Among advisers who have adopted customer relationship management software, few take full advantage of the technology, according to the Financial Planning Association.
Few advisors are using the workflow processes built into CRM applications or doing much to link CRM systems to other systems, such as portfolio accounting systems, the FPA, Denver, Colo., says in a report on CRM.
But 83% of the FPA members who participated in the advisor CRM survey said they agree or strongly agree that CRM "helps me be more productive," and 88% said they agree with the statement that "I feel that I need to have it."
Advisors who reported using more CRM functions expressed more satisfaction with CRM technology.
About 86% of the CRM users who used their CRM systems' practice management components said they are satisfied with their CRM systems, compared with 63% of those who make no use of the practice management components.
In addition, the FPA found that CRM satisfaction is not correlated with cost: Some advisors who had spent less than $500 on their systems are more satisfied than some who had spent more than $20,000.
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