"What's the best CRM?"
I get asked this question often and most advisors are surprised by my response.
Not long ago there were very limited options for CRMs – Redtail, Wealthbox, and Salesforce were the only Customer Relationship Management systems built specifically for advisory firms. Now, thanks in part to AI, there are over 30 CRMs that market themselves to RIAs. And new apps are being developed at lightning speed. With the myriad options available, it's only natural to wonder if you're using "the best" one.
For context, I'm privileged to work with advisors running on all sorts of platforms. Sometimes I help advisors migrate out of old systems and into new ones. Other times I will optimize their existing CRM to take advantage of enhanced feature releases. I also get to work with CRM vendors who are nearing market release to preview systems and provide feedback during alpha testing. I see a lot of interesting variances in these applications: different user interfaces, different native integrations, and of course, different pricing models. And after working in and demoing these systems, I definitely have formed an educated opinion on the which one is the best.
The best CRM is the one you enjoy using.
Before you start throwing rotten tomatoes at me, hear me out, I have a good reason for that recommendation.
At their core, all the CRMs are pretty much the same. They are relational databases whose primary function is data storage and manipulation. And as such, they're only as good as the information held within them. That's true whether you're pulling data out via static reports or using an LLM to query on the fly. So if you want a CRM that does what it's supposed to do – be a single source of truth for all of your important prospect and client details – you need to invest in one that you'll enjoy using.
I've worked with solo-advisors who have configured trusty-dusty Redtail so well that they can very effectively serve 100 happy households without breaking a sweat. I've also seen multi-advisor firms using "the latest and the greatest" so poorly that client tasks get lost in the shuffle and employees aren't sure where to find the relevant and up-to-date information they need.
The fanciest GUIs, plug-ins, or automations aren't worth a hoot if the data they are accessing is incomplete, erroneous, or outdated. Which is why I stand by my initial recommendation: The best CRM is the one you enjoy using.
And by "using", I don't mean using as a glorified Rolodex and a dumping ground for meeting notes. I mean USING, as in, optimizing the software to its fullest extent. That includes:
- Learning how to work with all the native fields, functions, and features in they system;
- Configuring the CRM to meet the unique needs of your firm and the clients you serve;
- Defining best practices for data entry, naming conventions, and CRM hygiene;
- Making full use of tags and user-defined fields for client segmentation;
- Building task templates to ensure necessary information is captured consistently;
- Designing robust workflows that ensure nothing falls through the cracks;
- Taking advantage of native integrations to reduce repetitive data entry tasks;
- Coding API calls when native integrations don't exist; and for Pete's sake,
- Performing a bi-annual or annual clean-up of the data.
Any CRM can get you where you want to go - but to harness the power of the system you need to keep the data clean and current. And you won't be likely to do that if you cringe every time you log in.
If you hate logging into your CRM, call me. I'll help you decide if you can learn to love it or if it's time to start shopping around.