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We reviewed 5 popular CRM platforms for financial advisors

13 September, 2022 · 10 min read·Financial advisor firm
We reviewed 5 popular CRM platforms for financial advisors
After researching dozens of different CRM tools, we’ve rounded up five of the most popular options for financial advisors.

It used to be that only individuals of the upper echelon would seek or require the knowledge, insight, and guidance of financial advisors for their financial planning needs. However, thanks to the democratization and commoditization of investment opportunities and increased use of customer relationship management systems (CRM software), more people than ever before are looking to take advantage of professional financial services. As such, it comes as no surprise that demand for CRM solutions financial services are growing at a rapid pace, as more and more people are now not only realizing the benefits that financial advisors provide, but they are also requiring them.

Once really only considered an electronic rolodexes, of sorts, which were used to keep tabs of client and prospecting activities, too, today, CRM solutions have been reimagined and are now coupled with advanced technologies to assist financial advisors with the development and implementation of custom-tailored communications, create vital insights that pertain to the clients they serve and their potential prospects. Additionally, CRM solutions are used to automate workflows, boost lead conversions, and enhance profitability.

According to recent predictions, CRMs, in general, are projected to be worth more than $80 billion globally by the year 2025, while in the US, the estimated market cap of financial services are a combined $1.24 trillion. Additionally, when CRM software is used, conversion rates improve by up to 300%, and nearly 75% of businesses that make use of CRM systems experienced improved customer relationships.

With so many benefits, it’s easy to see why CRM software has become so popular among financial advisors. Like any other type of technology, however, if you intend on making use of CRM, choosing the right type of solution for your business is vital for your success. After researching dozens of different CRM tools, we’ve rounded up five of the most popular options for financial advisors.

#1 Salesforce

Of all the different CRM platforms that are available, Salesforce is one of the most popular financial services CRM platforms options. While implementing the platform might be a bit complicated, because it offers a wide variety of components that are designed to make it the most customizable platform for financial advisors who want to keep track of customer date in a way that best suits their needs.

Salesforce has been on the scene for more than 20 years. This CRM system is rapidly expanding its dominance in the global CRM environment, so it has the scale that’s needed to remain one of the top-rated CRM systems on the market. While many industries use Salesforce as a CRM platform, the Financial Services Cloud that they offer is specifically intended for advisory firms. As the pioneer of software as a service (SaaS), it can be viewed as a boxed packaged that comes complete with cutting edge components that can be assembled however a customer wants to ensure that their individual needs are met.

When financial advisors use Salesforce as their CRM, they’ll receive a developed platform that provides integrations with a variety of additional tools that are intended for marketing automation. It’s one of the select few solutions that’s embedded with artificial intelligence (AI) that can be used to analyze data, predict sales trends, and suggest recommendations that are based on the process of workflow. This CRM platform can be used with more than 100 different data sources to generate a huge data bank that financial advisors can use to gain more in-depth insights about the interests, needs, and preferences of their clients. Salesforce is also optimized for mobile devices, so it can be accessed on any device.

There is one downside to Salesforce, however, and that downside also happens to be one of its biggest advantages. While the CRM offers so many different features and tools, for small businesses, it may be too extensive for some to really be able to grasp all of the capabilities that it offers. However, it should be noted that the many different components allow financial advisors to customize the CRM system to their individual needs.

It should be noted that the Financial Service Cloud that Salesforce CRM offers leans toward the high end. Starting at about $150 a month, per user, for organizations of all sizes, it is a bit costly. It’s even pricier for financial advisors who want to make use of the deeper customization offer by the Enterprise plan, as they’ll have to pay about $300 a month, per user. The Unlimited plan, which offers even more options and is ideal for large organizations and entities, costs the most, at about $450 per user, per month.

