7 Best CRM for Financial Advisors in 2023 [Compared and Reviewed]

Customer relationship management (CRM) involves maximizing sales and fostering customer relationships and requires using the right financial advisor CRM systems. The best financial advisor CRM solution can help you achieve your objectives, from lead data collection to customer data management.

To help you choose the best CRM solutions for financial advisors, I’ve analyzed and ranked the top 7 options in this financial advisor CRM comparison review, along with my personal top 5.

Also Read: Introduction to CRM for Financial Advisors

What Is The Best CRM For Financial Advisors?

Customer Relationship Management (CRM) is a critical aspect of running a successful business in the financial services industry. Financial CRM software provides a platform for financial advisors to manage their client interactions, track important information about their clients, and automate many of the repetitive tasks associated with managing client relationships.

Wealthbox CRM

Wealthbox is a web-based financial CRM software designed specifically for the financial services industry. It provides a range of features to help financial advisors manage their client relationships, including client management, wealth management, task management, and project management tools. Wealthbox is known for its user-friendly interface, intuitive design, and robust customization options.

Key Features

• Customizable fields, tags, and labels to match advisors’ specific client segmentation and data organization.
• Task management tools to help advisors manage their workflow more efficiently.
• Contact management tools to help advisors manage their client relationships more effectively.
• Client collaboration tools to enable advisors to collaborate with clients on shared documents and notes.
• Email marketing and communication tools enable advisors to communicate with clients more effectively.
• Integrations with other tools, such as portfolio management software, investment management tools, accounting software, and financial planning software, provide a more comprehensive view of clients’ financial situations.

Pricing

Wealthbox offers a range of pricing options to suit the needs of different financial advisory practices.

The pricing ranges from $45 per user per month for a single-user plan to $79 per user per month for a team plan which includes its advanced features.

Wealthbox also offers a free 30-day trial period for users to test the software before committing to a paid plan.

What I Like

• User-friendly interface that is easy to navigate and use.
• Customizable fields, tags, and labels to match advisors’ specific needs.
• Robust integration options with other tools provide a more comprehensive view of clients’ financial situations.
• Affordable pricing options for small and medium-sized financial advisory practices.

What I Don’t Like

• Limited reporting and analytics capabilities compared to some other CRMs.
• Some users may find the customization options to be less robust than other CRM solutions.
• Limited third-party integrations compared to some other CRM solutions.

Summary

Overall, Wealthbox is a highly customizable and user-friendly CRM system option that provides a comprehensive set of features and strong data security, making it a great fit for smaller financial advisory practices.

Get started with Wealthbox.

Salesforce

Salesforce is a cloud-based CRM software that offers a range of features and functionalities for financial advisors. Salesforce provides robust customization options, extensive integrations with other tools, and strong data security features. Salesforce is a popular choice for larger financial advisory practices that require a scalable and customizable CRM software solution.

Read my in-depth Salesforce Review.

Key Features

• Customizable fields, tags, and labels to match advisors’ specific client segmentation and data organization.
• Advanced reporting and analytics capabilities to provide insights into clients’ financial situations.
• Task management tools to help advisors manage their workflow more efficiently.
• Contact management tools to help advisors manage their client relationships more effectively.
• Client collaboration tools to enable advisors to collaborate with clients on shared documents and notes.
• Email marketing automation and communication tools enable advisors to communicate with clients more effectively.
• Extensive integrations with other tools, such as portfolio management software and financial planning software, provide a more comprehensive view of clients’ financial situations.
• Strong data security features protect sensitive client information from cyber-attacks, data breaches, and other security threats.

Pricing

Salesforce offers a range of pricing options to suit the needs of different businesses in the financial services industry.

The pricing ranges from $25 per user per month for the Essentials plan to $300 per user per month for the Unlimited plan.

Salesforce also offers a free trial period for users to test the software before committing to a paid plan.

