CRM in Financial Services: A Detailed Guide

Table of Contents

Table of Contents

A reliable customer relationship management system is beneficial and vital in this ever-changing and intensely competitive financial services industry.

Financial professionals must comprehensively grasp their customers' wants and demands to create strong relationships that will bring success for both parties. This is where a financial adviser CRM comes in.

But is it worth the consideration?

Well, a report published by Grand View Research predicts that the worldwide CRM market will reach a substantial $163.16 billion by 2030, growing at an impressive CAGR of 13.9%. But what does this have to do with you?

Okay. This trend is driven by the increasing adoption of digital technologies, the growing demand for personalized services, and the need to improve operational efficiency. With the right CRM system, you can streamline your processes, automate routine tasks, and focus on what matters - building solid relationships with your clients.

In this article, we'll dive deeper into CRM in financial services and explore the following:

  • Key benefits of using a CRM system,
  • Why you need one,
  • Essential features to look for, and
  • The best CRM in financial services to consider.

So let's get started!

What Is a Financial Adviser CRM?

A financial adviser CRM, also known as a customer relationship management system for financial services, is a software tool used by financial advisors to manage client relationships, track interactions, and automate administrative tasks.

It enables financial advisors to store and access essential client data in one central location, allowing them to provide personalized advice and build strong relationships with clients.

A good financial adviser CRM can:

  • Streamline the client onboarding process,
  • Help manage appointments and follow-ups, and
  • Provide insights into client behaviors and preferences.

With the right CRM, financial advisors can focus on what they do best - providing sound advice and helping clients achieve their financial goals.

CRM Financial Advisor’s Role in Businesses

CRM financial advisor’s role in businesses

To ensure your financial services business thrives, it is critical to understand the distinct functions a CRM system can serve in various departments. That's why we analyzed precisely how a CRM performs its duties across multiple divisions inside your financial advisor business.

1. Sales Management

Sales management plays a vital role in any financial advisor’s business. With the help of a CRM system, sales managers can keep a close eye on the sales funnel and optimize it for better performance. They can track leads and prospects and analyze data to improve the sales process.

You can pinpoint which marketing channels generate the most qualified leads by utilizing sophisticated tracking. Additionally, you can measure your conversion rates and determine where to optimize to improve sales funnel performance.

2. Sales Representatives

Sales reps are the frontline of any financial advisor’s business. Hence, they need the right tools and information to close deals. A CRM system can help your reps manage their leads and schedule appointments.

It can also give them a 360-degree view of their prospects, including their preferences and history with the company.

HubSpot's study found that companies who utilize CRM can increase their sales productivity by up to 29%. This is because CRM has automated processes, such as sending follow-up emails and reminders.

By doing this, sales reps have more time to build meaningful connections with prospects while providing them with the best solutions for their financial needs.

3. Financial Advisors

To give your clients the best advice and assistance, you'll need to thoroughly understand each client's finances and ambitions.

To make this easier, CRM systems can provide you and your team with tools such as account tracking capabilities and performance dashboard visuals - helping you stay organized to offer up-to-date counsel on investments.

But how exactly can you leverage a financial adviser CRM to improve your business performance?

By leveraging the power of CRM data, you can provide your clients with tailored investment advice. Furthermore, you can strengthen client relationships and boost engagement by monitoring and responding to their communication preferences accordingly.

4. Sales Managers

Sales managers are essential for a sales team's success, and it is their responsibility to track performance and determine how they can advance. This task can be made easier with an effective CRM system that keeps tabs on each sale within the pipeline while providing data-driven insights to aid in important decisions.

Let's say a sales manager wants to identify the areas of low performance in the team. By leveraging reporting tools within a CRM system, they can pinpoint which rep is falling behind, what customers are being neglected, and how much time is wasted on unnecessary tasks.

This data-driven approach helps managers drive better sales performance from their reps while setting the foundation for more efficient processes.

How Can a Financial Service CRM Help Your Business?

How can a financial service CRM help your business

Aha! Now you know the key roles a CRM in financial services plays for businesses. But can your business benefit from it?

The answer is a definite yes! But first, do you ever feel like you're drowning in a sea of customer data? You're not alone! Many businesses in the financial sector need help to keep up with their client base, which is where a CRM comes in to save the day.

