The finance bigwigs are in a bit of a pickle. We’re talking banks, investment management, the whole shebang. It’s getting super competitive out there, and these investors are fickle as a pickle.
Their wants and needs are all over the place because of the market’s ups and downs.
Plus, the new generation of investors is a bunch of tech-savvy smarty-pants who want top-notch service, even if it means doing things themselves.
Sounds like the finance folks need to put on their thinking caps and get with the program.
You want to keep those clients and attract new ones, you got to start thinking about them instead of just your money bags. That’s where Customer Relationship Management (CRM) solutions come in handy.
But don’t be fooled, it’s not a one-size-fits-all kind of deal. You got to tailor those tools to fit your organization’s goals, kind of like a custom-made suit.
Here are a few challenges that advisors are facing:
The Commoditization of Financial Services
Millennials and their tech-savvy ways are all about those one-touch AI virtual tools. They don’t even wanna meet face-to-face anymore! But here’s the thing: how do you differentiate yourself from those machines and show clients your true value?
Helping Clients Protect Investments from Inflation
Inflation rates are on the rise, and the market is as volatile as ever. And let’s face it, losing a client to a competitor during these times is like losing your phone charger when you’re at 1% battery.
Meeting Client Expectations
Investors sure are high-maintenance these days! It seems like they want more than just good returns on their investments – they also want a top-notch client experience.
You need to step up your game and find ways to truly wow your clients.
Reaching a Higher Number of Customers with Minimal Resources
With the job market heating up, financial organizations are feeling the pinch of losing their experienced staff to retirement and the Great Resignation.
Tedious Access to Data
Ah, the joy of juggling multiple systems and drowning in a sea of scattered data. It’s no wonder financial advisors sometimes feel like they’re on a sinking ship! But fear not, there’s still hope.
Building Sustainable Trust
In today’s digital age, it’s tough to build a genuine relationship without meeting someone in person. And let’s be honest, how can you trust someone who hasn’t even met your pets or seen your collection of vintage vinyl records?
3 Smart Ways a CRM Can Help:
1. Automated Relationship Management for an Excellent Client Experience
CRM, or “customer relationship management,” is like a personal assistant for financial advisors.
It helps you keep track of all the important information about your clients and automate communication so you can focus on other things, like picking out the perfect tie to wear to the office.
By staying on top of market events and keeping clients informed, financial advisors can build trust and credibility, just like how wearing a power tie can make you feel more confident.
But it’s not just about looking good – it’s also about making sure clients don’t freak out and start making impulsive investment decisions.
💡Just like how your wardrobe needs to adapt to changing trends, CRM solutions need to evolve alongside the organization and its customers to stay effective. So, let’s make sure your CRM is tailored to your clients’ needs and not just collecting dust.
2. Improved Productivity and Sales Effectiveness
CRM is the secret sauce for sales teams. It’s like a superpower for financial advisors, helping them see through walls and into the sales pipeline. According to Nucleus Research, CRM can shorten the sales cycle by 8-14%, which means you can close deals faster and have more time to enjoy your daily dose of caffeine.
But that’s not all, CRM eliminates those pesky silos, ensuring every department is on the same page, like a family vacation without the family drama.
With CRM, financial advisors can prioritize leads, ensuring they’re not wasting their time on dead-end prospects, like a Tinder match that only wants to talk about their cat.
The CRM system knows who’s engaged and when the best time to reach out to them is, which is like having a crystal ball, but for sales.
And if you’re worried about your team drowning in process-heavy tasks, don’t fret, with automated workflows, you can free them up to connect with potential clients, or catch up on the latest meme trends.
So, let’s say you’re running ads or getting leads from your website, with automated workflows, you can assign someone to take care of those new leads without breaking a sweat. And the best part?
Automated workflows provide better time management, which means increased productivity and reduced business costs.
3. One Focal Customer Snapshot for Better Actions
CRM records everything, from prospects’ interactions to client activities. This means advisors can predict outcomes and recommend the best next steps for their customers, all while sipping their tea and munching on their biscuits.
No more scrambling to access multiple systems to get a complete picture of your customer’s status. Instead, CRM can be customized to a dashboard that keeps advisors up-to-date with current and valuable data.
And if you’re feeling fancy, you can even integrate it with your eCommerce platform, helpdesk, and ERP solutions. It’s like playing a game of financial system Tetris, except you’re actually winning.
With all this information at your fingertips, the CRM tool can also generate ideas for financial advisors on other investment options that are in line with their clients’ current portfolios. And when the market gets volatile, advisors can help their investors stick to the right risk levels for their investments.
Think of it as a financial superhero, swooping in to save the day and protect your customers’ investments from harm.
And that’s not all. You can also create automated one-on-one customer care that’s not only personalized to the client but also provides a “humanized value-added experience.”
It’s like having a virtual assistant who actually cares about you and your financial well-being. And who wouldn’t want that?
So what can you do?
Forrester Research sure knows how to make a case for CRM! They claim that if you use a CRM tool correctly, your ROI can reach over 300%.
That’s like getting three times your investment back – it’s like hitting the jackpot in the customer relationship game!
And if you nurture your customer relationships properly, your organization will see an increase in new client conversion and customer retention rates.
It’s like planting a seed and watching it grow into a beautiful plant – except in this case, the plant is a loyal customer.
With the right CRM strategy, planning, and implementation, you can deliver superior client experience, boost revenue generation opportunities, increase productivity, and enhance trust. It’s like a one-stop shop for all your customer relationship needs!
Consult with experienced experts to discuss how your financial organization can take advantage of these benefits.
We like to think of ourselves as your personal CRM guru to guide you through the customer relationship maze – no more lost in the wilderness!
👉 Speak to an industry expert and CRM geek to learn about your options