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

Platform Pricing (monthly) Integrations What Reviewers Are Saying
Advisor Engine $65 Yes Users find this CRM to be robust and compliant, making it easier to streamline asset management and client interactions. However, it may have a high learning curve, and it can be time-consuming to run reports.
Hubspot $18-$1,600 Yes, for general apps, not advisory apps This platform is easy to customize and use, but it is limited regarding advisory integrations. Its workflows are also highly manual compared to other platforms.
Redtail $35-$59 Yes Reviewers say that Redtail is straightforward to use, but it can take time to implement.
Salesforce $25-$330 Yes, for general apps, few advisory-specific integrations Users describe Salesforce as a great option for data management and customization. However, apps for financial advisors are limited, the platform may seem slow, and the price tag is higher than many alternatives.
Smart office $30-$85 Yes Advisors find Smartoffice a great choice for day-to-day operations, but the interface and customization process could be improved.
UGRU Financial $59-$324 Yes Users find UGRU to be a comprehensive platform with excellent client service. But it can be challenging to learn.
Wealthbox $45-$75 Yes Reviews love how Wealthbox integrates easily into their tech stack, email tracking feature, and automation workflows. However, some users would like more customization options.

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.

Develop an Effective Client Communication Strategy

A client communication strategy streamlines collecting client feedback, determining key workflows for regular check-ins, and encouraging client engagement. And it’s a common denominator of high-growth advisory firms.

According to Nitrogen’s 2023 Growth Survey, high-growth firms rank client communication as a priority more so than low-growth firms. They also consider regular client meetings and client personalization as critical for growth.

But today, effective communication is more than answering the phone and making a call. And manually calling or writing personalized emails is not sustainable if you want to scale your firm.

Thus, many advisory firms can tap into growth by optimizing their client communication.

Taking Stock of Your Communication Capacity

There’s no question that client communication is essential for success. But the question is whether or not your strategy is scalable in the long term.

Communication isn’t a quick task, particularly if you have dozens of clients. For growing firms with multiple advisors, communication becomes even more complex. Should all your advisors maintain the same brand tone? Should they be given room for their own personas?

Yet, if you want to reduce client turnover while facilitating growth, finding time and resources for effective client communication is mandatory. Without it, clients may feel like a number—and start looking for a new advisor.

Before anything else, it’s important to consider your communication capacity. In other words, how often can you realistically take per week to communicate with clients? Ideally, you could take stock of how much time you spend on communicating, what tools you use, and client reactions to it. This will enable you to better map out your strategy.

Once your process is mapped and you know your initial commitment, you can develop a stronger client communication strategy.

Top Tips for an Effective Client Communication Strategy

Stay Empathetic 

Empathy should be the foundation of a communication plan. Anticipating clients’ needs, concerns, and questions makes it easier to draft a solid communication workflow and build strong relationships.

Centering empathy is also known to accelerate growth. One study by the Harvard Business Review found that the top 10 most empathetic companies generated 50% more earnings than the bottom ten companies.

Follow Communication Preferences

It’s helpful to consider how your clients prefer to be connected. Not everyone wants a phone call or has time for a face-to-face meeting. Video calls, pre-recorded videos, emails, and text messages are good alternatives.

Communication is also a two-way street. It’s essential to have a clear channel for clients to contact you. Again, email, virtual calendars, and your phone number are typically the main modes. However, you may also want to consider automation solutions, such as live chats, that can answer simple questions about your firm—including how they can book an appointment, opening hours, and your services.

Personalize Whenever Possible

Another key component is personalization, or ensuring each communication is tailored to specific clients. The challenge is that many forms of personalization aren’t scalable.

For example, calling a client twice a month for a 10-minute update is easily one of the most personalized communication methods. But it’s incredibly time-consuming and challenging to continue as you grow.

However, there are other ways to personalize communications, such as:

  • Using client’s names in emails, even general emails sent to all clients
  • Sending curated content relevant to client interests (updates on IRA contributions to individuals saving for retirement)
  • Financial plans and reports with unique scenarios specific to clients’ portfolios and concerns.

