Choose the Right CRM for Your Advisory Practice

Customer relationship management (CRM) software plays an important role in managing and growing a successful advisory business. The right CRM can streamline how you organize and store client data, while also supporting lead generation and business development efforts. By automating routine tasks, a CRM can help you operate more efficiently, improve client engagement and ultimately drive revenue growth. There is no single best CRM for financial advisors; it all depends on your firm’s specific needs, from client communication tools to workflow automation and reporting features. If you’re in the market for a new CRM, we’ve highlighted some of the top options designed specifically for financial services professionals.

Are you looking to expand the marketing of your financial advisor practice? Try SmartAsset AMP, a holistic client prospecting and marketing automation platform.

5 CRM Softwares for Financial Advisors

As you examine this list of the best CRM software for financial advisors, it’s important to know what constitutes a good customer relationship management program. The options below represent the best combination of features, usability, integrations, security, cost and customer support. Keep these factors in mind as you look for a CRM that best fits your needs.

1. Salesforce Financial Services Cloud

Salesforce is one of the most well-known names in customer relationship management software. It’s one of the best CRM options for financial advisors owing to its range of features, which include:

Automated workflows: You can use this feature to streamline data entry, lead generation and scheduling tasks, allowing you to save valuable time.
Client contact management: If you’re interested in segmenting your client list, Salesforce makes it easy to group clients by family or household.
Integrations: Salesforce is compatible with hundreds of finance and marketing apps, allow for simplified integrations.

Salesforce is also noteworthy for using AI-driven analytics, which can allow advisors to take deep dives into client data to determine how to best meet their needs. The Salesforce CRM offers mobile accessibility so you can take client data with you wherever you go.

Pricing

$25 – $500 per month
There might be additional fees, so it’s best to get your own quote.

Pros and Cons

On the pro side, Salesforce offers features and benefits you won’t find with some CRMs, such as AI analytics. And this software is highly customizable, so you can tailor it to your business’s needs. The biggest con, however, is that the sheer number of features and options may be overwhelming to advisors who are looking for a more basic CRM option.

2. Wealthbox

If you operate a smaller firm or operate as an independent advisor, Wealthbox could be a solid solution for meeting CRM needs. It’s particularly well-suited to firms that are looking for widespread integration and customization.

Here are some of the highlights:

Usability: The Wealthbox CRM offers a simplified user experience that makes it easy to navigate. There’s no special training required, making it ideal for newer advisors who are just beginning to build out their customer database.
Features: Wealthbox includes all of the features that are most valuable for scaling your business. This includes contact management, task management, automated workflows, portfolio integration and opportunity tracking.
Collaboration: If you’re working with a small team, Wealthbox makes it easy to collaborate with other team members. Everyone involved can have access to workflows which can simplify communications and save time.

Wealthbox features bank-level security, including 256-bit encryption, multi-factor authentication automatic session timeouts. In terms of integration, this CRM for financial advisors is compatible with more than 80 apps.

Pricing

Basic: $59 per month when billed annually
Pro: $75 per month when billed annually
Premier: $99 per month when billed annually

Pros and Cons

Wealthbox is easy to use, customizable and affordable, all of which could make it appealing to smaller firms or independent advisors. You also get a free 14-day trial with any service plan you enroll in.

In terms of drawbacks, its customer support did not earn the best reviews. And it may seem less robust when compared with a CRM like Salesforce.

3. Zoho

Zoho is an inexpensive option for financial advisors who want to save money while saving time. It incorporates AI technology and is fully compliant with the latest security standards.

Here are some of the most important features Zoho offers:

Contact management: Zoho helps you to organize client data and create a complete snapshot of their financial picture that includes financial documents, policy information and insurance records.
AUM tracking: This CRM also includes asset under management tracking tools which make it easier to monitor transactions with financial institutions.
Tracking and reporting: Zoho uses an analytic engine to help with generating reports and tracking key performance indicators. This can be helpful for analyzing sales data to find opportunities to scale your business.

If you’re interested in AI analytics, you can get that with Enterprise plans. Zia is Zoho’s AI-powered assistant. From a marketing perspective, it’s helpful for determining the best time to reach out to your clients.

Pricing

Free Edition: $0
Standard: $14 per user, per month billed annually
Professional: $23 per user, per month billed annually
Enterprise: $40 per user, per month billed annually
Ultimate: $52 per user, per month billed annually

Pros and Cons

Zoho can meet all of your basic needs for customer relationship management and the pricing is affordable. The AI tools available at the Enterprise plan level may be attractive if you’re looking for software that has a predictive component.

In terms of drawbacks, there is some manual data entry required to get started. You’ll also need the Ultimate plan to unlock the CRM’s full features and potential.

4. Redtail

Redtail is the best CRM for financial advisors who want a software program that’s easy to navigate. The interface is designed to be user-friendly, but if you have questions about how to use it, Redtail offers training to guide you through it.

Here are some of Redtail’s notable features:

Integrations: Redtail is designed with financial advisors in mind. As such, it’s ideal for integrating with portfolio management, risk management and financial planning tools and apps.
Seminar building: If you’re interested in using seminars as a prospecting tool, Redtail makes it easy to manage them. Redtail’s seminar tool allows you to track call or email campaigns so you can maximize lead-generation opportunities.
Mobile access: The Redtail CRM for financial advisors is available through a free mobile app. This allows you to stay connected to your CRM data wherever you are, as long as you have an internet connection.

