Post on 13-Jul-2020
CRM: Automate to Spend More Time with Clients and Prospects
Robert DeFrancis
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Most Awarded FinTech CRM
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• Advisory firms over $1M in annual revenue
• Fee-only Asset Managers
• SEC-registered Fee-only Planners
• Comprehensive Wealth Managers
• New firms (1-5 years)
• Mature Firms (20+ years)
Junxure CRMs are #1:
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What does a CRM do for a Financial Advisor?
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• Contact Management
• Integrate systems
• Meeting notes
• Send emails
• Prospecting
• Workflows
What does a CRM do for a Financial Advisor?
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• Info gathered from many places
• Creates “corporate memory”
• Mass correspondence made easy
• Workflows are efficiently tracked
• Future business is not guesstimated
Advisor Issues Solved by CRM
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Is your CRM working for you?
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• Glorified rolodex
• Inconsistent usage
• Entering notes takes too long…
• … with no perceived benefit
• Where to get started?
Is your CRM working for you?
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More PRODUCTIVEMore PROFITABLE
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More PRODUCTIVE
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(Source: “Best Managed Firms: It’s About Time – Time management and Organizational Effectiveness study” by Schwab Institutional and Moss
Adams, LLP. )
Owners of Best-Managed Firms spend 180 additional hours
annually on client -facing activities
More PRODUCTIVE
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(Source: “Adviser Technology Study: Driving Efficiency, Profitability and Growth” by InvestmentNews)
61% of advisors at Top Performers spend1 hour or less per week
on non-financial -planning or
investment -advice-related activity
More PRODUCTIVE
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(Source: “Adviser Technology Study: Driving Efficiency, Profitability and Growth” by InvestmentNews)
0 20 40 60 80 100
Clie
nt H
ouse
hold
s per
Pro
fess
iona
l
Innovators Other
More PROFITABLE
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(Source: “Adviser Technology Study: Driving Efficiency, Profitability and Growth” by InvestmentNews)
$0 $100 $200 $300 $400 $500
Reve
nue
per P
rofe
ssio
nal
Thousands
Top Performers Other
More PROFITABLE
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(Source: “Adviser Technology Study: Driving Efficiency, Profitability and Growth” by InvestmentNews)
$0 $50 $100 $150 $200 $250
Prof
its p
er P
rofe
ssio
nal
Thousands
Top Performers Other
CRM: The lay of the land
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• Salesforce
• MS Dynamics
• Sugar
• Zoho
Generic CRMs
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• Salentica (SS&C)
• XLR8
Generic CRMOverlays
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• Tamarac
• AdvisorEngine (owns Junxure)
• Hanlon(formerly IAS)
All-In-One CRMs
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• Junxure
• Redtail
• Wealthbox
• EBIX
FinTech CRMs
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WORKFLOW
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Actions
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Actions
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More Complex
Facebook Newsfeed
Algorithmic Trading
Quicksort
Self -Driving Car
A sprawling Excel spreadsheet, built -up over 20 years, maintained by an
admin person who is retiring soon
My Pending Actions
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My Pending Actions
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My Pending Actions
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My Pending Actions
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My Pending Actions
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WORKFLOW MONITOR
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WORKFLOW MONITOR
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INTEGRATIONS
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• NO SUCH THING AS “FULL” INTEGRATION
• Data imports/exports
• Single sign-on
• Automation tools
Integrations
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AUTOMATION TOOLS
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My Pending Actions
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My Pending Actions
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My Pending Actions
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My Pending Actions
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My Pending Actions
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My Pending Actions
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My Pending Actions
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My Pending Actions
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Events in data can drive very relevant ‘alert-style’ information up to us as advisors and lets us be more proactive because it gives us cues when something substantive has happened that it’s worth reaching out to clients.
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– Michael Kitces
IF…THEN
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• Step 1 > Step 2 > Step 3…
• Alert from another system
• Too much time since last contact
If…Then
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• Step 1 > Step 2 > Step 3…
• Alert from another system
• Too much time since last contact
If…Then
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• Periodic withdrawal
• Interest rates down
• Behind on savings
• Portfolio decline
• Client playing with goals on portal
• Change of snail-mail address
If…Then
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• Portfolio Management / Reporting
• Financial Planning
• Custodian / B -D
• Outlook
• Facebook / other social media
Where are the triggers?
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If…Then
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If…Then
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If…Then
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• Step 1 > Step 2 > Step 3…
• Alert from another system
• Too much time since last contact
If…Then
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Recurring Actions
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My Pending Actions
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Service Monitor
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Service Monitor
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CRM Marketing
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• Generate lists• Mass communications• Seminar tracking• Success metrics
CRM Marketing
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• White paper• Attend event • Download workbook• Listen to podcast• Start a financial plan
OfferContent
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If…Then
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Events in data can drive very relevant ‘alert-style’ information up to us as advisors and lets us be more proactive because it gives us cues when something substantive has happened that it’s worth reaching out to clients.
70Proprietary and Confidential
– Michael Kitces