Report Emphasizes Importance of CRM Solutions for WM

The report, “CRM for Wealth Management: Approaching Total Practice Management,” details the value that CRM solutions can provide to the wealth management industry. The report highlights investment drivers for CRM and forecasts CRM spending in North America to increase. In addition, it provides an in-depth comparison of seven North American CRM vendors that cater to the wealth management industry, and names best-in-class solutions for several categories.

In a March 2011 adviser survey, the Aite Group found nearly a quarter of 380 financial advisers either do not have access to a CRM solution or do not find the solution useful for their business model. Aite expects this number to decrease as the value of CRM solutions becomes more apparent; older CRM tools were not as comprehensive as today’s, the firm said. Today’s tools are Web-accessible and service-oriented, allowing advisers to manage and automate client service; sales, marketing, and risk management processes through embedded best practices; workflow tools; and integration with other wealth management applications.

“Financial advisers need to up their game in a post-crisis environment in which clients are more risk-averse and seek increasing control over their investments,” says Sophie Schmitt, senior analyst with Aite Group and author of the report. “Advisers need CRM technology now, more than ever, to help them manage increased client activities efficiently and strategically.”

The report also provides an in-depth comparison of seven North American CRM vendors that cater to the wealth management industry, and names best-in-class solutions for several categories. To purchase this report, contact sales@aitegroup.com.