Choose the Right CRM for Your Advisory Practice

Between advising clients and managing back-office tasks, your time is likely stretched thin. Utilizing the right tools can help streamline your days and ensure that your advisory firm runs efficiently. Customer relationship management (CRM) software is an integral part of a comprehensive tech stack. The best CRM for advisors is the one that aligns with your needs and budget. Let’s explore the options.   

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

Data and Methodology

We identified the apps below through exhaustive research and analysis of the of the CRM market and how financial advisors can benefit from similar software. They are listed in an order that’s in direct correlation with their individual composite score based on our methodology, which includes consumer ratings from multiple popular online app store reviews, and any required monthly costs.

1. Monday

Monday is an AI-powered CRM that’s designed to help speed up the sales cycle. This CRM isn’t specific to the financial services industry, but many advisors use it to run their businesses. 

With Monday’s built-in AI assistant, you can:

• Automatically generate task lists
• Draft emails to clients and prospects
• Create marketing content 
• Generate meeting notes
• Build formulas for customized reporting

Monday is customizable to your needs and includes numerous automation tools to manage the sales cycle. For example, a client scheduling a meeting can automatically create a task for an advisor, reducing the chance of something slipping through the cracks. These automations save time and improve consistency in client service. The CRM integrates with a wide range of tools, including email, calendar apps and communication platforms like Slack and Zoom. 

Pricing: $12 to $28 per seat monthly, billed annually

2. Freshsales

Freshsales is another AI-powered CRM that’s designed with sales and relationship management at its core. That makes it a strong option for financial advisors who want to streamline client acquisition and engagement. 

Key features include:

• A straightforward interface that’s built to help teams manage leads, track conversions and follow up with prospects promptly
• Customizable views that allow you to easily see where prospects are at each stage of the sales cycle
• AI-generated intent scores that offer insight into what prospects and clients are looking for you, so you can develop a plan to deliver
• Automation tools to manage those repetitive, but necessary tasks that may take up valuable time

Freshsales offers scalability with multiple tiers of features and integrations for growth-focused advisors.As your practice expands, you can add advanced reporting, analytics and workflow automations without needing to switch to a new system. While it may not offer industry-specific compliance tools out of the box, Freshsales integrates with other platforms that can fill those gaps, making it a flexible option for both small and mid-sized firms.

Pricing: $9 to $59 per user, per month

3. Zoho CRM

Zoho CRM is a versatile platform that might appeal to financial advisors who want a balance of affordability, functionality and customization. Known for its wide adoption across industries, Zoho offers a comprehensive set of tools to manage client relationships and internal workflows. 

Zoho’s list of features includes:

• AI-powered dynamic recommendations and task automations
• Modules, workflows, reports and other content created with generative AI
• Intelligent forecasts fueled by real-time data to help you pinpoint opportunities to connect and engage with prospects
• Pipeline management tools to help you seamlessly navigate every step of the sales cycle

Zoho CRM integrates seamlessly with the broader Zoho ecosystem, which includes tools for email, project management, accounting and marketing automation. This means you have the potential to centralize much of your business activity in one connected platform. Integrations with third-party applications like Outlook, Google Workspace and financial tools also make it easier to ensure all client-related data is captured in a single system.

Pricing: $20 to $65 per user, per month

4. Pipedrive

Pipedrive is a sales-focused CRM that emphasizes pipeline visibility and simplicity for startups, small to mid-sized enterprises and larger firms. Its visual, drag-and-drop interface allows advisors to track prospects through each stage of the pipeline, ensuring that opportunities don’t get lost along the way. 

With Pipedrive, you can:

• Get notifications when it’s time to follow up with prospects, based on where they are in your pipeline
• Centralize all of your sales data and contact history in one place
• Streamline prospect and client communications, while phasing out manual tasks with AI-powered automations
• Monitor teams and sales metrics so you have all the data you need to make decisions for your business close at hand

The platform is designed for established advisors and professionals who have never used a CRM before. That’s invaluable if you’re in the early stages of building your advisory firm and are still learning the basics of relationship management.

