7 Ways Microsoft Dynamics 365 Can Help Wealth Management Firms Succeed

Ryan Plourde
| 9/18/2019
7 Ways Microsoft Dynamics 365 Can Help Wealth Management Firms Succeed

Financial advisers in wealth management firms depend on the strength of their relationships with clients. When advisers know and can effectively address the needs of each client, the likelihood of success is greater for all involved.

Advisers talk with clients about numerous topics, and they document their notes in many ways. For example, some advisers file their notes in a client folder. Although this simple system might work for the adviser, it can pose a risk to the firm because the data isn’t easily accessible throughout the organization. If something unexpected happens, much of the information could be lost.

An effective CRM system can enable a wealth management firm to efficiently organize, access, and manage a wide variety of client data. A top-notch CRM system should help a firm meet seven objectives:

1. Identify the players

Wealth management relationships often extend beyond the clients. To provide skillful direction, an adviser should be aware of each client’s immediate and extended family members. Access to the pertinent data in the firm’s CRM system could prove very helpful to another adviser in the firm in the event a client’s extended family member visits or contacts the firm when the primary adviser is out of the office or inaccessible.

2. Know the client

Legal instruments such as wills, trusts, and powers of attorney should be part of a CRM system. An appropriate system also should enable advisers to record and access a range of information, from summaries of investment meetings to notes about life changes. If authorized coworkers can access important information when necessary, the responsibility isn’t limited to one adviser.

3. Monitor holdings and receive proactive alerts

Advisers need to monitor their clients’ investment portfolios and be aware of clients’ investment objectives, strategies, and risk tolerance. The appropriate CRM system should integrate with one or more portfolio management systems to consolidate client investment information. In addition, the system should be able to alert advisers to important situations such as a CD approaching maturity, a rollover coming due, an elevated cash balance, or a threshold birthday associated with, for example, Social Security or IRAs.

4. Document the details

Seemingly minor details can prove valuable down the road. The Microsoft Dynamics 365™ CRM system allows users to summarize and enter details from meetings, conversations, portfolio analysis, and more. In addition, emails received via Microsoft™ Outlook™ can be set up to attach automatically to the client record. This feature adds convenience for the adviser and an extra layer of documentation for the firm.

5. Manage documents

Many documents are generated throughout a client relationship. A CRM system should integrate secure document management like Microsoft SharePoint™ into the application. The system also should provide a systematic, reliable way to confirm that documents are properly signed and important matters are not overlooked.

6. Minimize client confusion

Advisers need to know which services have been offered, which were accepted, and which were declined. Advisers also should be able to easily review with clients the costs for the services they are receiving, especially when fees and commissions are based on complex calculations. Access to centralized information allows the firm to generate reports to confirm that charges are billed correctly for each client.

7. Track industry resources and referrals

It’s important to know which advisers clients work with for tax and legal matters, especially if, for example, the firm is managing a client’s will. Sometimes, advisers recommend a specific tax or legal adviser to a client. Likewise, other resources occasionally refer a client to an adviser in the wealth management firm. The right CRM system can enable the firm to track the extent and success of incoming and outgoing referrals.

A viable solution

At Crowe, we understand the unique challenges faced by wealth managers. To meet those challenges, we developed Crowe CRM for Wealth Management for use with Microsoft Dynamics 365.

Crowe CRM for Wealth Management integrates with productivity tools such as LinkedIn and Microsoft Outlook, Excel™, and Word. This flexible solution enables straightforward modifications, and it can be a cost-effective alternative to many other wealth management tools on the market. Mobile capabilities make the solution broadly accessible.

Crowe CRM for Wealth Management can help firms improve client experience, increase productivity, and provide effective ways to analyze business and client needs.

Visit CroweCRM.com for more information about Crowe CRM services for Microsoft Dynamics 365 software. Have a question or interested in evaluating the CRM functionality in Dynamics 365? Contact us today.

You can also request a free trial of Crowe CRM for Wealth Management on Microsoft AppSource.

Microsoft, Microsoft Dynamics, Microsoft Dynamics 365, Excel, Outlook, and SharePoint are either registered trademarks or trademarks of Microsoft Corp. in the United States and/or other countries.

Contact us

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Ryan Plourde
Office Managing Principal, Westborough, Microsoft CRM Services Leader