All financial advisors have heard how powerful a properly used CRM can be, and no one will argue it, but it is the hard way to remember that behind the task, a note, and all the data fields is exactly that client who might never encounter the system itself but surely will experience its effects. Looking at your CRM the way a client would view it would be a self-questioning experience about the CRM to get yourself out of your adviser mode and see whether your experience of creating it and going through it feels personal, organized, and client-centered. You are able to do this on a daily basis and when you do it will be much more than a database. Your CRM will be a living record of trust and service.
Begin with the Client Experience
To begin with, what your client really wants when they deal with you. They want you to know what they last talked about, expect you to mark important dates such as birthdays, retirement milestones and would want you to know how to talk to them in a manner that is personal and timely. Look at your CRM and say: does it actually facilitate this experience? Would a client feel that you had the client on a very deep level reading your notes and reminders–or would they get the impression you make it through the motions?
Next, look beyond simple reminders. Are you identifying information that is significant in the life of your client such as family events; hobbies; changes in career etc.? These tiny details tend to be the difference between a good advisor and a great one. Your CRM turns into a comprehensive view of the client that will allow you to have meaningful discussions and make the clients understand they matter to you even when they never see the stuff that you spend time recording.
Evaluate Communication Records
Another excellent step when going through your CRM through the lens of a client is to go through logs of previous communication. Ask yourself its frequency, its tone, its content against that which your client would want. Are all the follow-ups prompt or are the gaps between these follow-ups too long which may mean to be ignored? Are your messages mechanical or are they compassionate and aware of the situation of the client?
The most effective CRM systems when working with an advisor may incorporate templates and automatization procedures and systems, however without diminishing personalization. Consider the automated emails or reminders that you sent out and bid yourself this question: would I be really connected to an advisor that sends this to me? Otherwise, it may be the time to fix them or to create new ones that will be more true-to-life.
Check Data for Clarity and Relevance
The clients want good, clear and precise information to be given by their financial advisor. Doublecheck your CRM fields and make sure that the information is not out of date and can be easily interpreted even by a person who is not an advisor. An example would be whether account types, balances, or milestones are labelled. Or are the abbreviations and old tags cluttering the system and being understood by only your team?
Consider asking yourself whether all of the information that you hold contributes to the relationship you have with the client. All too often the CRMs are clogged with data that may be technically accurate, but essentially unusable. Deleting or archiving old information can realistically make your notes and dashboards much friendlier to clients so that you can put a specific focus during meetings.
Make It a Habit
Looking through your CRM as a client would not be done once a year. It should be included in your quarterly or even monthly routine. Ask yourself frequently whether your client is still the same person today, whether nothing has changed or the system does not reflect on the person. The practice will keep your CRM for financial advisors alive, personable, and in compliance with the promise to provide a great service to your clients.
And through your client perspective, you would find out how to improve relationships and develop loyalty in your CRM. Ultimately, a CRM is not a thing that you use but it is a silent part of the collaboration that your clients maintain in you day after day.
Assess the Consistency of Your Process
Consistency builds trust. Customers can never witness what goes on behind closed doors to prepare before a meeting but they can feel the lack of structure in your process. Allow your CRM to ensure that you are ready to serve all clients the same detailed manner and not only your top accounts. Does every client possess a current profile, recent activity history and future review date?
Even the most CRM software won’t fix inconsistent use. Take a look at your processes and say to yourself: does my client think I treat them with the same amount of commitment as my biggest client? Establishing standard processes means that all the clients enjoy your experience and your time, and it reflects in the conversation, suggestions, and follow-ups.
Regardless of the type of system: whether a plain or the top of the line CRM software, what will make it worth its value is the way you keep it. A CRM designed to serve the financial advising industry must not be a collection of data, but rather a guide to remind you what really is important to your clients on a daily basis. You will have created one of the most powerful tools utilized by an advisor once your CRM reflects what your clients hope to see regarding trust, care, and understanding.