Investing in a CRM system can be highly beneficial for financial service businesses, as it allows them to maximize client interactions and communication channels while improving overall customer satisfaction.

Here are some specific areas in which a CRM can help your business:

  • Centralized Customer Data: With a CRM, you can store all your customer data in one convenient location for easy access and analysis. This means that you have the power to gain important insights into customer behavior and use them as key tools to customize your services!
  • Improved Communication: A CRM makes automating customer communications, such as reminders and emails, painless. This leads to improved client satisfaction and contributes directly to higher retention rates.
  • Enhanced Collaboration: Investing in a CRM can help to foster better collaboration among team members, enabling streamlined workflows and enhanced inter-departmental communication.
  • Workflow and Sales Automation: With automated processes, you can save time and money while increasing overall efficiency. This means that your team spends less time on paperwork and more time on customer service - leading to improved sales performance!

So, let's say you've just closed a deal with a new client. Using a CRM, you can input their data and set up automated emails to welcome them to your services, remind them of upcoming appointments, and follow up with them after each meeting.

You can also use the data stored in the CRM to analyze their investment history and tailor your services to their needs. The results are a win-win situation: improved customer relationships, better communication channels, and a higher chance of success for your financial services business!

How Can a CRM for Financial Advisor Help Your Customers?

As a financial advisor, your mission is always to offer your clients the best possible advice and solutions to accomplish their monetary objectives.

However, attempting to meet the needs of multiple customers and managing their portfolios can become overwhelming; consequently, this often leads to overlooked prospects and disgruntled clientele.

But that doesn't have to be your reality. With a CRM system, you can give more personalized service, glean greater insights and enjoy smoother workflows - all for the benefit of your customers.

Here's how:

1. Improved Personalization

A CRM system is indispensable for understanding your customer's unique preferences, past investments, and future financial objectives. You can leverage this information to provide tailored-and profitable-financial solutions that cater to each client’s needs.

You can also create a tailored plan that speaks directly to them by listening and responding to customer feedback. Plus, by sending timely reminders of important milestones along their journey, your customers will feel heard, appreciated, and connected with your business in an entirely new way.

2. Better Communication

A financial adviser CRM system makes it easy to stay organized and keep track of your client’s contact information, preferred communication methods, and personal schedules. Plus, you can create automated reminders for follow-ups or send them personalized updates via email/text promptly!

With this method, you can keep your customers informed and invested in their financial journey. Also, logging all communication through the CRM system ensures you have a comprehensive look at each customer's history.

3. Streamlined Onboarding

Ensuring a successful onboarding experience for new customers is essential to establishing and maintaining solid relationships. The best way to do this is by leveraging the power of automation - through a CRM system.

You can easily automate welcome emails, assign tasks to team members, and even arrange client meetings. Jump-starting your relationship-building process with these steps will ensure that your business makes a memorable first impression from the get-go!

4. Enhanced Security

Keeping your customers' data safe should be at the forefront of any financial advice practice. By utilizing a CRM system, you can ensure that access controls and encryption are in place to protect customer information from potential security threats.

Additionally, due to the system's tracking capabilities, it is possible to monitor for suspicious activity and track user changes on records stored within the system.

This way, your customers can feel confident that their personal and financial information is in good hands.

Features to Look For in a Financial Advisor's CRM

Features to look for in a financial advisors CRM

When selecting the right CRM for financial advisors, there are a few key features to consider.

1. Automated Workflows

Who wants to spend hours doing manual data entry and repetitive tasks? Not you, we're sure. That's where automated workflows come in handy. Using a CRM with this feature, you can create a series of actions that happen automatically based on triggers you set.

For instance, you can establish a streamlined process that automatically sends out a welcome email to each new client added to your system, enroll them in your newsletter list, and assign tasks for team members to follow up with the customer.

Voila! You just saved yourself a bunch of time and ensured that your new client gets a personalized welcome.

Statistics show that businesses that use automated workflows see a 15% increase in productivity and a 12% reduction in costs. That's something to smile about, right?

