Best CRM Software for Financial Advisors

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Once used as electronic Rolodexes to track client and prospecting activities, Customer Relationship Management (CRM) solutions are now helping advisors create tailored communications, generate deep business insights on their clients and prospects, automate workflows, increase lead conversions, and increase profitability.

As with any technology solution, choosing the right one for your business is critical for optimizing your return on investment. For this CRM roundup, we examined 15 advisor-specific CRM providers based on features, cost, integrations, and more. Here are our top picks.

The 5 Best CRM Software for Financial Advisors in 2022

Best Overall : Salesforce


Salesforce
SalesforceOwner

Salesforce may not be the easiest solution to implement, but its wide array of components make it the most customizable for financial advisors who want customer data their way.

Pros
  • 20+ years of industry experience

  • Fully customizable

  • Integrates with more than multiple data sources

  • AI-driven analytics

  • Mobile access

Cons
  • Steep learning curve for less tech-savvy users

  • A bit on the pricey side

Since 1999, Salesforce has been expanding its global dominance in the CRM space, giving it the scale to compete each year as one of the top CRM companies. Although Salesforce is a leading CRM provider across many industries, its Financial Services Cloud is an advisor-specific product. The software-as-a-service (SAAS) pioneer’s solution has been described as a big box full of state-of-the-art components that can be put together any way a customer wants, making it our choice as the best overall solution.

Note

Salesforce's Financial Service Cloud pricing tilts toward the expensive end of the spectrum, starting at $225 monthly per user for organizations of any size. At $375 monthly per user, its Starter Unlimited plan gives firms one full sandbox. Firms that want deeper customization will pay $300 monthly per user for the Enterprise plan. At $450 monthly per user, its Unlimited plan is best suited for large organizations. Salesforce provides technical support at all pricing levels, but the Unlimited plan includes unlimited services.

With Salesforce, financial advisor firms get a mature platform offering integrations with several other marketing automation tools. Salesforce is one of the few CRM solutions embedded with artificial intelligence to analyze data, predict sales trends, and make recommendations based on your workflow processes. Salesforce can integrate with multiple data sources to create a massive data bank, providing advisors with deeper insights into clients' needs, interests, and preferences.

Salesforce's most significant advantage also may be its biggest disadvantage depending on an organization's technology capabilities. Its platform comes with so many tools and features, it may be beyond the capacity of some users to fully grasp all of its capabilities. But, it's that wide array of components that enables organizations to customize the platform to specific needs.

Salesforce is also optimized for mobile access on any device.

Best User Experience : Redtail Technology


Redtail Technology

 Redtail Technology

There's a reason Redtail Technology has the largest market share of any CRM provider: It consistently provides the best user experience.

Pros
  • Easy-to-use interface

  • Wide and deep integrations with popular industry tools

  • Includes seminar management tool

  • Redtail University for free, in-person training

  • Priced per database with up to 15 users

  • Mobile access

Cons
  • Doesn't come with built-in phone/video conferencing

  • Pricing may be a little expensive for small firms or independent advisors

Since 2003, Redtail Technology's CRM offering has become the most popular CRM solution for financial advisors. While it has some features that distinguish it from its peers, the main reasons for its popularity are its robust platform with an easy-to-use interface, a wide selection of integrations, and its short learning curve, which is why it wins our category of best user experience.

Redtail has managed to create a straightforward, advisor-specific solution without sacrificing the critical features advisors need in a CRM. These include lead and contact management, workflow automation, customizable reporting, as well as the capability to integrate with popular financial tools such as Morningstar, MoneyGuide Pro, LaserApp, and Riskalyze.

Note

Redtail offers subscription-based pricing per database rather than per user. One database costs $99 per month, and it can include up to 15 users. This is an ideal model for small firms that want to scale up quickly.

Redtail's CRM solution also includes two distinct features that its customers find attractive: seminar management and Redtail University. The seminar management feature allows advisors to add seminar marketing to their CRM to manage pre- and post-seminar activities. Redtail University is the first and only feature of its kind, offering in-person, online classroom training along with individualized support based on your particular needs.

Redtail's platform has been optimized for use on any mobile device. While its platform doesn't include built-in phone or video conferencing, users can purchase RedtailSpeak as a compliant communication platform integrated with its CRM platform.

