Working through disparate systems is cumbersome and frustrating for advisors and clients and can significantly hinder growth opportunities. Are you ready to unlock your firm’s potential to provide leading client experiences? It’s time to integrate.
Eliminating Costly & Inefficient Silos
Financial advisors and firms often operate with siloed data across systems that don’t communicate. Siloed data is inefficient, costly for advisors, and adds roadblocks to the client experience. When advisors have to work through multiple systems and data sets, they often end up without crucial information or having to manually move data from one system to another, which slows down the entire process and creates opportunities for errors and non-compliance.
A recent survey of advisors found that connecting data is one of the biggest barriers to innovation, with 62% of financial leaders saying improving access to siloed data is one of their top data initiatives.
Even when firms take steps to become more data-driven, a staggering 85% of leaders report that IT staff spend up to half of their time helping other employees access the data and insights they need. That time working through roadblocks and breaking down silos pulls back office staff away from more meaningful tasks and creates a slower and less efficient experience for clients, employees, and advisors.
As the amount of client data increases, data silos are becoming a bigger problem. A Vena Industry Benchmark report put it this way: “When data is trapped across multiple instances and across different databases, then operational efficiency is impacted, and can hamper innovation, external reporting, and client interaction.”
Integration Across CRMs
Instead of working with the challenges of siloed data and software systems, financial advisors and firms need to integrate their systems. It’s not uncommon for a firm to have one program to manage data, another to track client relationships, another to facilitate opening new accounts—plus many other systems.
All of those systems distract advisors from what really matters — clients — and often put managing those relationships on a backburner. Customer relationship management, or CRM, tools help advisors track and improve client relationships by identifying sales opportunities, tracking issues and complaints, managing marketing campaigns, and nurturing relationships at all stages, from new prospects to long-term clients. CRMs are impactful on their own, but the real influence comes when they are integrated with other financial software to import and export data with one click.
PreciseFP, the leader in hassle-free data gathering, integrates with leading financial advisor CRM systems like Redtail, Salesforce, and Wealthbox to easily and accurately move data back and forth. Crucial data like contact and employment information, family members, and net worth are automatically populated in the CRM to give advisors and back office staff the complete picture of each client with the most up-to-date information — all without moving data manually or having to work through multiple systems.
PreciseFP also leverages templates optimized for many CRMs to optimize data. These templates help advisors make the most of their data by organizing it efficiently and can be used as-is or customized.
What happens when firms integrate data gathering with their CRM? They have real-time, accurate information, which improves and speeds up prospect nurturing, onboarding, and new account opening, saving valuable time and money. It’s a win-win for clients and advisors.
Uniting PreciseFP With Financial Planning Software
Another crucial integration comes from uniting PreciseFP with financial planning software. These tools, including leaders like eMoney, MoneyGuide, RightCapital, and Income Lab make it easier for advisors to help their clients manage their investments and reach their financial goals.
PreciseFP integrates with financial planning software with one click to export client and prospect data like contact and household information, export assets, liabilities, retirement plans, and insurance. That one-click integration saves an incredible amount of time and paperwork, jumpstarting the client relationship and ensuring advisors have the most accurate client data as they create customized financial plans.
With less time spent wading through client data, advisors can spend more time working with clients to make personalized recommendations and provide an excellent client experience.
PreciseFP invests heavily in integrations to provide advisors and staff with the tools they need to do their job right. Our vast integration library shows our many partners for streamlining all areas of the financial experience for clients and advisors. Find your integrations and turn them on complimentary in your free trial. Plus use the chat icon to ask questions about integration capabilities as well as best practices and we’re happy to help!