Redtail offers free database migrations to help you transport information from your old CRM. And once you’re set up, you can use Redtail to track and analyze client data and create standard or custom reports.

Pricing

$39 – $59 per month, more for enterprise clients

Pros and Cons

Redtail has an impressive range of features and a straightforward pricing model. For $99 a month per database, you can get access to unlimited leads, complimentary database conversions, document management, workflow processes, detailed reports and more. But if you’re a smaller firm or don’t need as many features, you may prefer a CRM that’s a bit more affordable.

5. Junxure

Junxure is a well-known CRM for financial advisors, and it’s a top pick if you’re looking for streamlined integration. This CRM can import financial data from major financial services companies such as Schwab and TD Ameritrade.

Here are some of Junxure’s best features:

Excellent customer service: Junxure offers superior customer support as well as human-guided training to help you learn the CRM as a new user.
Reporting: The Junxure CRM allows you to integrate data and compile detailed reports for clients. You can also use the software to generate internal reports as well.
Client portal: The client portal feature makes it easy for your clients to access their information through a secure login. Having client information available at their fingertips can encourage transparency while saving you time.

Junxure was developed by financial advisors to provide relevant solutions to the challenges you’re most likely to encounter when growing your business. It’s highly customizable so you can mold the CRM to fit your needs and those of your clients.

Pricing

$65 per user, per month, billed annually

Pros and Cons

Junxure’s greatest selling point may also be its biggest drawback. As far as integrations and features go, it’s one of the most comprehensive customer relationship management software programs on the market. However, the scope of the features and the platform’s user experience may be a bit overwhelming for advisors who are used to something more basic.

Which CRMs Integrate With SmartAsset AMP?

SmartAsset’s Advisor Marketing Platform (AMP) is a comprehensive solution designed to assist financial advisors in expanding their client base. By automating lead generation and nurturing processes, AMP enables advisors to focus on finalizing deals and delivering value to clients. The platform offers features such as validated referrals, live connections and automated, compliant outreach campaigns via text and email.

To streamline operations, AMP integrates with several CRM systems, including Salesforce, HubSpot, Zoho, Redtail, SmartOffice, Pipedrive and Wealthbox. These integrations facilitate seamless data flow, reducing manual data entry and enabling advisors to manage client relationships more effectively. Sign up for a free demo today.

How to Choose the Right CRM for Your Firm

Choosing a CRM isn’t simply a matter of picking the most feature-rich or most affordable option. The best CRM for your advisory practice will be the one that aligns closely with your business model, client needs and growth objectives. Whether you’re an independent advisor managing a small book of business or running a multi-advisor firm, it’s important to take a strategic approach. Below are some key steps to help you evaluate your options and choose a CRM that can truly support your practice.

Assess Your Business Needs

Start by taking stock of the specific challenges you hope to solve with a CRM. Are you primarily looking to streamline client communication? Do you need more robust reporting and analytics to track key performance indicators? Are you hoping to reduce manual data entry or improve lead management? Clarifying these needs will help you prioritize CRM features that address your most pressing operational pain points and growth opportunities.

Consider Integration Capabilities

A CRM that easily integrates with the other tools you use can significantly reduce friction and save time. Look for platforms that offer seamless connections to financial planning software, portfolio management tools, risk assessment systems and marketing platforms, such as SmartAsset AMP. Integrations not only reduce manual data transfer, but also help maintain data consistency across your business systems, improving both compliance and client service.

Evaluate Usability and Training Requirements

Even the most advanced CRM will be of little value if it’s difficult to use or requires extensive training that drains your team’s time and resources. Consider how user-friendly the platform is and whether it offers intuitive navigation. Many CRMs provide demo accounts or trial periods, so you can use these to assess the learning curve. If you or your team prefer a straightforward solution, prioritize ease of use over complex feature sets that might go underutilized.

Review Compliance and Security Features

Security is paramount, especially when handling sensitive client data. Verify that the CRM meets industry-standard security protocols, including data encryption, secure user authentication and regular security updates. It’s also wise to choose a platform that aligns with SEC and FINRA compliance standards, or one that at least makes it easy to maintain compliance through secure data storage and customizable audit trails.

Compare Pricing and Scalability

Pricing can vary widely between CRM solutions, so it’s important to consider both your current budget and the software’s ability to scale with your business. While some CRMs offer low entry-level pricing, costs can rise sharply as you add users or unlock premium features. Choose a solution that fits your current financial plan but also offers scalability so you won’t need to switch platforms as your firm grows.

Bottom Line

Finding the best CRM for financial advisors comes down to knowing what you and your clients need. These options represent some of the best software programs to help you manage and expand your business. As always, however, it’s important to do your own research to find the program that’s right for you.

Tips for Sourcing More Clients

Let your CRM help. SmartAsset AMP (Advisor Marketing Platform) is a holistic marketing service financial advisors can use for client lead generation and automated marketing. Sign up for a free demo to explore how SmartAsset AMP can help you expand your practice’s marketing operation. Get started today.
Build relationships. Referrals from existing clients can be a powerful driver of new leads. If you aren’t asking clients for referrals on a regular or semi-regular basis, consider how doing so could help you to connect with a broader audience.
Widen your horizons. While investors who are closer to retirement often have more assets, investors from Generations X and Y are rapidly catching up. Getting ahead of the Great Wealth Transfer by expanding your client base and working with investors who are entering their prime earning years can help you build a sustainable business model.