#2 Redtail Technology

With the largest market share in the CRM industry, Redtail Technology is famed for offering the most user-friendly experience. The CRM solution, which was established in 2003, is the most popular option among financial advisors. While it does offer some one-of-a-kind features that set it apart from other CRM platforms, the primary reason Redtail Technology is the most popular option is that it offers a highly robust platform that’s combined with super-user-friendly interface. It also offers a variety of integrations, which further expand its capabilities, and it’s very easy to use; hence why it’s the most popular CRM system for financial advisors on the market.

Redtail has successfully developed an advisor-specific user solution that’s straightforward and easy to use, yet it doesn’t sacrifice the key features that financial advisors require in a CRM; for example, lead and contact management, customizable reporting, workflow automations, and the ability to integrate key financial tools, like MoneyGuide Pro, Riskalyze, MoneyGuide Pro, and Morningstar. It also offers two definitive features that appeal to users, which include Redtail University (the first and only feature of its kind) and seminar management. The latter makes it possible for financial advisors to integrate seminar marketing to their CRM platform that they can use to manage both pre- and post-seminar activities, and the former offers in-person, online classroom training, as well as individualized support that’s based on the individual needs of users.

The CRM system offered by Redtail can be mobile optimized, so it can be used on all devices. And while it lacks a built-in phone and video conferencing, for an additional fee, it can be used with RedtailSpeak, a communication platform that is specifically designed for the system. Another factor that makes Redtail unique is uses a subscription-based pricing system which is priced per database, not the user. A single database, which can be used by as many as 15 users, costs $99 a month, which is suitable for small businesses that are interested in quickly scaling up.

# 3 Junxure

The Junxure CRM platform can be integrated with a lot of big tech providers, offers excellent back-office solutions, as well as custodians, like Gateway, OpenView, LPL Financial, TD Ameritrade, Schwab, and more. Because of all of these features, Junxure is considered the best CRM for integrations.

What really sets Junxure apart from other CRM platforms is that it was developed by financial advisors for financial advisors. As such, for more than 15 years, it has been one of the favorite platforms. It’s said to be one of the best platforms out there that can capture clients financial data via integrations with several of the leading technology providers, portfolio managers, custodians, as well as back-office solutions; hence why it’s considered the best CRM system for industry integrations.

The ability to integrate with existing ports of data makes streamlining workflows and improve use of data a lot easier. Junxure went a further and added in a client portal, which allows clients to access their own investment information, as well as historical reports, all through just one login. It should be pointed out, however, that synching Junxure with systems that are outside of the CRM platform’s integration ecosystem can be challenging.

On top of basic marketing automation and the CRM functions that Junxure offers, it also provides a vigorous function for reporting that allows for the generation of customized, easy to read, attention-grabbing reports, along with actionable internal reports that are intended for advisors. Furthermore, the CRM system allows basic and advanced search capabilities, and the search criteria can be customized, too.

Offering some of the best tech and customer support, Junxure has an approval rating of 98% among its users. Thanks to live training, users can easily learn how to startup and onboard their data. Pricing is a one-level system of $65 per month, per user, so it may be a bit too expensive for small businesses; however, custodial and affiliate pricing is available.

#4 UGRU Financial

Considered the best CRM system for startup and growing financial advisor firms, UGUR Financial is jam-packed with features, such as capabilities for lead, contact, and opportunity management. Launched in 2011, UGRU Financial was developed by a financial advisor who created the platform to address the limitations of existing CRM platforms at the time.

The starting package is just $59 a month per month for up to three users, making it an affordable CRM system for startups. It offers all of the features that financial advisors could need, including contact, lead, and unlimited contact opportunity management. It also offers a multi-user calendar and hearty workflow building capabilities, which comes complete with more than 40 of the most popular pre-designed workflows among financial advisors.

The UGRU Performance plan, which costs $139 a month for up to three users, this plan offers the same features as the starting package, as well as upgraded capabilities. These features include email functionality that can send and receive emails directly from the CRM platform, client document storage, and a client portal, as well as free storage and email processing. When standard free storage and email processing allowances are exceeded, users are charge an additional fee.

