September 26, 2012

RIAs Aren’t Using CRM to Full Potential: Schwab TweetUp

Schwab Advisor Services blogs and tweets about survey of indie advisors’ CRM use

Most registered investment advisors surveyed by Schwab Advisor Services say their firms aren’t using their customer relationship management technology to its fullest potential – and Schwab this week is getting the word out about effective CRM use by blogging and tweeting about it.

RIAs are missing opportunities to use CRMs for everything from business analytics to social media interactions, according to a live Twitter “TweetUp” moderated on Wednesday by Neesha Hathi, Schwab Advisor Services’ senior vice president of technology solutions.

In a TweetUp conversation between Schwab, Byrnes Consulting and Morningstar tech columnist Bill Winterberg, Winterberg pointed to apps such as Newsle, Rapportive and Outlook Social Connector as apps that link CRMs with social media feeds. Schwab, meanwhile, tweeted that most RIA firms only capture social-media interactions and interests manually, if at all.

“Ideally social media would fit w/in the CRM, but there’s still work to be done,” @Schwab4RIAs tweeted.

Meanwhile, a Schwab Talk blog post published Tuesday, “Are RIA firms using CRM effectively?” by Schwab public relations manager Jennifer Davis, said that 72% of RIAs asked about their firm’s CRM use gave their firm either a B or a C, suggesting that there is plenty of room for improvement when it comes to using CRM effectively.

“While an overwhelming majority of advisors, 84%, agreed that the right technology was in place to make effective use of their CRM, only 6% believed that they were using their firm’s CRM data to its fullest potential,” Davis wrote.

According to the survey results, the most-used function of CRM is the storage of client contact information, at 98%. This was followed by preparing and sending client communications, at 61%, and assigning tasks to others in the firm or tracking completion, at 58%.

“This means advisors are barely scratching the surface when it comes to putting CRM to work for their businesses to streamline processes, increase efficiencies and deliver higher levels of client service and satisfaction,” Davis wrote.

Read Action Plan: Strategic Planning With Schwab Advisor Services at AdvisorOne.

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