CRM for RIAs

CRM for RIAsInvestment Advisors need a shared system for effectively managing client relationships and for viewing client portfolios without having to switch back and forth between different logins. The operations team at RIA firms needs a system that makes new client onboarding a smooth process.

The Challenges Facing Your RIA Practice

Wealth management is heavily relationship based in the front office and is highly process oriented in the back office.

Many smaller RIA firms and teams within larger organizations have historically used a system such as GoldMine®, which served them well for functions such as: logged outbound & inbound email communications, centralized file attachments and the development & maintenance of automated processes for client onboarding. One of the limitations of a legacy application such as GoldMine is that it is difficult to integrate with RIA portfolio platforms such as Tamarac™, Orion and TD Ameritrade Veo®. There are also technical risks to staying with a legacy, client/server application.

With a number of options for replacing legacy contact managers and/or homegrown systems including Salesforce, Microsoft Dynamics CRM, Junxure and Redtail CRM, RIAs need to find the time to assess the various CRM options and determine to what extent they integrate with portfolio platforms.

Many RIAs are also looking to integrate marketing automation functionality with a new CRM system in order to better communicate with existing clients and to attract new potential clients. Content marketing is a nascent, yet rapidly emerging strategy in the investment advisor space.

Selecting the Right Blend of Systems

Making the proper CRM and marketing automation system decision requires cataloging all the existing technology requirements and then ensuring that the chosen system can meet those requirements with minimum disruption to the business.