Wealthbox vs. Redtail: Comparing CRMs

Managing client relationships is a key part of any advisor’s success. This is why it’s so important to choose the right customer relationship management (CRM) solution for your business. Wealthbox and Redtail are two of the most popular CRM solutions for advisors, with each using a different approach to help you drive growth. If you’re debating whether to choose Wealthbox vs. Redtail to meet your business’s needs, it’s can be helpful to compare the features and pricing, as well as the pros and cons, before you make a decision.

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What Is Wealthbox?

Wealthbox is a top-rated CRM that’s specifically designed with financial advisors, enterprise firms and broker-dealers in mind. The platform styles itself as a CRM for modern advisors who want modern solutions to their customer relationship management needs.

Launched in 2014, Wealthbox is a bit newer than Redtail and some of its other competitors. However, that hasn’t prevented it from being ranked as a #1 CRM choice for financial advisors based on its user experience and potential to generate a higher return on investment for advisors.

What Is Redtail?

Redtail is another CRM that was developed for financial advisors and other professionals in the financial services space. The company was founded in 2003, and was acquired by Orion in 2022.

Today, thousands of advisors use Redtail to streamline daily operations. In addition to its core CRM system, Redtail also offers advisors solutions for document imaging, email management and text communication.

Wealthbox vs. Redtail Features and Benefits

When comparing any CRM, it’s important to look at the range of features and benefits offered. This will help you determine how well they align with your business’s needs. Here’s what you’ll get with each one:

Wealthbox

Redtail

Secure client portal. Wealthbox offers a secure portal your clients can use to access their financial information and communicate with you.

Contact management. Contact record pages
allow you to view your client’s information in one place, with a built-in note-taking feature to record key details. Click-to-call allows you to call clients directly through the Wealthbox platform.

Activity streams. Wealthbox encourages
collaboration with real-time activity streams that allow you and your team to stay
connected.

Workflows. Automated workflows can help
you grow your business more efficiently, while ensuring that key tasks are checked
off.

Reporting. Wealthbox gives you access to an
intuitive “reports engine” that allows you to create customized CRM reports and visualizations so you can gain new insights into how to grow your business.

Document management. With Wealthbox you can store, manage and share files with ease, and choose which members of your
team should have permission to access documents.

Calendar. The calendar feature helps you
and your team stay on the same page and track important tasks, events and dates in one place.

Mobile functionality. Wealthbox offers a user-friendly mobile app, so you have everything you need to manage client relationships even when you’re away from the office.

Integrations. Wealthbox seamlessly connects with dozens of tools, including AI assistants, billing software, communication tools, compliance software, financial planning software and marketing tools.

Automated workflows. Redtail’s workflow feature enables you to create automated processes for your most important business activities that are easily viewable by each member of your team.

Integrations. Redtail integrates with dozens of apps, platforms and programs, including advisor tools, compliance tools, document storage tools and marketing tools. It can easily fit into your existing tech stack.

Calendar. Scheduling is simple with Redtail’s calendar system, which allows you to create a custom, color-coded system for tracking dates, events and tasks. The Retriever Cloud tool syncs your calendar with Office 365 and/or Google Calendar.

Seminar management. If you’re using seminars to grow your business, you might appreciate Redtail’s built-in tools for creating, tracking and managing them. You can easily see which seminars performed the best/worst and invite prospects or clients to new seminars as you launch them.

Opportunity Tracker. Redtail’s Opportunity Tracker tool helps you keep track of where prospects are in your sales funnel and identify opportunities to follow up and close sales.

Reporting. Data tells a story, and a good CRM is designed to help you make sense of it. You can use Redtail to create custom reports or use a standard template to organize client data in meaningful ways.

Mobile functionality. The Redtail mobile app helps you stay connected to your CRM on the go. The app allows you to access core functions when you don’t have time to log in to the desktop site.

Notes. The Notes feature allows you to capture the details of client conversations more efficiently, so you have a record of who you spoke with, when and why.