The next step up is the UGRU Professional plan, which costs $179 per month for up to three users. This plan offers all of the features that the previous two plans offer, as well as some additional elements. For example, it offers a full marketing and workflow automation. With these features, users have the ability to boost their efficiency and the revenue they can generate.

Lastly, the UGRU CRM platform offers an Advisor Pro Plan. At $324 a month for up to three users, it’s the most expensive plan, but it’s also the most robust plan. In addition to the features that the three previous plans offer, the Pro Plan also offers advanced revenue-generating tools, like a financial planning module and tools that can be used to create professional-grade marketing collateral.

On all four plans, information can be accessed via a mobile app; however, it does lack an integrated phone feature. With that said, however, the CRM system can be easily connected to a VOIP system and will provide time-stamped noted and customizable call scripts.

#5 Envestnet Tamarac

Envestnet Tamarac is a great CRM system for financial advisors who want to offer their clients with a great experience, as it offers outstanding customer service features, making it the best end-client experience CRM. It’s been around for more than 20 years, and in that time, it has become one the leading CRM solutions for financial advisors. That’s because it makes use of all of the digital capabilities that Envestnet offers to create a more robust and appealing end-client experience. The primary goal of this CRM is to allow advisors to provide their clients with expertise that’s more customized to their individual needs.

There are dozens of data sources that users can access on the Tamarac interface via the numerous partner integrations with custodians, as well as portfolio managers that can be used to access key client information so that users can create customizable reports. With flexible reporting features and robust portfolio analysis, all information can be access via a client portal that can be accessed via a mobile app.

What really sets Tamarac apart from the crowd is the business intelligence capabilities that it offers. It can automatically pull data from several systems that are integrated with the platform, that can then be used to generate business intelligence reports that can be used to track pipeline progress against goals, client meeting prep, and to keep tabs on key centers of influence that can be used to develop referrals.

The Tamarac platform is highly sophisticated, as it’s built on the Microsoft Dynamics CRM platform. As such, learning how to use it can be done vita Microsoft Outlook and Microsoft 365 users. On the downside, the platform is intended for independent advisors and the capabilities for team collaboration are limited. Pricing for Tamarac CRM is based on a custom quote after consultants work with advisors in order to pinpoint exactly what they need in order to configure and put the platform into place.

What is a CRM platform for financial advisors?

In order for financial advisors to achieve as much success as possible, they need to be able to grow their client base while at the same time developing long-lasting and profitable relationships with their clients. With a customer relationship management system, financial advisors can scale their efforts, their financials, and any other resources they have to manage their contacts while also allowing them to pinpoint prospective opportunities. CRM platforms are data-driven and provide financial advisors with a way to access essential information so that they can develop relationships with their existing clients, as well as their prospects, and efficiently move both through the pipeline.

What features do CRM systems for financial advisors include?

Typically, CRM platforms are data-driven, data analytics, and business intelligence technology that allow advisors to transform data into plans that they can make use of in order to access prospects, as well as services their existing clients. Contact management is the central function of a CRM system. It chronicles records of all interactions with clients, putting future contacts on a calendar, and giving priority to generate future activities. With a lot of CRM systems, contact management is combined with other data resources to generate information about the progress of clients’ investments, thus allowing financial advisors to adjust their strategies as needed.

Workflow automation is an outgrowth of contact management. This makes it possible for advisors to avoid repetitive time-consuming tasks. Both existing and prospective clients are tagged according to their specific needs, interests, levels of engagement, and position in the pipeline, which makes workflow automation possible so that important, but mundane tasks, can be taken care of. These tasks include following up with clients and prospects, making appointments, keeping a schedule, and communicating. There are some CRM systems that also integrate a marketing automation component, too.


With the right CRM system, financial advisors can improve the services they offer and increase their success. Along with a CRM, advisors also need to have a highly effective website. For assistance with designing an attractive and effective website, contact B12. Our website editor uses AI to create attention-grabbing, user-friendly, customized sites that will put financial advisors on the map and increase their success overall.

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