A tool like Nitrogen’s Check-ins enables advisors to communicate in a way that is both scalable and personalized. Check-ins is an automated communication feature that allows the advisor to take the pulse of clients and receive an early warning sign if a client’s psychology needs a little care.

Build a Seamless Tech Stack

Next, you’ll want to consider what tools you will use. Your communication tech stack should be intuitive for both your advisors and your users. Challenging or overly complicated tools can be cumbersome to use and waste more time.

Ideally, you should also be able to integrate these tools with your other advisor software. Centralizing data and connecting communications with your CRM or portfolio management platform has a few benefits. First, it makes auditing a cinch. Second, this setup makes it easier for advisors to review specific client concerns. And finally, your software may make prioritizing check-ins based on client information easier.

When selecting communication software, a collection of best-of-breed tools ensures you’re getting the top performance in each specific area, whereas all-in-one solutions might compromise on certain functionalities to provide a broader range of features. To achieve a seamless tech stack, find the best software in each category that integrates together.

Decide on Communication Frequency

How often will you communicate with clients? The frequency depends on how you are contacting them.

Let’s take email, for example. In this case, less isn’t more. Thirty-three percent of marketers send weekly emails, although this may initially appear challenging. You’ll want to send a message at least once a month or quarter. Typically, emails are the best mode for general communications, client feedback surveys, and other general updates.

However, when looking at phone calls and one-on-one meetings, determining the regularity can be more complex. Considering each client has a different risk tolerance and communication style, some may require more attention than others. In addition to annual reviews, it’s important to prioritize client communication needs and schedule additional meetings when necessary. But during a downturn, you may need to allot more time and resources to your communication plan. Nitrogen Check-ins can help you identify which clients need more personalized care, and which don’t.

Whatever frequency you choose, it should be regular. Inconsistent communication will keep clients guessing and will negatively affect engagement.

Track Key Performance Indicators (KPIs)

It’s impossible to track and optimize the effect of your client communication on retention if data isn’t tracked and analyzed. Luckily, many platforms offer client communication management modules that include data.

For example, your email marketing platform may include how many recipients have opened your email or where they have clicked. A client communication tool that includes automated check-ins, such as Nitrogen, may also provide insight into which accounts require immediate attention.

You can use clicks, opens, and several calls to gauge how often you communicate with clients. You can also look at the average resolution time – a metric to determine how quickly you or your team resolve client questions. Tracking client satisfaction can also give you better insight into the client experience.

Analyze Time Spent on Client Communication

How much time can you realistically spend per day or week? Setting realistic expectations enables you to be consistent—which is just as important as frequency.

Effective communication shouldn’t take hours or days. And much of it can be automated.

For example, some general messages in your communication plan can be automated:

  • Meeting reminders
  • Reminder to book a call
  • Client feedback surveys
  • Check-in questions
  • Mass email updates about the general market

Reducing time spent on repetitive, low-impact but necessary messages can help you free up more minutes for other important tasks.

Draft a Communication Policy

For growing firms with multiple advisors, a communication policy is vital. This streamlines the process and builds the firm’s reputation, not just the single advisor.

For most businesses, communication policies are a part of their brand guidelines. But while 85% of organizations say they have developed brand guidelines, only 30% said they can enforce them. Complex rules are challenging to enforce within a small firm, and the larger your operation grows, the harder it is to ensure that advisors stay on brand. Furthermore, attempting to regulate an individual’s communication skills can add unnecessary friction between the firm and its advisors.

It’s better to balance communication policies and rules with individual advisor personalities and communication skills. Too much structure creates a general, robotic voice that doesn’t sound like your specific advisors, and this can throw off clients. It can also decrease personalization.

Differentiate Between Client vs. Prospect Communication 

Next, there are two types of communication: clients and prospective clients. And the communication styles should be distinct.

Clients have already decided to work with you or your firm. The emphasis becomes client satisfaction and a strong relationship.

But for a prospect, good communication revolves around answering questions about your practice, highlighting your value, and learning more about the prospect’s needs.

Effective client communication should go far deeper than it is for prospects.

Beyond Communication

Client communication management is the foundation of all other client engagement initiatives. Once you have a strong communication plan, it’s easier to move on to other strategies to keep clients engaged and loyal to your firm.

Learn more strategies in our recent article on client engagement.