No matter if you are a small wealth management firm comprised of ten financial advisors or a large one with many branches across the nation or globe, your wealth management CRM must be able to help you overcome all the challenges faced in this sector. Wealth management firms are essentially financial advisors with unique and varying requirements. Their success typically depends on the strength of the building and maintaining relationships. Thus, the firms in the wealth management sector that want to succeed in today’s competitive market must take advantage of Microsoft Dynamics CRM.
Microsoft Dynamics CRM for the wealth management sector is designed to help the firms overcome several challenges, including:
1. Manage relationships and know the people involved in the wealth management of a client
When you run a wealth management firm, you have so many relationships to manage that go beyond just the client relationship. As an advisor, you need to have a clear, big picture of your clients and their household and extended relationships: parents, siblings, children, grandchildren, and even cousins. It is essential to understand the makeup of the family wealth.
Microsoft Dynamics CRM allows you to centrally manage all this data so that when a client or any of his/her relatives (son or daughter) interacts with any of your advisors in the firm, they have a full insight to make suggestions and provide consultation.
2. Manage and update the legal instruments on-time more efficiently
There are several legal instruments involved in the wealth management sector, such as wills, trusts, and powers of attorney. All these instruments are a part of the large family picture. With powerful customer relationship management software like Microsoft Dynamics CRM, anyone authorized at the firm can tell if they have the will of the family in question.
Who is the trustee of the family’s will? Who are the beneficiaries included in the will? Have there been life changes, such as divorce, death, or birth that may alter the information of the will? When did the client visit your firm last time? And much more! When all this information is visible to your financial advisors, the responsibility to regularly update these legal instruments does not fall on the shoulders of one advisor.
3. Manage the records of services being used and fees paid by the clients accurately
Like any firm, a wealth management firm also charges fees for its services. It might be paid by clients annually or it could be an annual sum plus a quarterly rebalancing fee. Besides, there could be more complex commission calculations. With the right CRM system, your advisors will easily know what services are being used by each client and quickly review the costs with the client. The firm advisors can check reports anytime to ensure that everything is being billed correctly for each client and analyze the most profitable areas of the business.
4. Keep track of every little or minor interaction with your clients
Sometimes, even the best advisor can forget or fail to locate every interaction with a client. But you know the client always remember what they discussed during the last interaction and what requests they have made. For instance, a client insisted on changing a beneficiary, but you have no records of it. With the right wealth management Microsoft Dynamics CRM, phone calls can be noted and emails that come via Outlook can automatically be attached to the client record. It allows you to accurately manage client requests and keep track of every interaction of each client.
There are more advantages of using Microsoft Dynamics CRM in the wealth management sector that allows firms to run and manage relationships with clients more efficiently and smoothly.
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Global iTS is a leading Microsoft Dynamics 365 ERP and CRM Partner with offices all over GCC (Bahrain, Saudi Arabia KSA, Oman “Muscat”, UAE “Dubai”, and Kuwait), with domain expertise in Financial Services Sector Digital Transformation like” Retail Banking, Commercial Banking, Insurance Providers, Private Equity, and Investment Banking.
