difficult with the right partner.

Wealthbox vs Redtail

There are several technical differences between Wealthbox and Redtail. Wealthbox CRM provides customizable workflows and templates, integration with financial planning software, and access to custom analytics. On the other hand, Redtail CRM offers features such as mobile apps for tracking activities on the go, and easier collaboration among users in remote teams. The Redtail vs Wealthbox equation isn't an easy choice. It depends on your focus; accessibility or analytics.

It's not what you choose. It's how you use it for client relationships.

It is more important to customize and use a CRM for financial advisors correctly than to simply select one. The idea of having the "best CRM" doesn't have a boilerplate solution. Customizing your tool allows companies to tailor the CRM to the specific needs of their business, making it an effective tool for managing client relationships. Additionally, paying attention to the details ensures that all of the necessary features are enabled and that data can be inputted accurately.

Proper use also helps maximize the potential of any CRM by unlocking powerful analytics capabilities and improving overall workflow efficiency. Ultimately, selecting the right CRM is only half the battle - customizing it to fit your business and using it correctly ensures that its full potential is realized.


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