In the coming years, the Baby Boomer generation will pass on $68 trillion to their children.[1] Heirs that will inherit significant wealth require quality advisors to ensure their newfound wealth is managed wisely and continues to grow for future generations. Unfortunately, by not keeping up with the latest technological advances, many advisors are not positioned to win the business of these younger, tech-savvy potential clients.
Our latest whitepaper, Bridging the Tech Gap: How CRM Technologies Attract and Retain New Clients, delves into the critical role of Customer Relationship Management (CRM) systems in transforming financial advisory practices. It is a guide to understanding and implementing CRM tools to boost client acquisition and retention with a generation expecting technological tools as table stakes.
Understanding the Technology Hesitancy
Despite the undeniable benefits, 40% of financial advisors are hesitant to adopt new technologies.[2] Given that 81% of consumers research financial services online before making decisions,[3] this reluctance means firms will lose the business of the generation of digital natives seeking advisors who use the modern tools they expect to ensure that their wealth grows.
The Power of CRM in Financial Advisory
The whitepaper delves into the transformative impact of CRM systems on financial advisory practices. A robust CRM platform enhances client onboarding, streamlines data collection, and personalizes client interactions. Tailored investment advice requires knowing the markets and tracking client interactions, preferences, and financial goals. This personalized approach not only improves client satisfaction and fosters long-term relationships, but the tailored investment advice is sure to meet each client’s specific needs.
For example, a CRM system can automatically alert advisors when clients approach significant life milestones, such as turning 50 or having a child ready to go to college. By proactively engaging with clients and providing relevant financial strategies, advisors can strengthen client relationships and become seen as invaluable and indispensable partners.
Meeting the Needs of Younger Generations
Gen Z investors rely heavily on social media and internet searches to make financial decisions. With CRM tools, advisors can meet these younger clients where they are, and focus on providing high-quality advice without getting bogged down in administrative tasks.
In particular, 70% of advisors report that CRM systems significantly boost their productivity, while 44% note a positive impact on client satisfaction.[4] This dual benefit—enhancing advisor efficiency and client experience—makes CRM adoption a no-brainer for forward-thinking firms.
Embrace the Future with CRM
The insights presented in Bridging the Tech Gap: How CRM Technologies Attract and Retain New Clients make it clear that embracing CRM technology is essential for financial advisors aiming to stay competitive and relevant. It offers a roadmap for advisors who wish to build stronger relationships with their clients, streamline their operations, and drive growth for their firms.
Download the full whitepaper today to better understand how CRM technologies can revolutionize your advisory practice and help you connect with the next generation of clients.
[1] The great wealth transfer has started — but millennials, Gen Z may not inherit as much as they anticipate
[2] Unleashing automation: Attracting the next generation of investors
[3] The 5 Pillars of Digital Marketing for Financial Advisors
[4] The Challenges and Opportunities of Wealth Management Technology
