There's a lot that goes into running a successful advisory practice.
In addition to providing top-notch financial planning, you also have to drum up new business, keep track of every client and prospecting interaction, and juggle countless administrative tasks, all without letting anything fall through the cracks.
And let's be honest, managing all this on a bunch of sticky notes isn’t cutting it anymore.
Fortunately, there are tools out there that can help.
Customer relationship management (CRM) software helps financial advisors organize client data, automate follow-ups, and streamline business processes so you can focus on what you do best: providing excellent financial advice.
This guide explores eight CRM software options that financial advisors can use to manage client interactions, improve workflow automation, and scale their advisory firms more efficiently.
No sticky notes required.
8 CRM software solutions for financial advisors
For financial advisors, finding the best CRM means figuring out which platforms actually address your specific business needs and integrate smoothly with your existing technology stack.
Here are a few options to consider:
Wealthbox
Wealthbox provides a modern, cloud-based CRM solution built specifically for financial advisors and wealth management firms.
Wealthbox integrates with RightCapital so advisors can easily move client data between their CRM and financial planning software.
Key features:
Contact management with detailed client profiles
Task automation and workflow management
Email integration and communication tracking
Document storage and sharing capabilities
Mobile accessibility and real-time synchronization
Social media integration for client insights
Salesforce Financial Services Cloud
Salesforce Financial Services Cloud functions as a specialized CRM platform designed for the financial services industry, including wealth management and advisory firms.
Key features:
Client and household relationship management
Task management and workflow automation
Opportunity and asset management with secure data sharing
Cloud-based platform with mobile accessibility
Integration capabilities with financial planning tools
Customizable dashboards and reporting tools
Redtail CRM (subsidiary of Orion)
Redtail CRM describes itself as a comprehensive customer relationship management platform designed specifically for the financial services industry.
Redtail CRM integrates with RightCapital, enabling seamless data flow between client management and financial planning workflows.
Key features:
Contact management and client database organization
Task management and workflow automation
Email marketing and client communication tools
Document management and secure file storage
Customizable dashboards and reporting capabilities
Mobile app for on-the-go access
SmartOffice
SmartOffice offers an all-in-one CRM platform that combines client relationship management with business intelligence tools that make life easier for financial advisory firms.
SmartOffice integrates with RightCapital so your client data flows smoothly between your CRM and your financial planning platform.
Key features:
Client data management and segmentation
Automated marketing campaigns and follow-ups
Task management and calendar integration
Performance tracking and business analytics
Compliance monitoring and audit trails
Customizable templates for client communications
Advyzon
Advyzon offers users such as advisors, broker-dealers, and wealth management firms a comprehensive technology platform that combines CRM functionality with portfolio management and business intelligence.
Advyzon integrates with RightCapital to provide advisors with seamless automation between their CRM and financial planning workflows.
Key features:
Client relationship management and data organization
Portfolio management and performance reporting
Business intelligence and analytics dashboards
Automated workflows and task management
Document management and secure client portals
Compliance monitoring and regulatory reporting
AdvisorEngine
AdvisorEngine describes itself as a comprehensive wealth management technology platform that provides CRM capabilities plus portfolio management and digital client engagement tools for financial advisory firms.
Key features:
Client data management and relationship tracking
Digital onboarding and client portal functionality
Portfolio management and rebalancing tools
Automated workflows and task management
Business intelligence and performance analytics
Black Diamond CRM
Black Diamond CRM functions as a client relationship management solution integrated within the broader Black Diamond Wealth Platform, which also provides portfolio accounting and performance reporting tools for advisory firms.
Key features:
Contact management and client relationship tracking
Task management and workflow automation
Email integration and communication tools
Account opening and onboarding workflows
Time and expense tracking capabilities
Document management and client communications
Tamarac CRM
Tamarac CRM is a client relationship management solution designed to work alongside the portfolio management and rebalancing tools within the Envestnet | Tamarac platform.
Key features:
Contact management and client database organization
Integration with portfolio management workflows
Task automation and follow-up management
Customizable reporting and analytics
Document storage and client communication tools
Scalability for growing advisory firms
Why do financial services firms need CRM software?
CRM systems provide the functionality you need to build stronger client relationships and operate more efficiently.
Here’s how they make life easier for your team:
Keep everything all in one place
CRM software consolidates client information, financial data, and interaction history in one accessible location.
No more hunting through emails, handwritten notes, and random documents to find what you need.
This centralization improves client service by ensuring your team has all the client information it needs for every interaction. (Because you don’t want to ask a client how many kids they have more than once.)
Make interactions more personal
Your CRM will help you track client preferences, important dates, and communication history.
Remember that your client hates early morning calls? It's in there. Know their birthday is coming up? You'll get a reminder.
This detailed client information enables more personalized service that strengthens relationships and improves client retention.
Stop doing the same tasks over and over
Automation features streamline business processes such as client onboarding, follow-up scheduling, and task management.