Best CRM for Small Firms and Independent Advisors : Wealthbox


Wealthbox

 Wealthbox

For the price, Wealthbox is a well-designed, full-featured, intuitive CRM, making it the best choice for small firms and independent advisors.

Pros
  • Easy-to-use, intuitive platform

  • Short learning curve

  • Collaborative management with activity stream

  • Integration with social media

  • Mobile access

Cons
  • Enterprise pricing not available online

Since its founding in 2014, Wealthbox has made tremendous headway in the financial advisor space, capturing the second-largest market share among advisor-specific CRM software. Its popularity can be attributed to its quick startup and easy-to-use platform, offering advisors the power of a high-end CRM with hassle-free operation. That, together with several key features, makes Wealthbox our choice for the best CRM for small firms and independent advisors.

Note

For $35 monthly per user, the Basic platform offers everything a startup financial advisor needs in a CRM to manage one workspace and one pipeline, including customized reports and 2GB of file storage. The Pro plan adds five pipelines to manage, along with email tracking tools for $49 monthly per user. The Pro level also increases storage capacity to 5 gigabytes (from 2GB in the Basic plan). With the Premier plan, users pay $65 monthly per user for 10 pipelines and five workspaces along with 10GB of data storage.

Its platforms offer everything advisors need in a CRM, including contact, task, and pipeline management, project management, and workflow automation. The key feature of Wealthbox is the activity stream, allowing users to collaborate as a team as they move through workflows.

Wealthbox also offers one of the best email/CRM integrations, which enables users to send and receive emails through Wealthbox while tracking clicks and open rates.

In addition to partner integrations with popular industry tools such as eMoney and Riskalyze, Wealthbox offers storage integration with services like Google Drive and Dropbox.

Wealthbox was designed with bank-level security for both its web and mobile platforms, making it safe and easy to get work done while traveling.

Best End-Client Experience : Envestnet Tamarac


Envestnet Tamarac

 Envestnet Tamarac

For advisors who want to provide an excellent experience for their clients with superior customer service features, Envestnet's Tamarac CRM is our choice for the best end-client experience.

Pros
  • Wide and deep integrations with custodians and portfolio managers

  • Robust reporting feature

  • Superior business intelligence for deeper market and client insights

  • Built on Microsoft Dynamics platform for greater ease of use

  • Mobile app for users and clients

Cons
  • No collaborative tools

  • Pricing available only through consultation

Founded in 2000, Envestnet Tamarac has become a financial services behemoth, offering best-in-class solutions in wealth management, portfolio management and reporting, data analytics, and CRM. The Tamarac CRM harnesses all the power of Envestnet's digital prowess to provide a more complete and compelling end-client experience. Tamarac's primary focus is on helping financial advisors provide their clients with more personalized investment expertise, making it our choice for the CRM with the best end-user experience.

Tamarac users can draw from dozens of data sources through partner integrations with custodians and portfolio managers to centralize essential client information and make it available in customizable reports. Its reporting feature provides flexible reporting and powerful portfolio analysis, making it accessible to clients through a client portal, which can also be accessed through a mobile app.

Note

Pricing is provided through a custom quote after Tamarac's consultants work with advisors to determine what they specifically need to configure and implement the platform.

Its business intelligence capabilities are second to none, with the ability to automatically pull data from multiple integrated systems. It can then create business intelligence reports to track pipeline progress versus goals, prepare for client meetings, and monitor key centers of influence for developing referrals.

If Tamarac sounds sophisticated, it is. The good news is that the platform is built on top of the widely used Microsoft Dynamics CRM platform, making it easy to learn and use for Microsoft Outlook and Microsoft 365 users. The downside is the Tamarac platform is designed for use by independent advisors, with limited capabilities for team collaboration.

Best Value for Small, Growing Firms : UGRU Financial


UGRU Financial

 UGRU Financial

UGRU Financial's starting plan is stacked full of features, including contact, lead, and opportunity management capabilities for $59 a month for three users, making it our choice for the best value for small, growing firms.

Pros
  • Full-featured starting plan

  • Low per-user cost

  • Mid-tier plans offer marketing and workflow automation

Cons
  • Mobile app isn't available

UGRU Financial was started in 2011 by a financial advisor who grew frustrated with the limitations of CRM programs. His goal was to create a platform that included everything a burgeoning financial advisory team could need to manage and grow client relationships at a price most could afford. He succeeded far beyond his expectations, making UGRU our choice for the best value for small, growing firms. 

