CRM Critical for Financial Firms - Global Vision Technology Blog

Investment advisers and other types of finance professionals can also benefit from using CRM as a platform to:

— Log every single task, appointment and activity
— Measure KPIs and generate reports
— Streamline financial profiles of clients assets and investments
— Allow for team collaboration and task management
— Automate Marketing campaigns and client communications

From an operational perspective, using onboarding process guides in the CRM Finance increases ease of use, ensures compliance steps (both the sequence and completeness of steps) and provides a visual queue of where a client’s process stands at any point in time. The CRM Service can also then be used for client or KYC alerts, notifications and reporting, such as the Incomplete KYC report I create for pretty much every financial services client.

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Below are two sample illustrations of onboarding process guides that are part of the client contact record in the CRM Service. The first is a 5 stage KYC new customer onboarding and the second is a 4 step new Life Insurance policy.

Reporting Using CRM

CRM is king when it comes to reporting on and measuring various kinds of Key Performance Indicators (KPIs). Managers & partners can monitor KPIs such as pipeline, deal progression, sales follow-up, close rations and many other metrics that are integral to building a book of business.

With a specific financial services/wealth management CRM Finance, practices can have built in capability to track financial history, flag key dates and deadlines, record all client interactions, tasks and ensure that all activities undertaken by a wealth management firm are managed within a centralized place by using CRM Finance.

Attrition with CRM

A key to leveraging CRM for growth is to implement a solution that enables firms to stem client attrition.

For smaller and independent firms, stemming attrition is critical to establishing upward AUM growth, so that they are adding to their existing client base with each new business signing rather than simply replacing churn. Bain and Company has calculated that just a 5% increase in retention can translate into a 75% increase in revenue.

To find out more about CRM Finance, click hereto conduct a free call.