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Financial Advisors Are Vastly Underusing CRM Technology

Less than 20% of financial advisors believe their firms are doing the most they can with customer relationship management (CRM) technology, according to a survey released Wednesday by Schwab Advisor Services.

But advisory firms are improving how they use CRM systems, which have great potential for building business and relationships for financial advisors, says Neesha Hathi, senior vice president of technology solutions for Schwab Advisor Services, who participated in a Twitter exchange with advisors on the subject.

Only 17.9 percent of the 1,608 independent advisors surveyed gave a grade of “A” to their firms for their use of CRM technology, while 72 percent gave their firms “B” or “C” grades. The numbers indicate there is quite a ways to go before CRM technology is used to its fullest capacity, says Schwab.

CRM systems are most often used to store client contact information, say 98 percent of financial advisors surveyed. The next most-cited function was preparing and sending client communications (61 percent of advisors surveyed), followed by assigning tasks to others in the firm and tracking task completion (58 percent).

“This means advisors are barely scratching the surface when it comes to putting CRM to work for their businesses to streamline processes, increase efficiencies and deliver higher levels of client service and satisfaction,” Schwab says.

While nearly 84 percent think their firms have the right technology in place, 25 percent think more education and training would increase usage and 28 percent think having a better understanding of their CRM's capabilities would help them make better use of it.

Large percentages feel entrenched employee behavior is a barrier to effective use of CRM (42.5 percent), while almost 33 percent think there are higher priorities for time and money, and almost 16% percent feel employees do not see the value of CRM. Forty-three percent feel it is a challenge to get employees to use CRM technology.

Hathi in the Twitter exchange advised giving employees a stake in the use of CRM and rewarding its effective use. She noted CRM can help manage the business. Everything from authorizations to routing information can be automated through CRM and it can be used to help analyze business, she says.

Advisors asked for clever ways they built client relationships through CRM technology say they use it to send wine and birthday cakes to celebrating clients. One firm uses it to quickly send information to auditors. Social media outlets are soon going to be integrated into CRM, says Hathi.

—Karen DeMasters

This article was sourced from www.fa-mag.com at the following URL:-


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    Pfirestorm is an affordable internet based service that organisations are able to offer their clients that will result in the cementing of existing relationships and/or the establishment of new relationships between the clients and the organisation.

    This service is CLIENT-CENTRED and simultaneously provides the organisation with a platform that addresses fundamental business matters such as strategy and wealth creation, operations and practice management, compliance issues, day to day matters, vast Marketing opportunities, leveraging IT in a unique way, staff incentives and measurements and impact directly and indirectly on your income flows from day one.

    The purpose for this service is to enable organisations and clients to be able to reach out to one another in an environment that is transparent, promotes shared responsibility and facilitates relationships providing mutual benefit for the client and the organisation.

    It is no longer a matter of who you know! It is who knows YOU!

    It is time!


Pfirestorm’s unique collaborative technology will enable our clients to deliver a branded and unified sustainable experience to their customers at all levels of their organisation, through programmed alignment of internal procedures and processes with their Customer Value Proposition.

Our clients will experience the power of a programmed behavioral system designed to sustain, facilitate and deliver to their clients, a distinctive Customer Value Proposition resulting in increased new and retained customers that can be measured in terms of higher production outcomes, reduced operating costs, focused employee and customer activities, customer services that exceed expectations, business continuity, and ultimately good corporate governance aligned to a dynamic regulatory environment.