5 Tips for Choosing the Best Financial CRM

5 Tips for Choosing the Best Financial CRM

The customer is the lifeblood of every company. Therefore, your business would immediately cease to exist without clients. Knowing this, it’s imperative for you to prioritize the customer experience to ensure they’re always pleased with the quality of your goods or services. As a result, they’ll come back for more or recommend your brand to other potential clients. This is what financial customer relationship management (CRM) software helps you achieve.

Financial advisors often use financial CRM software to generate more in-depth business insights on existing and prospective clients and create personalized communication. In addition, this software helps boost lead conversions, automate workflows, and increase profitability.

But with the numerous options available on the market, choosing an ideal one can be a challenge. To ease the decision-making process, keep reading for several tips you can follow.

What Is CRM Software?

This helps financial advisors get a clearer picture of your company’s interactions and relationships with existing customers. The application can provide that information thanks to several integrated features such as contact management, automated workflows, advanced security, task management, system reporting, and file storage, to name a few.

With the help of CRM software, you can easily monitor all your activities and eliminate any manual labor that’s typically present in data management.

Tips Should You Consider When Selecting Financial CRM Software

Because picking out the perfect CRM software is undoubtedly overwhelming, here are some of the ways you can determine the most suitable option for your enterprise:

1. Identify Your Business Goals

The needs and expectations of your sales team and company are essential to consider when looking for the best CRM for financial advisors. This is crucial because the CRM software can help you achieve different goals, including:

  • Monitoring your customer base
  • Tracing leads and lead activity
  • Boosting productivity
  • Increasing profitability
  • Managing relationships
  • Monitoring opportunities and closing rates
  • Tracking your customer base
  • Organizing business operations
  • Generating personalized reporting

You should also pinpoint the pros and cons of your current system and identify areas you’d want to be improved or changed. Doing so is vital because you don’t want to implement drastic, unnecessary changes to the system. Otherwise, you might affect your company’s efficiency because your employees will need to spend more time understanding the new platform. As a result, this negatively affects their productivity.

Therefore, you shouldn’t focus on acquiring complicated CRM software if learning how to use it becomes a liability and not an asset.

2. Know The Must-Have Features

Every company is unique in its growth dynamics, customer base, and processes. Therefore, one CRM software might have features that another company can benefit from but aren’t a perfect fit for your business. With that said, right after identifying your business needs, you should come up with a list of must-have features that’ll help solve your company’s challenges. For example, you should get a CRM with features that prioritize your clients if your goal is to increase sales conversions.

You'd do well to go for features promoting customer support and data security. Examples of data security features are advanced user permissions and two-factor authentication. Meanwhile, options that ensure excellent customer service include phone, email, and chat support tools. Through these features, your customers are sure to get the technical assistance they require whenever an issue arises.

Other features that should be integrated into a financial CRM include:

  • Sales reporting
  • Contact management
  • Lead and opportunity management
  • Email marketing
  • Sales pipeline

In addition to those, the nice-to-have features to consider are:

  • Workflow automation
  • Time tracking
  • Storage capabilities
  • Forecasting
  • Interaction tracking

With a CRM solution that helps you meet your company’s needs, you’ll soon be on your way to achieving your business goals.

3. Understand The CRM’s Implementation

You’ll need to spend money to ensure the smooth implementation of new financial CRM software. This is because you might have to revamp your existing technology to ensure it can work in perfect harmony with the application. In addition, you should train your employees on how they can use the CRM solution or hire a consultant who’ll be in charge of its deployment. Doing this is critical so all the bugs are dealt with and the best practices are adopted.

You shouldn’t overlook or skip the process of implementing CRM software just because it can be costly and slightly time-consuming. After all, your employees need to familiarize themselves with the CRM software in order to maximize its benefits.

4. Take The Vendor’s Reputation Into Account

The popularity of a CRM provider can tell you a lot about the quality of their services. For example, a CRM company with many users is more likely to deliver excellent solutions than a company with fewer customers.

Of course, that alone shouldn’t be the basis of your judgment when gauging a vendor’s reliability. You also need to take the time to go through the reviews or feedback they’ve received. This’ll bring to light the negative and positive aspects of the CRM provider and let you know whether they’re a perfect fit for your enterprise.

5. Consider The Costs

Typically, the more features a CRM software has, the more expensive it is. And while the application will undoubtedly increase your company’s chances of success, you shouldn’t go beyond your budget. Otherwise, getting the CRM solution might be counterproductive since you’re striving to improve your company’s efficiency. Therefore, your focus has to be on finding a balance between the function and cost of the software.

Fortunately, you can acquire some CRM solutions through a range of affordable subscription options, either annual or monthly. Others offer you a free trial and come at a cheaper upfront cost. In addition to this, you need to be aware of other hidden fees, such as the cost of implementing and running the new software.


Due to the number of CRM software applications out there, picking an ideal choice for your business is a huge challenge. And because financial CRM software is of great importance to financial advisors, you shouldn’t just select one at random without doing extensive research beforehand. Try the tips above when searching for the best CRM software for your organization. The right option will help you achieve your set business goals and boost your company’s profitability over time.