What I Like

• Robust customization options enable advisors to tailor the CRM system to their specific needs.
• Extensive integrations with other tools to provide a more comprehensive view of clients’ financial situations.
• Advanced reporting and analytics capabilities to provide insights into clients’ financial situations.
• Strong data security features to protect sensitive client information.

What I Don’t Like

• High pricing compared to some other CRM systems, which may not be affordable for smaller financial advisory practices.
• The steep learning curve for some users is due to the software’s extensive feature set.
• Some users may find the interface to be less intuitive than other CRM software options.

Summary

Overall, Salesforce is a powerful and highly customizable CRM system option that can cater to the needs of larger financial advisory practices with complex needs and a higher budget. Its advanced reporting and analytics capabilities, extensive integrations, and strong customization options make it a great fit for financial advisors looking for a comprehensive CRM solution.

Get started with Salesforce.

Redtail

Redtail is a cloud-based financial services CRM software designed specifically for financial advisors. Redtail provides a range of features and functionalities to help financial advisors manage their client relationships, including client management, task management, and document management tools. Redtail is known for its affordability, ease of use, and robust integrations.

Key Features

• Customizable fields, tags, and labels to match advisors’ specific client segmentation and data organization.
• Task management tools to help advisors manage their workflow more efficiently.
• Contact management tools to help advisors manage their client relationships more effectively.
• Document management tools to help advisors store and organize client-related documents.
• Email marketing and communication tools enable advisors to communicate with clients more effectively.
• Integrations with other tools, such as portfolio management software and financial planning software, wealth management, and accounting software, provide a more comprehensive view of clients’ financial situations.
• Affordable pricing options for small and medium-sized financial advisory practices.

Pricing

Redtail offers affordable pricing options for small and medium-sized financial advisory practices.

The pricing ranges from $99 per user per month for the Essential plan to $149 per user per month for the Premium plan.

Trial: Yes, a free trial period for users to test the software before committing to a paid plan.

What I Like

• Affordable pricing options that make Redtail accessible for small and medium-sized financial advisory practices.
• An easy-to-use interface that is intuitive and requires minimal training.
• Robust integrations with other tools provide a more comprehensive view of clients’ financial situations.
• Strong customer support and training resources.

What I Don’t Like

• Limited customization options compared to some other CRM software options.
• Limited reporting and analytics capabilities compared to some other CRM software options.
• Some users may find the interface to be less visually appealing than other CRM software options.

Summary

Overall, Redtail is a highly customizable and scalable financial service CRM system that can cater to the needs of financial advisory practices of all sizes. Its strong customization options, integrations, and data security features make it a great fit for financial advisors looking for a comprehensive CRM solution that can grow with their practice.

Get started with Redtail.

Hubspot CRM

HubSpot is a cloud-based CRM software that offers a range of tools and features to help businesses manage their customer relationships, including financial advisory practices. HubSpot’s CRM software offers contact management, task management, and sales automation tools, as well as email marketing and lead management capabilities.

HubSpot’s CRM software offers a range of tools and features to help financial advisory practices manage their customer relationships. The software is known for its ease of use, intuitive interface, and comprehensive set of features.

Key Features

• Contact management tools to help advisors manage their client relationships more effectively.
• Task management tools to help advisors manage their workflow more efficiently.
• Sales automation tools to help advisors automate repetitive tasks and streamline their sales processes.
• Email marketing and lead management capabilities to help advisors generate and nurture leads.
• Customizable fields, tags, and labels to match advisors’ specific client segmentation and data organization.
• Integrations with other tools, such as portfolio management software and financial planning software, provide a more comprehensive view of clients’ financial situations.
• Strong data security features protect sensitive client information from cyber-attacks, data breaches, and other security threats.

Pricing

HubSpot offers a range of pricing options to suit the needs of different financial advisory practices. The pricing ranges from free for the basic version of the software to $1,200 per month for the Enterprise version.

The pricing is based on the number of contacts and users in the CRM software.

Trial: Yes, HubSpot also offers a free trial period for users to test the software before committing to a paid plan.