2. Collaboration Capabilities

Are you a one-person show, or do you have a team of financial advisors working with you? Either way, you need a CRM that allows for collaboration. This means that you and your team members can access the same client data and work together seamlessly.

For instance, when a client asks you a question while you're away from the office, your staff can quickly get their records and get back to them as soon as possible - no waiting is necessary.

Collaboration capabilities also mean you can assign tasks to team members and track their progress. This ensures that nothing falls through the cracks and that everyone is on the same page. Plus, it makes for a happier and more productive team.

3. In-Built Texting & Calling

We live in a world where people are attached to their phones, so it makes sense to have a CRM that allows texting and calling from within the system.

By utilizing this tool, you can call or text a customer directly from your computer instantly. Additionally, all communication with them is documented and stored in their file for any compliance needs. This way, you can save time without using another device or app!

Did you know that texting has a 98% open rate and a 45% response rate? That's much higher than email or phone calls. So, if you're not already using texting to communicate with clients, it's time to start.

4. Marketing & Sales Automation

Investing in a CRM with marketing and sales automation capabilities will be key if you want to expand your business. This way, you can create compelling drip email campaigns, gain insights from website visitors' behavior, and score leads based on their level of engagement with your content.

Additionally, automating the sales process through triggers will help move each lead further down the funnel. For instance, when a lead opens an email or visits a website page, they can be immediately transitioned from cold to warm leads.

Studies show that businesses that use marketing automation see a 14.5% increase in sales productivity and a 12.2% reduction in marketing overhead. That's a win-win in our book.

5. Lead Management

Lastly, it would be best to have a CRM with robust lead management capabilities. This way, collecting leads from your website or other sources is easy. Moreover, tracking their engagement and taking them through the sales funnel will be more straightforward.

You can also segment your leads according to their interests and behaviors, thus enabling more precise and customized communication.

Are you aware that 79% of leads never become customers? It's true, and most often, it is due to a lack of proper lead nurturing.

That's a lot of missed opportunities. But using a CRM with effective lead management tools helps ensure that you nurture and convert your leads efficiently. This can make a huge difference to your bottom line!

Benefits of Financial Advisor CRM Software

Benefits of financial advisor crm software

Investing in financial advisor CRM software is smart if you want to grow your business. In addition to having the capabilities we discussed above, here are some of the other benefits of using such a platform:

1. Streamline Operations and Increase Efficiency

Automating time-consuming tasks such as data entry, file management, and appointment planning enables your employees to spend valuable time on more critical aspects of the business, like forging meaningful connections with customers.

For example, having a CRM system can be an immense help to your financial advisory firm, which is responsible for handling the investments of multiple clients. Without it, keeping track of all the relevant documents and data can strain your team.

Fortunately, when you utilize a CRM system, you can create one centralized place where all critical information is readily available to everyone in your organization!

2. Reduce Manual Work and Eliminate Errors

Not only does a CRM system simplify processes, but it also aids in reducing manual labor and eliminating mistakes. Automating data entry decreases the opportunity for human error and allows your staff to give superior customer service by concentrating on more meaningful tasks.

According to Webinar Care research, businesses that use a CRM platform can expect an average boost of 29% in sales, a 34% improvement in sales productivity, and 42% better forecast accuracy. Now that's what we call a return on investment!

3. Enhance Customer Experience by Providing Personalized Services

Analyzing the data obtained through your CRM system enables staff members to quickly grasp your customers' financial objectives, preferences, and habits. This can create a better customer experience, leading to more loyalty, satisfaction, and referrals.

Say a client reaches out to your firm for details related to retirement planning. With the proper CRM system, your sales rep can easily find their financial background, investment portfolio, and other pertinent information!

Armed with this information, they can provide personalized recommendations tailored to the client's unique needs.

4. Improve Compliance With Regulations:

The financial sector is heavily regulated, and using a CRM platform helps you comply with all the necessary regulations, such as GDPR.

Apart from that, having access to your customer data in one place can make tracking their activities and behaviors easier. This also allows you to detect any suspicious activity quickly, which is essential for maintaining the highest standards of compliance.

5. Track Marketing Efforts and Measure ROI

Achieving business success requires effective marketing, and a CRM system can help you do that.