Wealthbox vs. Redtail Pricing

Wealthbox offers four pricing tiers, while Redtail offers three. Here’s what you’ll pay and what you’ll get with each one:

Wealthbox	Redtail
Basic Plan: $59 per user/month (includes Starter CRM features) Pro Plan: $75 per user/month (includes Core CRM features) Premier Plan: $99 per user/month (includes advanced features for power users) Enterprise Plan: Contact Wealthbox for a custom plan quote	Launch Plan: $39 per user/month when billed annually; $45 per user/month when billed monthly (includes Basic CRM features) Growth Plan: $59 per user/month when billed annually; $65 per user/month when billed monthly (includes Premium CRM, Redtail Imaging, and Redtail Speak) Enterprise Plan: Contact Redtail for a custom plan quote

When comparing pricing, it’s helpful to think about how much value you’ll get in return. Paying for a more expensive plan could make sense if it offers access to features that you’ll use regularly. If you only need the basics, however, you may be better off with a lower-tier pan.

Also, consider how many users you’ll need to add and how that affects your monthly or annual costs. Billing annually is usually cheaper, but you might prefer to stick with monthly billing if you’re unsure whether you plan to use the CRM for the long term.

Wealthbox vs. Redtail: Which Is the Better for Financial Advisors?

An advisor on a computer. At first glance, Wealthbox and Redtail look fairly similar based on the range of features included.

At first glance, Wealthbox and Redtail look fairly similar based on the range of features included. Here’s what makes each one unique.

Where Wealthbox Stands Out

Wealthbox doesn’t require extensive training to use, which may appeal to advisors who want a turnkey CRM system. The interface is easy to navigate and has a user-friendly design. It’s also customizable, so you can mold your CRM to your firm’s needs.

Overall, users love Wealthbox’s:

Mobile accessibility
Ease of use
Integrations
Note-taking features
Value for the money

New integrations and automations are continually being added to the platform, allowing you to keep pace with the latest tech innovations. When you’re ready to make the switch, Wealthbox’s migration team guides you through the process to make it as painless as possible.

Where Wealthbox Falls Short

Wealthbox has a few flaws, starting with a lack of phone or chat support. If you have a question or need help, you’ll have to submit a support ticket and wait for a response from the support team.

Advisors say that Wealthbox could improve:

Customer support response times
Tagging and notes features so that it’s easier to search for client records
Customization options for workflows

While Wealthbox does offer a free trial, the trial period is 14 days, rather than the 30 days some of its competitors offer. That means you have a smaller window of time to try it and determine whether it’s a good fit.

Where Redtail Shines

Redtail offers transparent pricing and free migrations from your old CRM. Phone support is available if you have an urgent question or issue that you need help with.

Customer support earns high marks among Redtail users, who also love its:

Customization options for workflows and tasks
Note-taking features
Intuitive layout and design features

The seminar feature is another plus, since you can easily view and manage the seminars you offer through the platform. Redtail’s pricing is competitive, with multiple plans to choose from.

Where Redtail Falls Short

Compared to Wealthbox, Redtail has more of a learning curve when it comes to getting set up and navigating the features. Redtail does, however, offer free database migrations when you’re ready to get started, which is a plus.

Additionally, Redtail users cite these complaints most often:

Uninspiring design and interface that’s sometimes buggy or glitchy
Duplication of tasks in the automated workflows
Limited customizations for reporting

While live support is available, some users have claimed that customer service is overall poor, and that representatives sometimes struggle with explaining the CRM’s features.

Bottom Line

A financial advisor compares Wealthbox vs. Redtail for their firm.

Wealthbox and Redtail offer different user experiences for advisors who are looking for an all-in-one CRM solution. Some advisors prefer the customizations available with Redtail, while others flock to Wealthbox for its streamlined design. Trying both can help you decide whether to choose either one for your business.

Get a Wealthbox free trial or sign up for a free trial from Redtail.

Tips for Growing Your Advisory Business

Marketing helps you grow your business and solidify your brand reputation, but how do you do it well when you have little time to spare? If you’re struggling to connect with leads, you may consider partnering with an advisor marketing platform. 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.
As you review CRM options, consider how they handle compliance and whether they integrate with any compliance software programs you’re currently using. A good CRM allows you to organize client data, communicate with prospects and clients, and store documents in full compliance with state and federal regulatory guidelines.