What I Like

• An easy-to-use interface that is intuitive and requires minimal training.
• A comprehensive set of features that enable financial advisory practices to manage their client relationships, sales, and marketing in one platform.
• The free version of the software includes a range of features, making it an affordable option for smaller financial advisory practices.
• Strong data security features to protect sensitive client information.

What I Don’t Like

• Limited customization options compared to some other CRM software options.
• Limited reporting and analytics capabilities compared to some other CRM software options.

Summary

Overall, HubSpot is a powerful and user-friendly CRM software option that can cater to the needs of financial advisory practices of all sizes. Its user-friendly interface, extensive integrations, and affordability make it a great fit for financial advisors looking for a comprehensive CRM solution.

Get started with HubSpot CRM.

PractiFI

PractiFI is a cloud-based CRM software designed specifically for financial advisors. PractiFI provides a range of features and functionalities to help financial advisors manage their client relationships, including client management, task management, and workflow automation tools. PractiFI is known for its scalability, advanced workflow automation, and comprehensive reporting and analytics.

Key Features

• Customizable fields, tags, and labels to match advisors’ specific client segmentation and data organization.
• Task management tools to help advisors manage their workflow more efficiently.
• Contact management tools to help advisors manage their client relationships more effectively.
• Workflow & marketing automation tools to help advisors automate repetitive tasks and streamline their workflow processes.
• Advanced reporting and analytics capabilities to provide insights into clients’ financial situations.
• Integrations with other tools, such as portfolio management software and financial planning software, provide a more comprehensive view of clients’ financial situations.
• Scalable software that can accommodate the needs of growing financial advisory practices.

Pricing

PractiFI offers a range of pricing options to suit the needs of different financial advisory practices.

The pricing is not publicly available, but financial advisory practices can request a demo and a custom quote from the PractiFI team.

Trial: No, PractiFI does not offer a free trial period.

What I Like

• Robust customization options enable advisors to tailor the CRM software to their specific needs.
• Advanced workflow & marketing automation capabilities can help advisors streamline their workflow processes and improve efficiency.
• Comprehensive reporting and analytics capabilities to provide insights into clients’ financial situations.
• Scalable software that can grow and evolve with the needs of financial advisory practice.

What I Don’t Like

• High pricing compared to some other CRM software options, which may not be affordable for smaller financial advisory practices.
• The steep learning curve for some users is due to the software’s extensive feature set.
• Limited integrations with third-party tools compared to some other CRM software options.

Summary

Overall, PractiFI is a highly customizable and comprehensive CRM software option that can cater to the needs of financial advisory practices that require a more advanced set of features. Its advanced automation and workflow tools, integrations, and reporting and analytics capabilities make it a great fit for financial advisors looking for a comprehensive CRM solution.

Get started with PractiFI.

NexJ

NexJ is a cloud-based CRM software designed specifically for financial advisors. NexJ provides a range of features and functionalities to help financial advisors manage their client relationships, including client management, task management, and workflow automation tools. NexJ is known for its robust customization options, strong data security features, and advanced reporting and analytics capabilities.

Key Features

• Customizable fields, tags, and labels to match advisors’ specific client segmentation and data organization.
• Task management tools to help advisors manage their workflow more efficiently.
• Contact management tools to help advisors manage their client relationships more effectively.
• Workflow automation tools to help advisors automate repetitive tasks and streamline their workflow processes.
• Advanced reporting and analytics capabilities to provide insights into clients’ financial situations.
• Integrations with other tools, such as portfolio management software and financial planning software, provide a more comprehensive view of clients’ financial situations.
• Strong data security features protect sensitive client information from cyber-attacks, data breaches, and other security threats.

Pricing

NexJ offers a range of pricing options to suit the needs of different financial advisory practices.

The pricing is not publicly available, but financial advisory practices can request a demo and a custom quote from the NexJ team.

What I Like

• Robust customization options enable advisors to tailor the CRM software to their specific needs.
• Advanced reporting and analytics capabilities to provide insights into clients’ financial situations.
• Strong data security features to protect sensitive client information.
• Scalable software that can accommodate the needs of growing financial advisory practices.

