Many financial advisors have identified customer relationship management as their biggest challenge. CRM software is important for financial advisors who want to increase lead generation, seal deals, and better organize client data.
The best CRMs for financial advisors are adaptable and easy to set up, and they provide a plethora of features that can help streamline workflow, assist in marketing financial services, and a lot more.
To help you select the CRM software that is right for you, we examined a large number of CRMs and narrowed it down to the 7 best CRM for financial advisors.
What is CRM for Financial Advisors
A Customer Relationship Management solution for financial advisors assists financial advisors in managing customers and gaining a deeper understanding of their needs so that they can swiftly provide the most appropriate solutions. Additionally, the finest CRM for financial advisors allows users to schedule appointments and better organize and retrieve financial data.
What Does a CRM for Financial Advisors Typically Include?
The following are typical features you will find in a CRM for financial advisors.
- Wealth & Asset Management
- CRM Analytics
- Document Management
- Lead Generation and Management
- Client data management
- Task management
- Reporting
- Integration
- Workflow Automation
- Client Tracking
How Does a Financial Advisor-client Management Software Help Clients
CRM solutions are necessary for financial advisers to tag current and potential clients according to their requirements, interests, degree of participation, and pipeline position. In addition, a CRM system ought to automate workflow and handle the necessary but tedious duties of scheduling, communications, and follow-up.
Financial CRM aids advisors in getting to know their clients better. CRM for financial services simplifies a large portion of client interaction labor.
What are the Expected Costs of a CRM for Financial Advisors?
The cost of CRMs can differ significantly depending on the company: some CRM providers charge per user while others base their cost on the quantity of databases or assets they handle.
For independent advisers or smaller organizations, CRM software might cost between $45 and $60 per user per month for an entry-level subscription that includes those basic features.
CRMs with extra capabilities like email functionality, marketing automation, or increased data storage, prices start at $70 – $120 at the mid-tier level.
Top 7 Best Financial Advisor CRM
1. WealthBox
Wealthbox is a cloud-based CRM software that has a wide range of industry-related app connectors, making it an ideal all-in-one solution for independent financial advisors and small business owners.
Advisors looking for a customizable CRM can integrate WealthBox with other apps such as RIA, DataPoints, and eMoney. WealthBox is our best pick for finance-specific wealth management CRM options.
Features
- Integrations with over 80 apps
- Data security
- Mobile CRM
- Two-way sync with Gmail and other email providers
Pricing
- Basic: $45/user/month
- Pro: $59/user/month
- Premier: $79/user/month
- Enterprise: Contact WealthBox to get a quote
Pros
- Numerous financial integration options
- Synchronization between email platforms
Cons
- Absence of user support options
- Limited functionality with the basic plan
- Minimal guidance throughout the setup
2. Salesforce
Despite being the number one CRM software for many industries, Salesforce Financial Services Cloud is designed specifically for Financial advisors.
Features
- Sales pipeline
- AppExchange
- Invoicing
- Workflow automation
Pricing
- Starter: $25/user/month
- Professional: $75/user/month
- Enterprise: $150/user/month
- Unlimited Plan: $300/user/month
Pros
- Smart sales forecasting
- Adaptable reporting dashboards
- Phone dialer tool
Cons
- Might be expensive for some users
- Sometimes difficult to learn
3. Pipedrive
Pipedrive CRM is a visual customer relationship management (CRM) platform that has a low entry barrier. It is the best choice for financial advisors who have no experience using customer relationship management systems (CRMs).
It offers a user-friendly interface with pipelines organized in a Kanban-like fashion, visual reporting and a security dashboard that can help financial advisors keep an eye on all data activities.
Features
- Workflow automation
- Business intelligence reports
- Web forms
- Pipeline management
Pricing
- Essential: $14.90/user/month
- Advanced: $24.90/user/month
- Professional: $49.90/user/month
- Enterprise: $99/user/month
Pros
- Hinge-free integrations with other apps
- Auto-track calls and emails
- Multiple, visual pipelines
Cons
- Bulk emailing is not available
- Limited phone support
4. RedTail Technology
Retail Technology is a powerful and easy-to-use CRM platform that was developed exclusively for financial advisers.
Redtail has continuously offered the greatest user experience since 2003 till date. Two major features that financial advisors find attractive are Seminar Management and Redtail University. To handle pre- and post-seminar activities, advisors can connect seminar marketing to their CRM with the first tool, which offers online training on the platform.
Features
- Campaign management
- Seminar management
- Free Database migration
Pricing
- Launch: $39/user/month
- Growth: $59/user/month
- Enterprise: Contact Redtail for a quote
Pros
- Ability to generate leads with seminars
- Robust financial app integrations
- Free database migration
Cons
- Slight learning curve
- Only 15 users per database
5. Zoho
Zoho CRM is one of the best CRM software for financial advisors due to its affordability, accessibility, and array of robust features – especially its omnichannel marketing tools.
With Zoho CRM, financial advisors can create customized email campaigns for different leads.
Features
- App integrations
- Client Management
- Zia AI assistant
- 360-Degree Client view
Pricing
- Standard: $14/user/month
- Professional: $23/user/month
- Enterprise Plan: $40/user/month
- Ultimate plan: $52/user/month
Pros
- Integrates with help desk software
- Thorough client data
Cons
- AI available to higher subscribers
- Not a complete CRM for finance
- Only three users on the free plan
6. Envestnet Tamarac
Envestnet Tamarac offers superior data analytics, portfolio management, and customer relationship management systems for financial advisors. Their software is designed to operate with Microsoft Outlook, and its user interface is modeled after the MS Office applications.
Features
- Roth IRA conversion
- Meaningful conversion
- Operations library
Pricing
Pricing information for Envestnet Tamarac is accessible via a custom quote on the website
7. UGRU Financial
UGRU financials has the most advanced and comprehensive array of financial planning tools that address various aspects of wealth management.
Whether you are monitoring liquid assets such as projected Roth IRA conversations, retirement income planning, or charitable bequests, UGRU CRM has your back.
Features
- Destination Trax
- Decision Center Calculators
- Full-featured accounting
Pricing
- CRM Plus: $59/user/ month
- Performance plan: $139/user/month
- Professional plan: $179/user/month
- Advisor Pro plan: $324/user/month
Pros
- Affordable
- Complete features available for starting the plan
Cons
- Limited options for integration
Bottom Line
In conclusion, your company’s demands will determine which financial CRM is most suitable for you.
Salesforce is unarguably the best CRM for financial advisors because it offers features tailored to mortgage lending, insurance, and personal wealth management.
If you find Salesforce to be too expensive, you might want to look into Redtail Technology, which is more affordable. It offers a short learning curve, and fail-safe security technology protecting your client’s data.