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Financial Services: The Need for a Flexible, Precise CRM Solution
Blog / Sales Management / Mar 24, 2014 / Posted by Nikolaus Kimla / 4014 

Financial Services: The Need for a Flexible, Precise CRM Solution

A truly successful financial services agentFor financial services brokers, agents, advisors and money managers, there is stiff competition. Many are offering similar or the same services, making the same promises, even seeking the same clients. In this environment of “sameness”, how can you set yourself apart from the competition, both in actuality an image?

The answer is outstanding customer experience. Of course, just promoting that won’t do the trick—you have to actually deliver it. That means your clients must feel it, feedback to you about it, and spread the word. Behind a brokerage’s or agency’s provision of an outstanding customer experience is a flexible, precise CRM solution.

Relationship is Key

A truly successful financial services agent or broker doesn’t just sell services: he or she establishes long term relationships. Such relationships come about with a full understanding of the agent’s part of a client’s lifestyle, needs, desires, and risk tolerance. With that understanding, an agent can offer instruments that make the most sense for that client and gain ever-increasing appreciation from the client for service well-rendered.

To gain that understanding, keeping track of client details is perhaps more important than in any other industry. Clients are entrusting you with considerable portions of their livelihood—often their life savings—with the hope that you will make them grow. Customers need to feel that you are in touch with their every need and are caring for them every step of the way.

Keeping client details in files or spreadsheets can be risky—especially when all important client information cannot be viewed or analyzed in the same place. This is best done with a leading-edge CRM solution so that all are visible and none are ever missed.

Financial Services and Full Scope

But beyond the easy access of a single client’s relationships, it is equally important to have a full 360-degree view of your entire clientele with regard to instruments, profitability, and earning percentages amongst many other factors. It is only with this kind of view that you will be able to monitor the progress of your clientele and your firm toward objectives and goals.

New and improved instruments are constantly becoming available. With the right CRM application, analyses can be conducted that reveal which clients would be best for these new offers—replacing older methods such as digging through files or pouring over spreadsheets.

Another important aspect of the “full view”—and of the financial services industry itself—is that of accurate reporting. A flexible, intuitive CRM solution will enable the broker or agent to rapidly create reports, saving untold time combing through and compiling data.

Rules, Regulations, Policies

A financial services agent or broker must constantly stay abreast of regulations, rules and banking policies. With the right CRM solution, these can be placed right in CRM at stages of the sales process to which they apply and where an action is called for. In such a way compulsatory requirements are monitored and maintained.

For anyone on the front lines of the financial services industry, outstanding customer experience leading to long-term relationships is the crux of the business. The single enabling factor is a flexible, intuitive CRM solution.

Find out how the right CRM solution can bring your financial services business wholly together. Sign up for one of our free webinars.

About Author

A 30-year veteran of the computer industry, Nikolaus has founded and run several software companies. He and his company uptime iTechnology are the developers of World-Check, a risk intelligence platform eventually sold to Thomson Reuters for $520 million. He is currently the founder and CEO of Pipelinersales, Inc., developer and publisher of Pipeliner CRM, the first CRM application aimed squarely at actually empowering salespeople. Also a prolific writer, Nikolaus has authored over 100 ebooks, articles, and white papers addressing the subjects of sales management, leadership and sales itself.

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