Best CRM for Financial Advisors

Best CRM for Financial Advisors

Best CRM for Financial Advisors

Personal relationships are at the core of any financial advisory practice, and with the rise of robot-advisors they're set to become even more important over time. But the problem is that the relationship building is difficult to scale for a high number of clients.


It is almost impossible for financial advisors to maintain a large amount of client relationships while simultaneously building a more personal connection with each client. This is important because letting client relationships wear down over time sets the stage for higher client mix up.

The good news is that customer relationship management (CRM) software solutions can address these issues and empower financial advisors to scale their business. Using the best CRM for financial advisors they can make sure they're keeping in frequent contact with a large number of clients while maintaining a personal touch. Best CRM for financial advisors can provide a combination of automated messaging programs and timely reminders for advisors to reach out to clients individually. There are many different tools in this space for financial advisors to choose from to improve their business.

In this article, we will take a look at five of the most popular and best CRM for financial advisor and discuss why advisors may want to consider them.

Wealthbox CRM

Wealthbox is a stylishly planned web and mobile CRM software for financial advisors. The technology has several unique features like click-to-call and social media monitoring, which sets it apart from many competing products in the market. After a 30-day free trial, the service costs $35 per user per month with no long-term commitment. Data is secured with 256-bit encryption over SSL security to ensure that client data is kept private and confidential. It also allows their user to store and integrate files with various services like Google Drive, Dropbox and has a smartphone application which will help you to manage any activity while you are travelling.

Salesforce CRM

Salesforce is a software-as-a-service (SAAS) pioneer that quickly became the world's largest online CRM service provider. Their enterprise solution aims all sorts of businesses but salesforce also have a cloud product for financial advisors. The platform offers a high level of maturity and integrations with other marketing automation tools that advisors may employ in their business. Salesforce CRM also uses artificial intelligence (AI) so the user can get personalized recommendation. Its price range varies from $25 to $300 per user per month and billed annually.

Redtail Technology

According to a market survey, Redtail Technology is one of the best CRM for financial advisors as it has 24% of the market share. Pricing plan of this CRM for financial services is $99 per month per database which makes it easier to scale from a mid-size business to a large size business. The solution also comes equipped with client report generation for gathering personal and account information and comes with free database migrations for those moving from a desktop solution.


Junxure CRM is the most awarded CRM software for financial services because it was developed by financial advisors for financial advisors. Having around 20% market share, they have been the choice for most of the financial advisors for small and mid-sized businesses. But more recently, its cloud-based option has made it accessible for financial advisory firms of any size – although its monthly fees are generally higher than its competitors. Pricing ranges from $44 to $700 per user per month for its premium product.


Envestnet is a well-known leader in the financial advisory space with a broad range of products and services, but its Tamarac CRM has become an increasingly popular tool for advisors looking to nurture their client relationships. The platform is built on the top of the trusted Microsoft Dynamics CRM platform, has a growing number of features and offers extensive integration to help advisors make work personal and connect with their clients.


It is attractive, powerful and one of the best CRM tools for small businesses that are not only affordable for the sole proprietor but is also loaded with some smart features like Users, Contacts, Lead Management, high-level reports by user, organization, category, pipeline stage and more. They can also be a great asset for financial advisors as it can help you to integrate data which you can use anytime in the future.

The interface is easy to follow, and there are plenty of customizations and integrations, though it cannot natively handle all aspects of your business like Apptivo nor does it offer to customize reports and dashboards like Salesforce and Zoho CRM do.

The Bottom Line

Best CRM software for financial advisors is valuable as the market is getting tougher. Over the past couple of years, several companies have launched solutions targeting financial advisors with extensive feature sets and deep integration with other tech tools. Those looking for help choosing the right solution for their business should consider this list. Many CRM providers will offer free demos on their websites, and it never hurts to ask your fellow advisors which solutions they prefer to use at their practice.

Benefits of the best CRM for Financial services

Below we have discussed in detail about the benefits of using a CRM system for financial services firms and how they can best utilize it to their advantage and the advantage of their clients.

Focus on creating Personalized Experiences for their Customers

Nowadays the competition has been increased in all the sectors, Hence a good customer service has become more important than ever to keep your clients happy and ensure timely and relevant communication. Financial sectors have to manage lots of client's assets and investments, so a good customer service is more challenging here and even more critical than in other industries. That's where a good CRM implementation helps your customer with a more personalized experience that makes the client feel like they are being personally cared for; not only when the problem arise but  during the journey of the company. With CRM, financial sector firms can better identify and cater to their client's needs on an individual basis.

Improvement in profitability

A good CRM system enables financial organizations to give their employees better training that helps them to tackle customers issues more easily. It helps you to get good infrastructure and better performance in the end. The end goal of any financial company is to acquire more customers, retention, and profitability. Financial services firms that don't implement CRM will undoubtedly find themselves with lesser profitability coupled with a sharp decrease in the number of customers.

Customer Satisfaction

It is important to make each customer feel like as if they are the only one that matters. This would be helpful in a long way in satisfying and retaining them. Financial sectors need a return on the investment and it has been proven that an increase in customer satisfaction more than contributes a fair share to ROI. The best CRM for financial services helps to enhance customer satisfaction and retention of customers.

Centralized information repository

A best CRM for financial advisor can easily integrate people, data, process and latest technology.  Financial CRM provides financial organizations with an overall view of all monetary relationships and customer information. It stores important information in a single arsenal from where it can be understood in the future.

In a nutshell

At the end of this article we can say that the customer relationship management solutions is getting very crucial for financial advisors and firms as marketing is getting more tough. Competitions are increasing, margins are eroding, customers are becoming more demanding and the life-span of products and services are shortening drastically. All these factors make it necessary for financial institutions to strengthen the relationship with their customers and serve them with proper care via the channels they prefer.

Financial firms that use the above mentioned best CRM are more likely to build strong relationship with their clients as it will increase their revenue and reduce operational cost.

Get The CEO Magazine to your Door Steps; Subscribe Now

Software Suggestion

No stories found.

Best Place to Work

No stories found.

CEO Profiles

No stories found.

Best Consultants

No stories found.

Tips Start Your Own Business

No stories found.
The CEO Magazine India