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The key to maximizing the benefits of a CRM system is nailing the rollout.

Customer relationship management systems, or CRMs, are a critical tool for independent financial advisors to keep track of their clients and prospects, monitor their sales pipeline, and perform many routine administrative tasks. A CRM system can help boost your firm’s efficiency, capabilities, and ultimately your profitability. Yet the journey to get to this ideal state can have several speedbumps. Proper implementation is essential to creating an effective CRM system.

Start with a solid plan

A successful CRM implementation requires careful upfront planning. The first step is to form an implementation team. For most firms, this consists of a project champion, an application expert, and a product manager.

  • The project champion is usually filled by the top brass. Many times, the CEO or president who has a strategic vision for the CRM’s goals and design...

Broaden your role by providing clients a securities-based line of credit

Successful financial advisors realize that building a thriving practice today requires more than just offering financial and investment guidance to clients. You may want clients to view you as their personal CFO: someone at the center of their wealth management team who is overseeing their...

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Discussing advisory fees with your clients

While financial advisors may believe they are well-covered when it comes to discussing fees with their clients, research suggests that there is a disconnect between this perception and reality.

According to a report by State Street Global Advisors and Knowledge@Wharton,1 most...

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Should you develop a new marketing niche?

When job hunting, sending resumes in a scattershot fashion is considered an ineffective strategy because it lacks focus. “Spray and pray” isn’t any more desirable for financial advisors. Taking a targeted, niche approach can be much more useful for landing high-value clients....

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Should You Include a Digital Investment Solution in Your Practice?

Now, more than ever, advisors have an increasingly sophisticated array of digital solutions at their disposal, which can help streamline investment management, improve risk profiling, and expedite client onboarding—especially for smaller accounts. With model-based portfolio management...

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