With it, you have the power to monitor your marketing strategies as well as calculate ROI. You get insight into which campaigns generate the most leads and take note of the channels with superior performance so more prospects will close deals with you!

6. Create a Comprehensive View of Customers' Financial Journeys:

With the help of a CRM, you can gain a complete overview of your client's financial journeys. From tracking their interactions with your firm to seeing how their investment goals and objectives have shifted over time - this crucial tool will provide invaluable insight.

Plus, you can offer more personalized services that exceed expectations by staying ahead of their future needs and demands.

There's a wealth of benefits associated with using a CRM system in the financial sector, and it's essential to leverage it for optimal success.

3 Best CRM for Financial Advisors

As promised, here is a list of the top three CRMs for financial advisors. All three offer robust features and are designed to meet the needs of financial services firms:

1. Ringy - Your Strategic Partner for Efficiency


As a financial advisor, you recognize that developing and maintaining solid relationships with your clients is paramount. The best way to do this? Utilize an efficient CRM in financial services to stay abreast of their needs and preferences.

That's where Ringy comes in!

Ringy is a cloud-based CRM enabling financial advisors to manage client relationships seamlessly. Our platform proves indispensable for those who wish to stay ahead of the game and deliver an unparalleled experience for clients.

Some of our features to help streamline your financial service business include:



Client Management

Easily manage your clients' information, including their contact details, notes, and meetings.

Customizable Dashboard

Create a personalized dashboard with the information you need to see.

Mobile App

Access your CRM on the go with our mobile app.

Email Marketing

Send newsletters and other promotional emails to your clients.

Client Portal

Provide your clients with access to their financial information and other documents through a secure portal.

Calendar and Tasks

Keep track of your schedule and set reminders for important tasks.


Integrate Ringy with other tools you use, such as email and social media.

Ringy isn't just an ordinary CRM, it's a partner that will assist you in client management. With Ringy, you can achieve even more than increased productivity - the platform also offers forecasting tools, automation capabilities, and comprehensive analytics to help your business reach its goals.

Thanks to our intuitive platform, you can easily track client activities in real time, which gives you a leg up on enhancing client relationships.

2. Salesforce



Salesforce is one of the leading CRM systems in the financial sector. Its comprehensive features enable financial advisors to quickly gain access to customer data and deliver personalized services accordingly.

Moreover, Salesforce helps you comply with industry regulations whilst also helping your firm grow by enabling detailed tracking of marketing efforts.

Some of the features Salesforce provides include:



Sales Pipeline Management

Easily track your sales pipeline and monitor your progress towards your goals.

Lead Management

Capture and manage leads from multiple sources and track their engagement.

Marketing Automation

Automate your marketing campaigns and track their performance.

Customizable Reports

Create custom reports to track your performance and identify areas for improvement.

3. Redtail Technology

Redtail technology


Redtail Technology is a reliable CRM system designed to provide financial advisors with the tools they need to manage client relationships and keep track of their portfolios. Through Redtail's platform, financial advisors can gain real-time access to customer data and monitor their investments easily.

In addition, Redtail offers unique features for financial advisors, including:



Email Integration

Send and receive emails from within the CRM and track email interactions with clients.

Contact Management

Easily manage and organize your clients and prospects in one place.

Workflow Automation

Automate repetitive tasks and create custom workflows to streamline your business processes.

Reporting and Analytics

Gain insights into your business with customizable reports and analytics.

With Redtail, you'll be able to manage your clients more efficiently and effectively. Their user-friendly interface makes it easy to navigate and customize to your specific needs.


Indeed, your customer relationship management can be the difference between success and failure in the financial sector. Therefore, it's essential to choose a CRM system that meets your needs - one like Ringy!

Our cloud-based platform is designed to help financial advisors manage client relationships effectively. With its enhanced tracking capabilities, you can stay ahead of the competition and provide clients with an unmatched customer experience.

Ready to streamline your operations and improve your sales productivity? Try Ringy today and make your financial services firm a success!

Skyrocket your sales with the CRM that does it all

Skyrocket your sales with the CRM that does it all.

Calling? Check. SMS? Check. Automation and AI? Check. Effortlessly keep in touch with your customers and boost your revenue without limits.

Try Ringy for Free