ByAllAccounts Inc. and Redtail Technology announced Tuesday a joint partnership that will give financial advisors easier access to a client snapshot that combines client relationship management software with clients’ account data.
Based in Woburn, Mass., ByAllAccounts is a data aggregation firm used by thousands of advisors and wealth managers to process billions of dollars and millions of financial data records. Redtail Technology, headquartered near Sacramento, Calif., is a web-based CRM firm focused on the financial services industry.
Joining ByAllAccounts’ aggregation engine with the Redtail CRM platform satisfies advisors’ demand for a more efficient way to populate their CRM with clients’ custodied and held-away account data to get “a complete net worth picture,” according to the companies’ news release.
A joint webinar, "How to Choose and Use CRM Systems for Financial Advisors," will be held at 2 p.m. EDT on Tuesday, Aug. 30 to provide advisors with more details on CRM trends and software use.
“For advisors, finding new ways to deliver excellent client service is always top of mind,” said Cynthia Stephens, vice president of marketing at ByAllAccounts, in a statement. “With the current market volatility and increased need to efficiently address clients’ concerns, having account data at their fingertips in their CRM systems is another way for advisors to ensure that they can provide the best possible service.”
Marketing research showed the companies that advisors were seeking better CRM data aggregation.
In a recent ByAllAccounts survey, more than 70% of respondents said they were “very interested” or “interested” in populating their CRM software product with clients’ account data. Almost 50% said they would like to include held-away assets in addition to custodied assets. Of respondents who are already importing held-away assets to their CRM systems, more than half are doing it manually, “which is highly inefficient,” according to the release.
In another deal announced in July, ByAllAccounts and Envestnet Inc. said it has formed a strategic partnership to provide financial advisors with additional means to grow client wealth.
Read Advisors Need CRM Now More Than Ever, Aite Group Finds at AdvisorOne.com.