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JANUARY 11, 2016

CRM: a Good Strategy Helps Wealth Managers

By Objectway

Reading time: 2 min


Today, a wealth manager who wants to thrive has to widen the choice of service options for its clients. That’s because the clients are demanding new and unprecedented levels of automation and self-managing tools and, at the same time, they still look for a truly personal relationship with the wealth manager, the same they could find at their traditional, brick-and-mortar, bank from the ’90s.

The Wealth Management Trends 2015 report from Celent Research explains how wealth manager can use CRM systems as an important tool to effectively manage these issues.

A CRM system has indeed two main roles: collecting either data and knowledge regarding clients, but today’s CRM expected role go far beyond . The information gathered through a CRM can ben used by the advisors to craft a really personalized experience for the client, that can benefit either from the most advanced digital tools and a close relationship with an advisor he or she trusts. It is a mutichannel collaboration platform to engage with your customers.

Implementing an effective CRM strategy is not an easy feat. Wealth Management Trends 2015 shows the main business functions in a well-executed CRM strategy.

The report also shows how CRM systems are growing in functionalities, compliance, analytics, artificial intelligence features, and access from mobile platforms, to answer the needs of advisors and those of the clients too; they can often take advantage of dedicated websites and repositories for learning, investing and talking to the wealth manager anytime, anywhere.

From CRM to Financial Planning

In the foreseeable future, financial planning will remain a chance of differentiation for advisors that seek differentiation and a way to stand out in the market. In fact, the complexities and the need for human touch associated to financial planning make competition in this area hard for fully-automated services.

A good CRM strategy allows the wealth manager to invest on the automatized part of their experience in order to enable real conversations between client and advisor through digital platforms: a better reach towards the client and resource optimization, both at the same time. The client, meanwhile, has the self-managing options he or she demands, without giving away the chance of receiving human and personalized advice.