What I Don’t Like

• High pricing compared to some other CRM software options, which may not be affordable for smaller financial advisory practices.
• The steep learning curve for some users is due to the software’s extensive feature set.
• Limited third-party integrations compared to some other CRM software options.

Summary

Overall, NexJ is a powerful and customizable CRM software option that can cater to the needs of financial advisory practices of all sizes. Its strong customization options, integrations, and data security features make it a great fit for financial advisors looking for a comprehensive CRM solution that can grow with their practice.

Get started with NexJ.

Microsoft Dynamics 365

Microsoft Dynamics 365 is a cloud-based CRM software designed for businesses of all sizes, including financial advisors. It provides a range of features and functionalities to help financial advisors manage their client relationships, including client management, task management, and workflow automation tools. Microsoft Dynamics 365 is known for its extensive integrations, robust customization options, and strong data security features.

Key Features

• Customizable fields, tags, and labels to match advisors’ specific client segmentation and data organization.
• Task management tools to help advisors manage their workflow more efficiently.
• Contact management tools to help advisors manage their client relationships more effectively.
• Workflow automation tools to help advisors automate repetitive tasks and streamline their workflow processes.
• Extensive integrations with other tools, such as portfolio management software and financial planning software, provide a more comprehensive view of clients’ financial situations.
• Strong data security features protect sensitive client information from cyber-attacks, data breaches, and other security threats.
• Advanced reporting and analytics capabilities to provide insights into clients’ financial situations.
• Collaboration tools to enable advisors to communicate and collaborate with clients in real time.

Pricing

Microsoft Dynamics 365 offers a range of pricing options to suit the needs of different financial advisory practices.

The pricing ranges from $20 per user per month for the Essential plan to $200 per user per month for the Enterprise plan.

Trial: Yes, Microsoft Dynamics 365 also offers a free trial period for users to test the software before committing to a paid plan.

What I Like

• Extensive integrations with other tools to provide a more comprehensive view of clients’ financial situations.
• Robust customization options enable advisors to tailor the CRM software to their specific needs.
• Strong data security features to protect sensitive client information.
• Scalable software that can accommodate the needs of growing financial advisory practices.

What I Don’t Like

• High pricing compared to some other CRM software options, which may not be affordable for smaller financial advisory practices.
• The steep learning curve for some users is due to the software’s extensive feature set.
• Some users may find the interface to be less intuitive than other CRM software options.

Summary

Overall, Microsoft Dynamics 365 is a powerful and highly customizable CRM software option that can cater to the needs of financial advisory practices of all sizes. Its advanced reporting and analytics capabilities, extensive integrations, and strong customization options make it a great fit for financial advisors looking for a comprehensive CRM solution.

Get started with Microsoft Dynamics 365.

What Is Financial Advisor CRM Software And Why Is It Important?

Financial Advisor CRM (Customer Relationship Management) software is a tool that helps financial advisors manage their relationships with clients and prospects. It enables financial advisors to organize and track client and prospect data, including personal information, investment holdings, transaction history, and communication history.

Also Read: Top CRM Features for Financial Advisors

This type of software is important because it enables financial advisors to provide personalized and efficient service to clients. With the help of CRM software, financial advisors can easily access and analyze client data, enabling them to provide tailored investment advice and recommendations. It also helps advisors manage their workflow and tasks, ensuring that no important client-related tasks are overlooked.

