Select the Best Financial Advisory CRM for Your Firm

Building the right tech stack with best-of-breed technology can make or break your wealth management firm. The modern advisory firm now requires a digital back office to run efficiently, from investment research software to financial planning analysis platforms. And this approach to client management and communication follows the same pattern.

A client relationship management system (CRM) software is the foundational way to track a client relationship. From the 1980s onward, businesses have leveraged a digital CRM platform to organize, review, and communicate with clients. One study found that 85% of users felt that their CRM system improved the client experience. But there are many additional benefits: Streamlined operations, better collaboration, faster decision-making, and a stronger competitive edge.

That said, there are dozens of CRM software options out there – not all of them geared toward financial advisors.

That’s why we’ve curated a list of the top financial advisor CRM software and what sets them apart.

What Makes a Good CRM

Not all client management tools are made equal—and for financial advisors, differentiating between software is essential for a streamlined workflow.

Unlike in other industries, financial advisors and fiduciaries have a particular set of requirements. Stringent compliance regulations, proposals, collaborative needs for firms, secure filing sharing, and the requirement for advisory integrations all factor into finding the best CRM. And even among advisory-specific CRM software, there is a wide range of solutions.

How can you tell which solution is best for your needs? There are a couple of features every CRM should have:

• Customization options
• Advisor-specific integrations
• Intuitive design
• Client data insights
• Extensive record keeping
• Automated workflows

The Best CRMs for Financial Advisors

AdvisorEngine CRM

AdvisorEngine is known for its advisory technology, such as portfolio management, planning software, and client onboarding tools. But Junxure CRM also offers advisors a way to streamline their processes and contact management without adding a new brand to their tech stack.

At $65 per month, Junxure offers:

• Prospect to pipeline views
• Contact management that links financial, opportunities, and documentation to a specific client
• Practice management automation for repetitive tasks
• Visual, data-driven dashboards for at-a-glance reviews
• Administrative tools for improved security and organization

Already have AdvisorEngine? Learn how to integrate it with Nitrogen here.

Hubspot CRM

For many firms, advisory or not, Hubspot can be a starter CRM. Like Salesforce, Hubspot is not built specifically for advisors, RIAs, brokers, or broker-dealers. However, it is equipped with several essential features:

• Deal pipeline
• Company insights
• Live chat software
• Meeting scheduler

Why is it a good starter software? The base program is free for up to 1 million contacts. While it lacks extensive integrations and automation of other platforms, it’s a great way to get a feel for how a CRM works if you’ve never used one before.

If you want to upgrade to a paid plan, there are several options depending on the features you want and whether you want to include Hubspot’s other modules.

Redtail Technology CRM

The Redtail CRM is built with advisors in mind. Now owned by Orion, Redtail offers several tools for financial services professionals and advisors. Some key features users can take advantage of are:

• Custom, automated workflows
• Extensive integrations
• Laser-focused reports
• Scheduling calendar for teams
• Notes for documenting client interactions
• Prospect to client pipeline tracker
• Seminar management

This platform also has several additional products, including tools for emails, marketing campaigns, document management, and texting services.

Pricing ranges from $35-$59 per month, with an additional option for a custom quote.

Learn how Nitrogen and Redtail integrate here.

Salesforce CRM

Salesforce isn’t tailored specifically for advisory firms, but as one of the largest and most well-known CRMs since 1999, it’s possible to add this to your tech stack.

As a robust CRM, Salesforce users enjoy several different benefits, including:

• Automated workflows powered by AI
• Access to marketing, sales, and service features
• A vast library of integrations
• Enhanced data reports

In most cases, an advisory firm will only need to sell a product but may add on to it with other offerings. Depending on your needs, the investment runs from $25-$330 per month.

The trade-off for this CRM is that while it is endlessly customizable, it may also be complicated to get used to.

Learn how Nitrogen and Salesforce integrate here.

