Boston, April 12, 2011 – A new report from Aite Group details the value that customer relationship management (CRM) solutions provide to the wealth management industry. The report highlights investment drivers for CRM and forecasts CRM spending in North America. In addition, it provides an in-depth comparison of seven North American CRM vendors that cater to the wealth management industry, and names best-in-class solutions for several categories.
Compared with CRM solutions of the 1990s and early 2000s, today’s Web-accessible and services-oriented CRM solutions enable firms of all sizes to manage and automate client service, sales, marketing, and risk management processes through embedded best practices, workflow tools, and integration with other wealth management applications. While many large and small wealth management firms are beginning to embrace these newer solutions, a significant number continue to manage client contacts and activities through Microsoft Outlook/Office and other tools. Aite Group’s March 2011 advisor survey of 380 financial advisors revealed that almost a quarter of survey participants either do not have access to a CRM solution or do not find the solution applicable to their business; we expect this situation to change as financial advisors increasingly recognize the business value of today’s CRM solutions.
“Financial advisors need to up their game in a post-crisis environment in which clients are more risk-averse and seek increasing control over their investments,” says Sophie Schmitt, senior analyst with Aite Group and author of this report. “Advisors need CRM technology now, more than ever, to help them manage increased client activities efficiently and strategically.”
CRM vendors profiled in this report include CDC Software, Junxure, Microsoft, NexJ, Pareto Systems, Redtail Technology, and Salesforce.com. The vendors listed in the table below are named as best-in-class solutions.
This 54-page Impact Report contains 19 figures and 17 tables. Clients of Aite Group's Wealth Management service can download the report by clicking on the icon to the right.