UGRU is a full-featured CRM with all the perks advisors have come to expect with a quality solution. At $59 per month for up to three users, its starting package covers all the bases, with contact, lead, and opportunity management for unlimited contacts. It also includes calendaring for multiple users and solid workflow-building capabilities that include more than 40 pre-designed workflows advisors use most. While that price may be a little steep for a single user, when three users are involved, it drops the per-user cost to less than $20.

The Performance plan jumps to $139 monthly for three users, adding email functionality to send and receive emails from the CRM, including bulk and mass emails. Additional features include document storage for clients and a client portal. There are standard but liberal allowances for free storage and email processing. Additional fees apply when the standard allowances are exceeded. The $139 monthly fee breaks down to just less than $47 each for three users, which is still a great value. 

At $179 (less than $60 per month each for three users), the Professional plan starts to get a bit pricey, but UGRU added some key features to maintain its value approach. In addition to the Performance plan features, the Professional plan adds full marketing and workflow automation functionality. Considering that a standalone marketing automation program can cost $60 per month, this is an excellent value to have included with a CRM. Using these features to increase revenue and efficiency can produce more than enough ROI to cover the additional cost. 

UGRU also offers an Advisor Pro plan for advisors serious about getting to the next level. For $324 a month, the plan adds advanced revenue-generating tools such as a financial planning module and tools for creating professional-quality marketing collateral. 

What Is a CRM for Financial Advisors?

For financial advisors, the key to success is being able to expand their client base while developing longer-lasting and more profitable relationships with their clients. A customer relationship management (CRM) system enables advisors to scale their efforts and resources to manage their contacts and identify new opportunities.

CRM systems are data-driven, giving advisors the ability to have essential information at hand for cultivating relationships with clients and prospects and efficiently moving them through the pipeline.

What Does a CRM for Financial Advisors Typically Include?

While CRM systems always have been data-driven, data analytics and business intelligence technology enable advisors to turn that data into actionable plans to reach targeted prospects and serve clients more professionally and efficiently.

An outgrowth of contact management is workflow automation that allows advisors to free themselves from repetitive tasks. Clients and prospects are tagged based on their needs, interests, level of engagement, and position in the pipeline so that workflow automation can carry out the essential but mundane tasks of follow-up, scheduling, and communications. Some CRM systems add a marketing automation component, enabling advisors to set up marketing campaigns and track results.

A CRM system is also a time management tool, enabling advisors to prioritize and schedule activities, sometimes automatically.

A good CRM also includes document management to maintain files, attachments, and notes pertinent to a client relationship for quick retrieval. 

CRM systems should have the capacity to track all activities and results on both a macro and micro level by the client. Analytics kick in to provide measurements against targets and provide insight into future actions needed. The analytical insights can then be converted into professional-quality reports suitable for client consumption.

Finally, a CRM is not as useful unless it can integrate with the other data sources or investment management tools you use. The wider and deeper the integration, the better.

Of course, not all CRM systems are the same, with some offering more bells and whistles than others. But at minimum, a CRM should include these core components.

The core function of a CRM system is contact management, chronicling a record of all interactions with clients, calendaring future contacts, and prioritizing future activities based on specific criteria. With many CRMs, contact management is integrated with other data sources to draw in information on a client's investment progress, enabling advisors to adjust client strategy as necessary.

What Are the Expected Costs of a CRM for Financial Advisors?

Pricing for CRMs can vary widely. Some systems are priced per user, while others base their price on the number of databases or assets under management. For independent advisors or smaller firms looking for a starter CRM package with the core components, the cost of a CRM system can range from $35 to $60 per user per month. For systems at the higher end of that range, users should expect additional features and a higher level of customer support.

Prices jump from $70 to $120 at the mid-tier level for CRMs that include additional features, such as marketing automation, more email functionality, or more data storage.

How We Chose the Best CRMs for Financial Advisors

CRMs continue to evolve at the pace of technology, making them more complex, and making it more difficult to draw comparisons. In reviewing CRMs for this roundup, we first looked at the core components listed above and how they compared with one another. We narrowed the list further based on unique features that could improve advisors' CRM experience, such as ease-of-use, customization, and breadth of integrations. We also considered the overall experience and value of CRMs as it relates to independent advisors and smaller firms. With that, we winnowed our original 15 finalists down to the best CRMs in six categories.

Article Sources
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