Smartoffice CRM

Powered by Ebix, the Smartoffice CRM makes it clear that client security is its top concern. Most advisor-centric CRMs offer a high level of encryption and meet compliance standards, but Smartoffice has partnerships with two leading companies in cybersecurity: FCI and OS33.

Smartoffice also offers your firm:

• Contact management
• Personal and shared calendars
• Dynamic client data reports
• Policy and investment tracking
• Prospect-to-client pipeline process

They also integrate with nearly 100 other software tools, including FMG Suite, Constant Contact, InsurTech Express, and Nitrogen.

Already have Smartoffice? Learn how to integrate it with Nitrogen here.

UGRU Financial CRM

UGRU Financial is a CRM and practice management suite designed for advisors and RIAs.

For $59, you and your team can leverage:

• Unlimited contact management
• Lead management and tracking
• Team calendars
• Performance dashboard
• Event tracking and client notes
• Automated workflows
• Reports

Packages go up to $324 per month and include additional features such as client portals, marketing automation, lead capture, and website tracking.

Wealthbox CRM

Wealthbox has been named one of the “easiest to use” CRMs by users and is designed specifically for financial advisors. In fact, usability is one of the key advantages of this financial CRM. And this is important, given its vast array of features.

An advisor using Wealthbox can expect tools like:

• Contact records
• Contact social media tracking
• Phone calls and emails
• Email and document storage
• Customize contact record fields
• Segment clients with tags

Users can also expect to integrate Wealthbox with numerous other software options, allowing you to customize your workflow. For example, you can connect your Wealthbox account to your custodian, scheduling software, task management software, risk analysis tools, and more

The general pricing runs from $45-$75 per month, with an additional option for a custom quote for enterprise firms.

Learn how Nitrogen and Wealthbox CRM integrate here.

Financial Advisor CRMs compared

Making the most of your CRM: Best practice

Even with the best CRM software, your advisors and fiduciaries are limited without a clear strategy. Your CRM system will likely be your digital communication, marketing, and sales operations hub. As a result, workflows can become complicated.

1. Determine the role of your CRM in your workflow: Your financial advisor CRM software will have multiple functions. You must decide whether your CRM will primarily be used for sales or include marketing and client service roles. This will enable you to understand your overall tech stack better.
2. Set goals and KPIs: Every CRM system should include analytics and key metrics. Typically, there will be a report dashboard for you to review deals, new prospects, climate responses, and other essential information. If possible, you will want to customize your reports to make data collection and review more efficient.
3. Plan your implementation: Whether you are starting from scratch with a new financial CRM software or migrating from another platform, you will want a plan for how to start using the software. If you run a larger firm, you will need to train your junior advisors and consider what infrastructure is needed prior to using it.
4. Customize and personalize: You may not need to customize everything, but you’ll likely want to fine-tune some features to ensure they make sense with your workflow. It’s also important to assign roles to different levels of users. For example, you may have a marketing employee, but you might not want them to have access to client information.
5. Audit and cleanse your CRM: Over time, you’ll want to ensure that your CRM solution is both being used correctly and is not acclimated to outdated or bad client data. Cleaning your system and taking account of your process regularly ensures long-term productivity, maintains accurate data, and makes it easier to optimize your processes.
6. Decide what to automate: Not everything can be automated, and depending on your firm, not everything should be. Determining what you plan to automate and how your CRM platform fits into the process — including potential future-looking features, can help you continue to scale.
7. Include client journey considerations: One of the most significant benefits of using a financial advisor CRM software is upgrading the client experience. When building your workflows, it’s vital to consider what the client will see and interact with.
8. Use your CRM to centralize data: A best-in-class CRM platform integrates with key advisory software such as Morningstar Office, Nitrogen, eMoney, and Orion, as well as general marketing and sales solutions. Plugging in these integrations to your CRM enables you to centralize data and get a better view of your operations.

How top firms are driving growth

Implementing financial CRM software is the first step for setting the foundation of a high-growth tech stack. But technology is only one piece of the puzzle regarding scaling your business.

To glean more insights and growth strategies, read our 2023 Firm Growth Survey.