Financial advisors look for CRM solutions

Financial advisors are more reliant on customer relationship management (CRM) systems than ever before.

An influx in new clients has meant that a number of industry professionals are looking to manage their customers in a more efficient and strategic manner, a report from the Aite Group has found.

The independent research and advisory organization found that modern CRM solutions have greatly improved compared to ten years ago.

Data is easier to find, analyze, share and access from any device, the firm said.

Currently, almost a quarter of participants in the survey either did not have access to a CRM solution or did not find the solution applicable to their business.

However, the emergence of cloud computing technologies mean that CRM is now more cost-effective, allowing small wealth management firms to afford enterprise class CRM technology.

Aite Group estimates that North American wealth management firms will grow spending on CRM by around eight per cent over the next five years from approximately $460 million in 2010 to $620 million in 2014.