Close Close

Portfolio > Portfolio Construction

First Impressions of Redtail’s CRM Offering

Your article was successfully shared with the contacts you provided.

This past week I had two online sessions with a member of the sales team at Redtail, the CRM software provider. It’s interesting how this came to pass. In this post, I’ll share what I learned. 

A few weeks ago I wrote about my frustration in trying to reach Redtail’s helpdesk. One Red employee noticed I was on hold for a while but had hung up. Much to my surprise, he called me shortly thereafter. Since then he and I have had a few discussions about the software. Here’s the bottom line: Redtail is an excellent choice for its price. 

I have been using ACT for over 10 years and am very familiar with it. While I was reviewing Redtail I was using ACT as my point of reference. I asked some very granular questions about Retail’s features and functionality. 

Because Redtail is integrated with my custodian TradePMR, account information is updated daily. This provides several benefits. For example, in Redtail I can query all clients who are holding a specific security and send them a group email to inform them of any new development. However, as integrations go, this one isn’t as robust as I would like.

To clarify, I would like to see client information integrated as well; including name, (snail) mail and email addresses, DOB, phone number, etc. These items are included on every new account application so the information is already in the system. Including this data in the integration would greatly enhance Redtail’s value. If this is a compliance issue, it could easily be mitigated by obtaining a client’s authorization. 

Redtail’s workflow tasks are another positive. Every business needs consistency. Redtail users can create unlimited multi-step processes (tasks) and apply them to any contact record. Let’s use a client’s portfolio review as an example.

First, you could create a step to contact the client to schedule the review which might be three weeks in advance. The next step might to prepare the review. The third step could be the actual meeting. Finally, the fourth step might be a follow up email or phone call to see if the client has any questions. Within each of these four steps, you could design sub-steps.

For instance, in preparing the review (step two), you would determine what documents and information should be included. There is no limit to the number of workflows you may establish and everything is customizable. You can also assign any of the tasks to another person. 

Next week we’ll conclude with a few additional features. 

Until then, thanks for reading and have a great week!


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.