- Avoid Falling Prey to the 98:1:1 Rule – Many advisors spend 98% of their time and money selecting the technology, but only 1% on how they need to change specific business processes to drive maximum benefits, and another 1% on training and preparing for the behavioral changes required to use it effectively. To derive the most value from their CRM system, a more balanced approach and commit to thoughtful implementation is needed.
- Underutilization of CRM Functionality, Including the Basics – Despite the fact that contact management serves as the foundation to most value-added CRM functionality, 71% of participants in ActiFi's CRM survey said they needed to improve their contact capabilities. Beyond simply recording specific insights about clients and their preferences, when used effectively this CRM functionality can be used to map relationships between clients and track other professionals the client uses – such as CPAs or attorneys.
- Workflow Functionality is Missed Opportunity – Most CRM systems have extensive workflow capabilities to streamline and scale a business and yet 87% of advisors acknowledge they need to improve their use of this functionality. Workflow can automatically generate tasks and distribute them to multiple team members. This requires minimal active management and allows the advisor to remain focused on clients and provides structure to help new employees be more productive and creates a consistent and elevated experience for every client.
- Leverage Task Assignment Functionality to Improve Efficiency – This vital capability is still at the core of every CRM system. It ensures commitments to clients are met and proper follow up is executed. More importantly, task assignment encourages delegation. This promotes efficiency and allows advisors to focus more effectively on client relationships and investment management – which are essential to growth.
- Improve Closure Rates with Sales and Pipeline Management Functionality – Sophisticated CRM systems have been designed to track the business development cycle from a lead, through the qualification process, to a sales opportunity which, if closed, transitions the prospect to a client. Understanding this cycle and using the CRM to track the sales pipeline enhances the ability to manage the process – holding the team accountable for progress and results – and potentially improving closure rates.
- Elevate All Execution through Integration – Many CRM systems already have the ability to integrate the capabilities of portfolio management, document management, custodial account opening, financial planning and back office systems to more effectively update and share data.
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