The best real estate CRM should have the following features:

1. Contact Management: The CRM should provide a comprehensive contact management system, enabling financial advisors to store and manage client and prospect data, including personal information, investment holdings, transaction history, and communication history.
2. Task Management: The CRM should provide a robust task management system that enables financial advisors to manage their workflow and tasks, ensuring that no important client-related tasks are overlooked.
3. Workflow Automation: The CRM should provide advanced workflow automation capabilities that can automate repetitive tasks and streamline workflow processes, enabling financial advisors to focus on more strategic tasks.
4. Customization: The CRM should be highly customizable, with customizable fields, tags, and labels that enable financial advisors to match their specific client segmentation and data organization needs.
5. Integration: The CRM should provide integrations with other tools, such as financial planning software and portfolio management software, to provide a more comprehensive view of clients’ financial situations.
6. Data Security: The CRM should provide strong data security features to protect client data from unauthorized access or theft.
7. User-Friendly Interface: The CRM should have a user-friendly interface that enables financial advisors to quickly and easily navigate the software.
8. Advanced Reporting and Analytics: The CRM should provide advanced reporting and analytics capabilities, enabling financial advisors to gain insights into clients’ investment trends, behaviors, and preferences.
9. Scalability: The CRM should be scalable, enabling financial advisors to add or remove users and contacts as their practice grows or shrinks.
10. Cost: The CRM should be affordable, with a range of pricing options that cater to the needs of financial advisory practices of all sizes.

Overall, Financial Advisor CRM software is an essential tool for financial advisors, enabling them to provide personalized and efficient service to clients while managing their workflow and tasks in a more streamlined manner.

Read my full guide on how to choose the best CRM software.

Recommendation & Wrap-up

Choosing the best CRM for financial advisors depends on a variety of factors, such as the specific needs of the financial advisory practice, the size of the practice, the level of customization required, and the budget available. However, I recommend the following financial CRM systems as the best fit for financial advisors:

1. Wealthbox: Wealthbox is a highly customizable CRM software option that offers strong data security and a user-friendly interface. It’s best suited for smaller financial advisory practices looking for a robust and affordable CRM software option.
2. Salesforce: Salesforce is a comprehensive and highly customizable CRM software option with extensive integrations and advanced reporting and analytics capabilities. It’s best suited for larger financial advisory practices with complex needs and a higher budget.
3. Redtail: Redtail is a highly customizable CRM software option with a robust set of features and integrations. It’s best suited for financial advisory practices looking for a scalable and user-friendly CRM software option.
4. PractiFI: PractiFI is a highly customizable CRM software option with advanced automation and workflow tools. It’s best suited for financial advisory practices looking for a comprehensive CRM software solution.
5. HubSpot: HubSpot is a user-friendly and affordable CRM software option with strong lead management and email marketing capabilities. It’s best suited for smaller financial advisory practices looking for a simple and intuitive CRM software option.

Ultimately, the best CRM software option for financial advisors will depend on their specific needs and preferences. It’s important to consider factors such as customization, user-friendliness, integration with other tools, data security, scalability, and cost when making a decision. By evaluating the different CRM software options and comparing their features, benefits, and pricing, financial advisors can make an informed decision about which option is the best fit for their practice.

The future outlook for CRM for financial advisors.

The future outlook for CRM for financial advisors is positive, as the industry continues to evolve and adapt to changing client needs and technological advancements. Here are some trends and developments that are expected to shape the future of CRM for financial advisors:

1. Artificial Intelligence (AI): AI is expected to play an increasingly important role in CRM for financial advisors. AI-powered tools can help automate repetitive tasks, provide personalized insights into clients’ financial situations, and enhance the overall customer experience.
2. Integration with other tools: The integration of CRM software with other tools, such as financial planning software, portfolio management software, and social media platforms, will continue to be a key trend. This integration can provide financial advisors with a more comprehensive view of their client’s financial situations and streamline their workflow processes.
3. Mobile access: The ability to access CRM software from mobile devices will become more important, as financial advisors increasingly work remotely or on the go. Mobile access can help financial advisors stay connected to their clients and manage their client relationships more effectively.
4. Data security: With the increasing threat of cyber-attacks and data breaches, data security will remain a critical consideration for financial advisors when selecting a CRM software option. CRM software providers will need to continue to invest in strong data security features to protect sensitive client information.
5. Personalization: As clients increasingly expect personalized services, CRM software will need to provide financial advisors with tools to personalize their interactions with clients. This could include features such as client segmentation, targeted marketing, and customized reporting.