Ranking the CRM Technology Vendors for Wealth Management

by Alexander Camargo,  Isabella Fonseca, April 25, 2013
Vendor Reviews
North America

Abstract

Spending on CRM solutions will hold steady or increase over the next year. CRM systems offer the technology for wealth managers to increase efficiencies, reduce costs, and improve their holistic view of retail investor contact information, wealth, and behaviors.

In the report, Ranking the CRM Technology Vendors for Wealth Management, Celent examines eight leading wealth management platform solutions in the North American market. The following vendors are included: Advisors Assistant, Grendel, Junxure, Microsoft Dynamics, Pegasystems, NexJ, Redtail Technology, and Salesforce.

While the concept of customer relationship management is not new, over the past few years, there has been an evolution in the support a CRM system can provide to advisors and wealth managers.

“CRM systems today enable users to aggregate data from multiple sources, to access this information from more devices and locations, and to share client data across the firm. The type of data that is collected and accessed within CRM systems geared toward wealth managers has changed to include not only contact information but also financial data and behavioral information,” says Isabella Fonseca, Research Director and coauthor of the report. “It is therefore vital that CRM systems be integrated with other key applications used by advisors. This integration is a key factor driving CRM systems to become the advisor’s dashboard.”

“A key driver is the large expansion of customer data across a number of touchpoints,” adds Alexander Camargo, Analyst and coauthor of the report. “Once data is collected across branches, call centers, and self-service channels, it is stored and analyzed for proper use. CRM systems not only gather the data in one place, but track and segment it, allowing wealth managers to understand how best to focus their efforts across different channels and customer segments.”

The report begins with a definition of CRM systems for wealth management, and the criteria for vendor participation in this report. A look at current market and technology trends follows. The report features a detailed profile for each vendor, identifying its strengths and weaknesses. Also included is a comparison of each solution’s features and functionalities. The last sections rank wealth management platform technology vendors through the ABCD dimensions and provide Celent’s considerations of where the market is headed.

This 60-page report contains 10 figures and 35 tables.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

Introduction

5

Market Overview

9

Vendor Preview

11

Vendor Profiles

14

 

Advisors Assistant

14

 

Big Brain Works (Grendel)

15

 

Junxure

18

 

Microsoft

19

 

Pegasystems

22

 

NexJ

24

 

Retail Technology

27

 

Salesforce

28

Vendor Comparison

31

 

Basic Technology

31

 

Delivery and Implementation

32

 

Partnerships and Integration to Open Systems

33

 

Client Base and Client Service

35

 

Data Management

38

 

Administration

43

 

Configuration and Customization

44

 

Collaboration and Social Media

47

 

Mobility and Client-Facing Portal

49

Vendor Ranking

53

 

Vertical Players

53

 

Horizontal Players

55

Looking Forward

58

 

Market Trends

58

 

Technology Trends

58

Leveraging Celent’s Expertise

60

 

Support for Financial Institutions

60

 

Support for Vendors

60

Related Celent Research

61

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