Discover the Best CRM for Financial Advisors in 2021

Are you a financial advisor who’s looking for a way to streamline your workflow? Do you want to provide better communication and service to your clients? Then a Customer Relationship Management (CRM) system might be the solution you’re looking for. But with so many options out there, it can be overwhelming to choose the right one. That’s why we’ve done the research and compiled a comprehensive guide to help you find the best CRM for financial advisors in 2021.

Why Do Financial Advisors Need a CRM?

As a financial advisor, you’re responsible for managing a growing list of clients and their unique financial goals. That can be challenging without a system to keep track of their information, investment portfolios, and ongoing communications. Using a CRM system can help you:

Benefits of a CRM for Financial Advisors
Centralize client data and communication 📊
Save time on administrative tasks and document management ⏱️
Improve client retention and satisfaction 👥
Gain insights into clients’ needs and investment behavior 🧐

What to Look for in a CRM for Financial Advisors

When choosing a CRM system, it’s important to consider the specific needs of your financial advisory business. Here are some features to look for:

1. Customization

Choose a CRM that allows you to customize fields and data to fit your business process and client needs.

2. Integration

Find a CRM that integrates with other tools you’re already using, such as financial planning software, document management, or email marketing.

3. Security and Compliance

Ensure that the CRM meets industry-level security standards and compliance requirements, such as GDPR or FINRA regulations.

4. Mobile Access

Opt for a CRM that offers mobile access, allowing you to access your client data and communication from anywhere, anytime.

5. Reporting and Analytics

Choose a CRM that provides reporting and analytics capabilities, such as tracking client engagement, sales pipeline, or investment performance.

The Best CRMs for Financial Advisors in 2021

After researching and testing various CRM systems, we’ve narrowed down the top choices for financial advisors. Here are our top picks:

1. Wealthbox CRM

Wealthbox is a simple, user-friendly CRM system designed for financial advisors. It offers custom fields, integration with various financial planning software, and a secure platform. Wealthbox also provides mobile access and reporting tools, such as activity tracking and lead conversion rates.

2. Redtail CRM

Redtail is a popular CRM system used by many financial advisors. It has a robust feature set, including customizations, integrations, compliance tracking, and mobile apps. Redtail also offers advanced reporting and analytics, such as performance metrics and customizable dashboards.

3. Salesforce CRM

Salesforce is an enterprise-level CRM system that can handle large-scale financial advisory businesses. It provides extensive customization options, integration with many third-party tools, and industry-level security and compliance. Salesforce also offers mobile access and advanced reporting and analytics tools, such as data visualization and AI-powered insights.

FAQs about CRM for Financial Advisors

1. What is a CRM system, and how does it work?

A CRM system is software that helps businesses manage their customer relationships and interactions. It works by collecting and organizing customer data across various touchpoints, such as emails, calls, or social media, and providing insights and automation to improve customer service, sales, and marketing.

2. How can a CRM system benefit financial advisors?

A CRM system can help financial advisors manage their client data, communication, and workflows more efficiently, saving time and improving client retention and satisfaction. It can also provide insights into client needs and behavior, allowing financial advisors to offer personalized services and investment recommendations.

3. What features should financial advisors look for in a CRM system?

Financial advisors should look for a CRM system that offers customization, integration, security and compliance, mobile access, and reporting and analytics capabilities. These can help financial advisors tailor their CRM to their business process and client needs, integrate with other tools they’re using, ensure data security and privacy, access client data on the go, and gain insights into their business performance and client behavior.

4. How much does a CRM system cost for financial advisors?

The cost of a CRM system for financial advisors varies depending on the features, customization, and user licenses. Some CRMs offer free or affordable plans for small businesses, while others charge hundreds or thousands of dollars per month for enterprise-level features and large-scale businesses.

5. Can financial advisors use a CRM system to comply with regulations such as GDPR or FINRA?

Yes, many CRM systems offer compliance tracking features that can help financial advisors meet regulatory requirements such as GDPR or FINRA. These features can include audit trails, data encryption, consent management, or reporting tools.

6. Can a CRM system help financial advisors automate their workflows?

Yes, many CRM systems offer automation capabilities such as lead scoring, task management, or email marketing. These can help financial advisors save time on administrative tasks and focus on providing personalized services to their clients.

7. How can financial advisors ensure data security and privacy when using a CRM system?

Financial advisors can ensure data security and privacy by choosing a CRM system that meets industry-level security standards and compliance requirements, such as GDPR or FINRA regulations. They can also use best practices such as two-factor authentication, secure passwords, data encryption, and regular backups.

The Bottom Line

Choosing the right CRM system can make a significant difference in your financial advisory business. With the right features, you can streamline your workflow, improve client communication and service, and gain valuable insights into your business performance and client needs. Our top picks for the best CRM for financial advisors in 2021 are Wealthbox, Redtail, and Salesforce. Choose the one that fits your business needs and take your financial advisory business to the next level.


The information provided in this article is for general informational purposes only and does not constitute professional advice or recommendations. We do not endorse any specific CRM system or company mentioned in this article. Please consult your legal, financial, or professional advisor for specific advice regarding your own situation.