Many small business owners start out with a free CRM system or an Excel spreadsheet to keep track of our clients or prospects. This will be useful for a while but the limitations of these two approaches appear once your business grows large enough. Also, you will need a place to store your workflows or tasks as it will be easier to train new hires and enables them to make suggestions to improve your processes.
So, now you’re looking at CRM systems from Sales Force to Wealthbox. How do you know what is the best one for you? Here are the most important considerations:
Customization
You can get a CRM that is highly customizable but will take a lot of effort and time to customize it to the way you want your data input into the system. If you don’t have the time, you will probably need to hire someone to create the system the way you want the data kept and the way you want to use the system.
Even though it takes a lot of time and effort, it can be worth it as you will get a system that will work for your business. Also, it will help you streamline some of your processes such as sending out emails or keeping specific data in the system like the client’s assets and liabilities.
One of the most popular customizable CRM systems I have seen advisors use, and offers some of the data point advisors are looking for, is the XLR8 from Salesforce. This works well for the advisor to keep their information in one place for the client and your employees. Also, it has integrations with form companies to help streamline some of your processes such as onboarding and sending out forms to help update your clients’ information.
Out of the Box
This type of CRM is pretty much ready right out of the box and offers little to no customization. However, you immediately get a CRM that is focused for your industry. For instance, financial advisors may gravitate towards Wealthbox which focuses more on financial professionals. They allow tons of integration options, and have a place to keep your workflows, tasks, and client notes. It is simple to use, and you can add additional text boxes that allow you to capture more data for your client. The startup costs are low to none as Wealthbox has a white glove approach to helping you bring over your clients’ information from you previous CRM. This works well for the advisor who needs a place to keep client information but does not necessarily have the time or money to spend on customization.
In Conclusion
No matter the CRM system you decide to get, you will need to invest some time to make sure it is working right for you. You need to make sure your workflows are documented, your recurring tasks are coming through correctly, and your client’s information is correct in the system. Also, you need to make sure you have a workflow in place that you follow when adding your clients and prospects so you know all of the information that you need will be there. Then you can decide if you want to add the client’s assets and liabilities or other information that will help you see your client’s overall picture.
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