Posted by Alanna Friedberg on Feb 9, 2021 10:15:00 AM
Like most businesses, the financial services industry relies on the client relationship to stay competitive. It’s a people-driven business, after all, and with those clients come reams of financial data that must be kept secure. A customer relationship management (CRM) platform is an important tool for financial advisors in banking, retirement, portfolio planning, or other areas, to manage data and client contacts. Here are 10 ways a CRM for financial advisors can change your business. A CRM is a software that helps companies manage business relationships by keeping them connected with existing and potential customers. You can use these tools to find new clients, manage information, handle customer issues, upsell existing clients, and more. A CRM for financial advisors, or for any other business, helps manage the flow of information from customer service, marketing, social media, and sales. All of this is done from a customizable dashboard that shows customer data at a glance. These tools keep companies more organized and individuals working smarter. Forrester Research reports that prospect-to-client conversion rates can improve up to 300% when a CRM is used. That same research says that 74% of businesses have better customer relationships when they use a CRM. We know that customers are increasingly seeking a personalized experience. CRM for financial services allows these firms to provide customer service that will attract new and retain existing clients. The key to CRM isn’t the customer relationship; in fact, it’s the management of that partnership between the business and the client that is so important. Having a user-friendly CRM with smart automation tools allows sales teams to stay organized around the hundreds of leads and clients that are required to build and manage a book of business. When a lead becomes a client, the CRM tracks prior customer activity and automate regular contact to keep them engaged longer. Why does this matter? A Bain & Company report shows that if companies can increase customer retention by 5%, they boost profits by 75%. While this is good data to make note of, the financial services industry is a competitive, complex, and challenging profession. Becoming a trusted advisor who handles client money and confidentiality while staying compliant with federal regulations takes exceptional software. Can a CRM for financial advisors really handle all this? How can a CRM change a business in this industry? CRMs allow greater control of your leads and clients. Without a CRM, how will you track sales activity or know when to follow up with your database of clients and leads? While you may spend big bucks on lead generation, it is the crucial follow-up that often fails. Statistics tell us that it takes an average of eight contacts to convert a lead to a sale. A CRM organizes your efforts to reach current and potential customers to engage them. How else can a CRM help your financial company? You’ll find all of these benefits in the Microsoft Dynamics CRM for financial advisors. IES works closely to bring these tools to the financial services industry to help them easily make use of the best tools available to grow their business. Talk to our team today to take a test drive of the software that will grow your business.CRM for Financial Services
ROI from a CRM for Financial Advisors
In sales, even the simplest of tasks can be time-consuming. For example, if you’re still booking client appointments manually, a CRM can automate that task. Most allow you to email clients directly from the customer record, which documents the conversation. More importantly, you can observe the big picture by using sophisticated analytics to track the customer segments where you’re winning and where you need to grow.
Topics: CRM