Top Ten Capabilities of Your CRM Application

Friedman, Gregory H.
November 2004
Journal of Financial Planning;Nov2004, Vol. 17 Issue 11, p38
Academic Journal
This article enumerates the top ten capabilities that customer relationship management (CRM) systems that financial planning or wealth management firms must possess. First, a great CRM system must provide easy access to all relevant client information. A great system for financial planners allows for tracking the following: personal client information and preferences; associates; assets and liabilities; detailed insurance policy information; personal goals; gifts for estate planning purposes; estate document information; cash flow; taxes and suitability; and financial account information. Second, the CRM system must be able to import financial account and asset information as well as allow financial planners to directly input your assets. The CRM system must also have certain work-flow tools that make day-to-day operation of the business more efficient as well as certain office and client management capabilities to take the firm into a higher level. Then, the CRM system must be able to enhance client communications in two ways: create various types of reports to provide directly to clients and provide methods to monitor and schedule contact so that no client slips through the cracks in terms of contact or expected work. It must have the ability to create mass-customized letters for specific groups of clients and help in the documenting client activity for compliance purposes.


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