The Tool that Financial Advisors Need To Build a Great Client Experience

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Financial advisors need to provide a cohesive client experience. They want to differentiate themselves by delivering superior service. They seek a consistent process of staying in contact, building relationships and keeping information organized and automated.

Having and maintaining a client relationship management (CRM) tool is vital for financial advisors who want to build a solid client experience. A CRM refers to the practices, strategies and technologies that companies use to manage and analyze customer interactions and data throughout the client lifecycle, with the goal of improving business relationships with clients, assisting in retention and driving sales growth. CRMs are used to manage not only contact information but also points of contact, and help automate tasks and processes.

With all the emails, phone calls and information we utilize in business it would be crazy for advisors to assume that they can manage it all successfully without a system in place.

How can a CRM help?

Client management

A CRM goes above and beyond just storing client names and addresses. Advisors can capture important client demographic and financial information in one place. They can keep track of children’s names, birthdays and email addresses, as well as track when a client last called, a client’s feelings about the market, their love for theater, their job changes or any illnesses. The possibilities are endless. Think about how you feel when you walk in to do business, and somebody asks about your children by name and addresses your previous concerns. It is all about showing clients that you are listening and that they matter.


Financial advisors can also segment clients and prospects by assets and communication intervals. This feature enables advisors to actively communicate with those who are higher net worth while ensuring that the lower net worth clients are not being ignored. A CRM can also set action steps for additional opportunities for future business such as life insurance, 529 plans, LTC, rollovers and reminders for future life events like birthdays, births, anniversaries and retirement.


A CRM can help advisors manage workflows to ensure tasks are communicated and completed. This feature can help them serve clients appropriately, by setting wealth levels to better define coinciding support such as contact intervals, meetings and key performance indicators. The system’s parameters can also be adjusted based on the advisor’s and clients’ needs. In addition to that, processes like onboarding and meetings can be automated.

Prospect management

Imagine being able to set up prospects and track their information, schedule first meetings, send them appropriate marketing information and track how they heard about your financial advisory firm (website, email or referral). Imagine being able to set up an action to thank the person that referred them. The CRM allows you to do all of these things without having to keep the information in your head, on scraps of paper or on a calendar.

What’s not to love about a CRM?


There are CRM options that are designed specifically for financial advisors and offer a variety of service levels. These are great tools for firms that already have an established client base, or for firms that want to get started with a solid foundation.

Red Tail




There are also several generic systems that are free, if you're not ready to commit financially.