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Ranking the CRM Technology Vendors for Wealth Management

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25 April 2013
Isabella Fonseca Alexander Camargo

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.

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