Customer relationship management software is the most widely used software among top-performing financial advisory firms, according to new research.
So reports ByAllAccounts, which released these finding in “2013 Adviser Technology Study: Driving Efficiency, Profitability and Growth.” Produced in collaboration with InvestmentNews research, the survey examines the technology trends among top-performing advisors.
The study reveals that nearly all (99 percent) of “innovative advisory firms”—those that produce superior financial results than all others — have adopted customer relationship management (CRM) software. This compares with just over 8 in 10 (81 percent) of other financial practices.
The difference in adoption rates extends also to a host of other software applications. Among them:
Financial planning (96 percent of innovators vs. 70 percent of other practices)
Account aggregation (89 percent vs. 42 percent)
Document management (86 percent vs. 55 percent)