In my last post, The Advisor’s Journey to CRM Success, Pt. 2: When Does CRM Make Sense?, we discussed the signs and signals associated with deciding to take the Journey to CRM Success. Now comes the process of selecting the right CRM for your organization, another important decision along the journey. Just like selecting the right vehicle for your transportation needs, your CRM choice can make it a challenging or pleasant ride. Let’s get started…
Which CRM to Choose?
Following a thorough business readiness evaluation, it is time to begin the platform selection process. Platform specialization, budget and functionality (e.g., contact and activity management, templates, workflows and sales management) are a few of the considerations in this early part of the journey. With many good CRM options available on the market, sorting through the potential solutions requires a rigorous process and well-defined criteria.
There are several high-quality CRMs that are focused on the wealth management space. Industry-specific solutions tend to be better bets since ongoing product development will benefit from a critical mass of like-minded customers requesting similar functionality, such as integration with financial planning and portfolio management softwar). The end result is a product with superior out-of-the-box functionality and integration with other software solutions within the wealth management industry.
Next is the balance between budget and functionality. We break functionality into two categories, essential and advanced.
Essential functions include: Contact Management, 360° Client Management, and Activity Management.
Advanced functions include: Templates, Checklists, Workflows (Process Automation), Sales Management, and Mass Communication.
First, determine what functionality you want in a CRM system today as well as anticipating your future needs for the next five years. Then sift through the options balancing functionality needs with budget to narrow down the options.
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