CRM systems
Discover the top suppliers of CRM systems used by wealth professionals, and learn how advice firms are using this technology.
What are the most popular Customer Relationship Management (CRM) systems?
A CRM is a system that collects, organises and analyses customer information, interactions and data throughout the customer life cycle.
A great CRM system can benefit your advice business in a number of ways. CRM software can improve the efficiency of your pipeline management, build better client relationships through improved communication and service, and help your back-office to manage and coordinate client activities.
Research from the 2021 Netwealth AdviceTech Report shows that the top 4 suppliers of CRM software used by wealth professionals and financial advisers includes: Xplan (60.8 per cent of advice firms), Worksorted (9.9 per cent), AdviserLogic (8.3% per cent) and Midwinter (5.4 per cent).
Netwealth's 2021 AdviceTech Report
The 2021 Netwealth AdviceTech Report explores six major opportunities and crucial technology trends that advice firms should consider as they evolve their client value proposition and enhance their customer experience.
How are advice firms using this technology?
The most popular features of a CRM system include the ability to see client information (97.8 per cent of firms currently use this feature), client contact management and meeting notes (85.9 per cent), document management (76.3 per cent), tasks and workflow automation (66.3 per cent), analytics, reports and dashboards (39.6 per cent), integration with email marketing systems (34.1 per cent) and prospect/lead contact management (28.9 per cent).
Satisfaction with CRM systems has dropped slightly from the previous year, to 3.2 out of five (from 3.5). This could potentially be driven by increasing needs from practices, or an underutilisation of key features, such as analytics/reporting and prospect management.
Almost nine in 10 (88.8 per cent) advice firms use a CRM system in their business to manage client information.
For those firms that have a CRM system, almost all (94.8 per cent) use it daily.
Explore other AdviceTech tools used by wealth professionals
- Accounting software
- Cashflow, budgeting and account aggregation tools
- Client portals
- Cloud-hosted document storage and sharing services
- Cloud-hosted email and communication services
- Commission management software
- CRM software
- Database and system integration technology
- Digital signature tools
- Email campaigns and newsletter management technology
- Investment research tools
- Managed accounts
- Online and mobile advertising
- Online fact-find and risk profiling tools
- Presentation software
- Scaled advice technology
- SMSF administration software
- Social media management tools
- Social media networks
- Superannuation and investment platform
- Survey and client feedback tools
- Task, activity and project management technology
- Virtual online meeting tools
- Website management and blog tools
More AdviceTech resources
Innovation workshop
Netwealth has designed this 90-minute workshop to help you and your team prioritise technology solutions against business objectives to develop your business' AdviceTech roadmap.
The Emerging Affluent Report
This report is a playbook for financial advisers on how to attract, manage and retain The Emerging Affluent.
2021 AdviceTech summary video from Matt Heine
This 12 minute video explores some of the core themes that are highlighted in Netwealth's 2021 AdviceTech report.