This workflow automation reduces admin work and allows advisors to focus on providing financial advice instead of getting bogged down by repetitive tasks.
Make smarter business decisions
CRM systems provide analytics and reporting that help advisory firms understand their client base, track business performance, and identify growth opportunities.
These insights help drive data-driven decisions about marketing, client segmentation, and business development. (Finally, you can stop guessing about what's working.)
Stay compliant without the headaches
Your CRM should make compliance easier, not harder.
Many include features that support compliance monitoring, audit trails, and data security requirements. These capabilities help firms meet regulatory obligations while protecting sensitive client information.
What CRM features should financial advisors look for?
Choosing the right CRM platform requires understanding which functionality will actually improve your client service and business processes.
Because you already have enough on your plate without having to wrestle with clunky software.
Seamless integrations with existing systems
Your CRM should connect easily with your financial planning software, portfolio management platform, and other essential tools.
When your CRM and other systems play nicely with each other, you spend less time on administrative work, such as data entry, and more time serving clients.
Workflow automation capabilities
Look for automation features that handle routine follow-ups, client onboarding processes, and task management. The best CRM solutions automate repetitive tasks while maintaining the personal touch that strengthens client relationships.
Customizable dashboards and reporting
Choose a CRM platform that offers flexible reporting with the ability to track key business metrics, client interactions, and sales pipeline progress. Real-time dashboards help you understand your current client base and identify opportunities for growth.
Mobile app and cloud-based accessibility
Financial advisors need access to client information everywhere they go, whether they're in the office, meeting clients on-site, or sending emails during a “workcation" in Europe.
Cloud-based CRM tools that offer mobile accessibility ensure you can stay connected to your practice from anywhere.
Compliance and security features
The financial services industry requires robust data protection and compliance monitoring. You know that. And so should your CRM solution.
Look for security features that protect client data and help you meet regulatory requirements.
User-friendly interface and ease of use
For your CRM to provide maximum value, it needs to be easy to use. Choose software with an intuitive interface that minimizes training time and maximizes user adoption across your advisory firm.
How to choose the right CRM for your financial services firm
The best CRM for financial advisors isn't necessarily the one with the most bells and whistles. It's the one that fits your specific needs and doesn't make implementation a nightmare.
Here’s how to find the best CRM for your team:
Assess your current business needs
Start by evaluating your client base, current workflow processes, and specific pain points in client management.
Do you need basic contact management features, or are you looking for more advanced capabilities such as marketing automation and business intelligence?
Evaluate your integration requirements
Review your existing technology stack, including your financial planning software, portfolio management platform, and custodial relationships. Look for a CRM platform that integrates with these essential tools to create efficient workflows.
Because manually entering the same client data three times in three different tools doesn’t sound like fun.
Pick something that can grow with you
Choose a CRM solution that can grow with your advisory firm. If you're planning to expand your business, you want a CRM that can adapt and keep up. Consider how the platform handles more clients, additional users, and new functionality as your business needs change.
Factor in time for setup and training
Even the best CRM is useless if it just sits there collecting digital dust. Factor in time for migrating your client data, configuring your workflows, and proper onboarding so everyone's comfortable with the new system.
Take it for a test drive
Everything always looks perfect on the sales demo. But we all know real life is messy.
Consider asking for a trial period where you can try the CRM software with actual workflows and client data. This gives you a chance to preview the user experience as well as the customer support. You want to know that the CRM’s support team will be there for you if you have questions.
Don't forget about compliance
Choose a CRM that helps with regulatory requirements instead of creating more compliance headaches. Look for built-in security features and audit trails that make your life easier.
Conclusion
For financial advisors, finding the right CRM comes down to picking a tool that fits your specific needs, helps you work more efficiently, and supports you as you scale.
Whether you choose a specialized financial services CRM or a more general platform, the key is finding software that enhances client relationships while making your daily workflow smoother. (Not more complicated.)
A great CRM is just part of your tech stack. While your CRM is busy organizing client data and tracking interactions, RightCapital provides the financial planning, tax analysis, and cash flow modeling tools you need to help clients reach their investment goals.
Ready to see how RightCapital integrates with some of the most popular CRM systems? Schedule a demo to discover how our financial planning platform can streamline your workflow and client management.
FAQs about the best CRM for financial advisors
Which CRMs integrate with RightCapital?
RightCapital integrates with several popular CRM systems, including Wealthbox, Redtail CRM, SmartOffice, and Advyzon. These integrations enable seamless data flow between client management and financial planning workflows, so you're not stuck doing double data entry.
What CRM features are most important for financial advisors?
The best CRMs integrate smoothly with your financial planning and portfolio management software to automate your workflows. They also provide customizable dashboards and reporting, mobile accessibility, compliance features, and a user-friendly interface your team will actually enjoy logging into each day.
These functionality elements help advisors strengthen client relationships while operating more efficiently.
Schedule a demo to explore RightCapital’s CRM integrations and discover how our platform can help streamline your workflow and improve client management.