Personal relationships are at the core of any financial advisory practice, and with the rise of robo-advisors they’re set to become even more important over time.

The problem? Relationship building is difficult to scale for a high number of clients.

It is almost impossible for advisors to maintain a large amount of client relationships while simultaneously building a more personal connection with each client. This is important because letting client relationships erode over time sets the stage for higher client churn rates.

The good news is that customer relationship management (CRM) software solutions can address these issues and empower financial advisors to scale their business. Using these tools, advisors can make sure they’re keeping in frequent contact with a large number of clients while maintaining a personal touch. CRM software can provide a combination of automated messaging programs and timely reminders for advisors to reach out to clients individually. There are many different tools in this space for financial advisors to choose from to improve their business. (For more, see: Essential Software for Financial Advisors.)

In this article, we will take a look at five of the most popular and up-and-coming financial advisor CRM solutions and discuss why advisors may want to consider them.

Wealthbox CRM

Wealthbox is an elegantly designed web and mobile CRM system for financial advisors. The technology has a number of unique features like click-to-call and social media monitoring, which sets it apart from many competing products in the market. After a 30-day free trial, the service costs $35 per user per month with no long-term commitment. Data is secured with 256-bit encryption over SSL security to ensure that client data is kept private and confidential. Wealthbox also offers file storage integration with services like Google Drive and Dropbox, and has a mobile app feature to allow you to manage your activity while traveling.


Salesforce is a software-as-a-service pioneer that quickly became the world’s largest online CRM provider. While the enterprise solution targets all kinds of businesses, the company also boasts an advisor-specific Financial Services Cloud product. The platform offers a high level of maturity and integrations with other marketing automation tools that advisors may employ in their business. This CRM platform also offers the use of artificial intelligence that can analyze your data to make recommendations based on your individual business processes. Prices for different products from Salesforce range from $25 - $300 per user per month, billed annually. (For more, see: Salesforce vs. SAP: Comparing Top CRM Providers.)

Redtail Technology

Redtail Technology is the most popular CRM solution for financial advisors, according to a 2017 software survey, with market share of just over 24%. Unlike many other CRM services, Redtail is priced (at $99 per month) per database rather than per user, which enables it to scale in mid- to large-sized financial advisory practices. The solution also comes equipped with client report generation for gathering personal and account information, and comes with free database migrations for those moving from a desktop solution.


Junxure was developed by financial advisors (creator Greg Friedman is an advisor himself) and has become among the most awarded CRM solutions for advisors. With a roughly 20% share of the market, Junxure has always been a popular “on-premise” solution for well-established mid-sized firms. But more recently, its cloud-based option has made it accessible for financial advisory firms of any size – although its monthly fees are generally higher than its competitors. Pricing ranges from $44 per user per month to $700 per month for it’s premium product, which bases price on AUM rather than users or databases.


Envestnet is a well-known leader in the financial advisory space with a broad range of products and services, but its Tamarac® CRM has become an increasingly popular tool for advisors looking to nurture their client relationships. The platform is built atop the trusted Microsoft Dynamics CRM platform, has a growing number of features and offers extensive integration to help advisors make work personal and connect with their clients. Pricing is provided only after a demo is requested on their website.

The Bottom Line

CRM solutions have become an invaluable tool for financial advisors as competition from robo-advisors heats up. Over the past couple of years, several companies have launched solutions targeting financial advisors with extensive feature sets and deep integration with other tech tools. Those looking for help choosing the right solution for their business may want to check out services like ActiFi or consider hiring a technical consultant to assist in the decision making process. Many CRM providers will offer free demos on their websites, and it never hurts to ask your fellow advisors which solutions they prefer to use at their own practice. (For more, see: 10 Best Tools for Financial Advisors.)