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

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More PROFITABLE

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(Source: “Adviser Technology Study: Driving Efficiency, Profitability and Growth” by InvestmentNews)

$0 $100 $200 $300 $400 $500

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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

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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