Pricing: $14 to $79 per seat, per month

5. HubSpot

HubSpot is one of the most widely recognized CRMs, known for its robust features and approachable design. For financial advisors, it offers a powerful blend of client relationship management, marketing automation and reporting capabilities. 

Some of the most popular features include:

• Custom properties that allow you to connect specific data points with prospects and clients
• AI-powered duplicate record management
• Shared insights across teams and functions
• A shared inbox that allows you to connect all of your messaging and communication tools in one place
• 24/7 customer support that’s available by phone, email or live chat

HubSpot’s automation capabilities help you save time on repetitive tasks. Workflows can be built to send follow-up emails, schedule appointments or update records automatically, ensuring that no opportunity falls through the cracks. The system also allows for lead scoring, helping you to identify which prospects are most likely to convert and where to focus your efforts.

Pricing: $90 to $150 per seat, per month

6. Salesflare

Salesflare is a newer CRM that has gained traction for its simplicity and intelligent automation. It’s aimed at small to midsized-businesses, which could make it suited for boutique firms or advisors who have recently gone independent. 

Designed to reduce manual data entry, it appeals to financial advisors who want a tool that works largely in the background. By automatically pulling in client interactions from emails, calendars and social media, Salesflare helps you maintain complete client records without the burden of constant updates.

Salesflare includes built-in automation tools that streamline follow-ups, reminders and pipeline progression. You can set rules for when to send emails or prompt next steps, ensuring consistent communication across the client base. These features are especially valuable for smaller practices where time is limited and efficiency is critical to growth.

Pricing: $39 to $124 per user, per month

7. Apptivo

Apptivo is a cloud-based CRM that stands out for its affordability and breadth of features. It offers a modular approach, giving financial advisors the ability to add or remove applications as their practice evolves. The list of built-in features includes:

• Workflow automations
• Sales pipeline management
• An intelligent sales dashboard
• Report scheduling
• API integration

Apptivo uses a modular system to allow you to create a custom CRM experience.. You can choose from a wide range of apps, covering everything from sales and project management to invoicing and marketing, and integrate them into a single platform. This design allows practices to customize the CRM around their specific processes, creating a solution that grows and adapts alongside the firm’s needs.

Pricing: $20 to $50 per user, per month

8. Salesforce

Salesforce is one of the most well-known names in customer relationship management software. The platform’s Financial Services Cloud is a number-one ranked AI-driven CRM that’s used by wealth managers, banks and insurance companies. 

Some of the reasons advisors like Salesforce include:

• Accelerated onboarding tools
• Intelligent discovery processes to identify prospecting opportunities
• Built in disclosure and consent management
• Financial planning visualizer tools
• Simplified contact targeting and segmentation.

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.

On the pro side, 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.

Pricing: $325 to $750 per user, per month

9. Redtail

Redtail is a reliable 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. 

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. 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.

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: $45 to $65 per user, per month

10. 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’s what makes Wealthbox a standout choice:

• Streamlined contact management
• Email syncing
• Drag-and-drop pipeline interface
• Customizable workflows and templates
• Shareable client activity streams that keep everyone on the team connected
• Calendar syncing
• Dynamic report generation

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. 

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. Additionally, Wealthbox features bank-level security, including 256-bit encryption, multi-factor authentication and automatic session timeouts. 

Pricing: $59 to $99 per user, per month

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
• 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 right 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. For example:

• 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. Also, consider what level of support the platform provides. 

Some CRMs offer 24/7 support or guided onboarding to help you learn your way around. If you’re new to using a CRM or switching to a platform that’s completely unfamiliar, a solid support team can be invaluable. 

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. Pricing options may include:

• Monthly per-user or per-seat fees
• Annual fees
• Add-on fees

Some CRMs discount pricing if you opt for annual billing. Others offer enterprise pricing that’s tailored to your firm’s needs. 

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

It’s difficult to choose just one bestCRM for financial advisors, as there are so many options available. Your choice of CRM comes down to knowing what you and your clients need. These options represent some of the highest-rated 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.
• 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.

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