Top considerations for independent financial advisers when choosing technology

Top considerations for independent financial advisers when choosing technology
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Many financial advisors are struggling with the wrong tools for their business or even for the industry, which is ironic considering that technology should be setting them free.

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Today’s software advisors can engage with simple-to-learn tools that are customised to their business needs and the size of the company. The core of your technology should be financial planning, risk analysis software and Customer Relationship Management (CRM).

The path to CRM

As soon as you have clients, the need for CRM grows in line with expansion. Integrating email, spreadsheets and social media into a centralised platform becomes pressing once you have 20 to 50 clients.

Prior to a CRM platform, most people opt for email marketing programmes as a stopgap, using them to import contacts from a spreadsheet. Eventually, however, you need to upgrade for growth.

The key goal of CRM is to grow clients and maximise customer experience. However, many advisors employ CRM to sort data rather than extracting insights that will help their business. This may occur when advisors have clunky, tricky-to-use software with irrelevant features. The lack of a professional helpdesk can also be an issue.

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The benefits of CRM

Whether you invest in software, a system or a strategy, CRM can do much more than just managing customer relationships. Software will track your every interaction with customers; data management yields actionable findings; and a business strategy will cement customer loyalty and increase profits.

Ease of use is the most important attribute. You also want a CRM that can integrate different data sources and plug in contacts’ names and emails, making it simpler to track their social media activity. Some manufacturers enhance their CRM platform by taking on board requests from advisers.

The majority of advisors putting CRM in place recognise the power of up-to-date technology to make proactive and strategic gains in their practices. Better client service, greater efficiency and bigger profits are also bonuses of CRM.

Financial advisor software suppliers include Take a look at whether AI will change financial advice at

Financial Planning

There are many options in financial adviser software, so choose wisely. Remember that the biggest supplier may not always be the best, and what was sufficient for you previously may no longer be relevant for the future of your practice.


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