Advisors Want More CRM Workflow Automation and Better Tools for Digital Client Engagement

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Javelin’s analysts uncovered that CRM leaders are embracing a holistic platform approach, leveraging their tools to share and design the data experience at key moments of the advisor workflow.

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Provider:

GlobeNewswire, Inc.

Retrieved on:

Wednesday, August 2, 2023

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Tags:

Pressure, Face, RIA, API, Wealth management, CRMS, SAN, CRM, UX, Digital, Javelin, RIAS, Salesforce, Sales

Geotags:

PLEASANTON, CA, US, UNITED STATES

Organisation:

JAVELIN STRATEGY & RESEARCH

Summary

Key Points:

Javelin’s analysts uncovered that CRM leaders are embracing a holistic platform approach, leveraging their tools to share and design the data experience at key moments of the advisor workflow.
Digital client engagement tools and workflow automation that alleviates common pain points rank high on the advisor wish list.
In examining more than 120 criteria across these categories,
Redtail Technology has emerged as the best-in-class turnkey CRM provider.
Envestnet Tamarac CRM is also cited as a Leader due to its consistently high scores across Javelin’s benchmark criteria.

SAN FRANCISCO, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Javelin Strategy & Research has released its first RIA Turnkey CRM Scorecard, a benchmark study of turnkey CRM providers in the United States. This new report highlights the top five turnkey CRMs (defined as platforms that can function out-of-the-box without high degrees of custom programming) serving the registered investment advisor (RIA) market.

Javelin’s analysts uncovered that CRM leaders are embracing a holistic platform approach, leveraging their tools to share and design the data experience at key moments of the advisor workflow. Areas of impact include client onboarding, document management, compliance, and integration with portfolio management systems. Digital client engagement tools and workflow automation that alleviates common pain points rank high on the advisor wish list.

“Turnkey CRM providers must balance the complexity of advisor workflow against business-ready functionality and lower cost for RIAs,” noted Greg O’Gara, lead analyst in the Wealth Management practice at Javelin. “Over the next five years, Javelin expects generative AI to level the CRM playing field. Enhanced connectivity between discrete tools and datasets will empower advisors and blur the lines between enterprise and turnkey platforms.”

The scorecard evaluates turnkey CRM platforms based on four key dimensions: functionality/UX, API integrations (versus in-house tech capabilities), client feedback and corporate resources. In examining more than 120 criteria across these categories,
Redtail Technology has emerged as the best-in-class turnkey CRM provider. Envestnet Tamarac CRM is also cited as a Leader due to its consistently high scores across Javelin’s benchmark criteria.

“Looking ahead, the need to scale delivery and pressure on fees is likely to accelerate trends to consolidation in the RIA space,” continued O’Gara. “Market pressures will weigh on CRM providers as well. The ability to connect front- and back-office technology to the benefit of the advisor will enable CRM systems like Redtail Technology and Envestnet to serve integrated wealth managers and other enterprises in the face of competition from Salesforce and other large vendors.”

More information about the 2023 Javelin Wealth Management RIA Turnkey CRM Scorecard can be found at javelinstrategy.com.

About Javelin Strategy & Research
Javelin Strategy & Research, part of the Escalent family, helps its clients make informed decisions in a digital financial world. It provides strategic insights to financial institutions including banks, credit unions, brokerages and insurers, as well as payments companies, technology providers, fintechs and government agencies. Javelin’s independent insights result from a rigorous research process that assesses consumers, businesses, providers, and the transactions ecosystem. It conducts in-depth primary research studies to pinpoint dynamic risks and opportunities in digital banking, payments, fraud & security, lending, and wealth management. Learn more at javelinstrategy.com.

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