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CRM for Financial Advisors: Guide to Optimize Business Potential

CRM software for financial advisors is key to building and maintaining client relationships. More and more wealth management professionals are using CRM systems to grow their businesses.

The entire CRM industry is expected to grow at a rate of 14.27% from 2020 to 2027. This means that if you’re not planning on introducing a CRM soon, you’re going to fall behind.

Whether you’re still learning about CRM solutions or you’re in the middle of shopping for a CRM - you’ve come to the right place. This guide is a one-stop-shop for everything you need to know about a CRM for financial advisors and financial planning experts.

How does a CRM for Financial Advisors work?

Customer relationship management (CRM) software collects, organizes, and stores client data in a centralized, easy-to-access place. This includes contact information, personal information, notes, portfolio details, conversation history, and just about anything else.

The beauty is that there’s no need to manually input data - a CRM collects client information automatically. Many CRMs also incorporate marketing tools, automation tools, and back-office solutions.

Must-Have Features in a CRM for Financial Advisors

CRMs manage your client relationships. However, the best CRM software for financial advisors goes above and beyond this basic function. Take a look at the must-have features of a CRM for financial advisors.

Consolidate Details About Clients and Leads

A CRM system’s basic function is to capture every important detail about your clients and leads. But it also has to consolidate and manage this data so it’s easily accessible. Whether you need to know a client’s social media, personal preferences, or review their finances before a meeting - it shouldn’t take more than a few simple clicks.

Track Communication

It’s easy to forget your last conversation with a particular client - especially if the details aren’t readily available. This is why you’ll want your CRM solution to track the entire history of communications with both clients and leads. You’ll be able to offer more personalized recommendations and strengthen your business relationships.

Manage your Schedule

As a financial advisor, it’s not uncommon for your day to be filled with back-to-back meetings. When everyone is pulling you in different directions, it helps to have an automated system that tracks your schedule.

Automate your Workflow

Opt for CRM software that automates repetitive tasks, such as follow-up emails and client onboarding. This will give you a competitive edge and boost your productivity. You and your team will have more time to focus on building client relationships or other pressing tasks.

Streamline Marketing Efforts

A CRM system that supports your marketing efforts is critical if you’re planning on scaling your wealth management business. The right CRM can help you generate leads, automate referral efforts, track potential opportunities, and more.

Integration with Other Apps

The best CRM software for financial advisors can handle a lot of tasks. However, you’re still going to need additional software programs to conduct other business processes. Whichever back-office applications you regularly use - a CRM that’s able to fully integrate with your day-to-day tools will make your workflow easier.

Ease of Use

A CRM can offer all of the top-notch, must-have features. But if it isn’t easy to navigate, it’s going to take up your time and slow down your business. Opt for software solutions that provide a quick and seamless setup process. You’ll also want the platform to be intuitive and easy to use.

Benefits of a CRM for Financial Advisors

A CRM for financial advisors brings a host of benefits - including improved client relationships, detailed analytics, greater productivity, and a streamlined workflow. Here are some of the top ways a CRM for financial advisors can improve your business.

Optimize Sales

A CRM is one of the best ways to boost revenue and close deals. You’ll be able to build a sales pipeline, automate key tasks, and convert leads. You’ll also be able to review sales data and track ongoing opportunities. The result is a faster and more efficient sales process. In fact, teams that utilize CRM automation can see as much as a 10% uplift in sales potential.

Improve Client Relationships

Only 37% of clients feel their financial advisors are aware of their life goals. Software that automates and streamlines data into a single, centralized space makes it easier to keep track of client goals. You’ll be able to provide more personalized service and improve client relationships.

Improve Employee Productivity

Chances are, you and your staff are sidetracked by menial tasks daily. CRMs allow you to automate many functions including data entry, scheduling, email follow-ups, and more. All your data is also centralized - which means you can save time by not having to search for client information.

Better Communication

CRMs make it easier to stay on top of important information by tracking your conversation history with clients and leads. CRMs also streamline communication internally with automated workflow tools. If you and your staff are having trouble managing different communication channels, a CRM can improve efficiency.

Top CRMs for Financial Advisors that work with Quik!

Redtail Technology

Redtail Technology is one of the most popular CRMs for financial advisors. It’s touted as both feature-rich and easy to use. Redtail CRM incorporates workflow automation tools, client data reporting, scheduling, seminar tools, sales pipeline tracker, and more.

Should you need help navigating the software, you can head over to Redtail University - an online portal where you can access training and support. Plus, Redtail’s CRM can be easily integrated with Morningstar, MoneyGuidePro, and Riskalyze.


Salesforce is a leading CRM software provider across multiple industries. Its Financial Services Cloud is specifically catered to independent advisors and wealth management professionals.

Salesforce incorporates automation and AI-driven analytics to review data, predict sales trends, help you manage your day-to-day, and improve client relationships. Salesforce also integrates with many financial planning tools, electronic forms, compliance solutions, and data sources.


SmartOffice by Ebix is specifically designed for professionals in the financial services industry. It boasts all the must-have features, including contact management, scheduling, reporting tools, sales tracking, email marketing, and more.

SmartOffice is touted for its customizable interface - you can choose exactly what type of client data you want to review. It’s also easy to use and fully integrated with many data sources.


A favorite among financial advisors, Wealthbox manages to provide a host of features within a well-designed, intuitive platform. Aside from must-haves like contact management, scheduling, opportunity tracking, workflow automation, data integration, and more - Wealthbox also offers click-to-call and social media integrations. It also boasts top-notch security measures that protect your client’s information even as you work on the go.

Boost Business with Workflow Automation Tools

A CRM is an important key to managing your client relationships and boosting business. But there are other workflow automation tools you can incorporate to reach maximum potential. For example, the hassles of paper forms can be easily mitigated by using the Quik! App - a leading forms automation solution that simplifies how financial industry professionals process paperwork.

The Quik! App incorporates electronic form solutions and, just like CRMs, offers a host of benefits. From improved productivity to cutting costs - The Quik! App modernizes your workflow and helps you improve client relationships. Plus, it integrates with your CRM and other data sources.

Ready to optimize your business potential with the latest automation solutions? Get in touch!

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