Client Relationship Management: A Technology and a Process

Today AdviceAmerica is announcing our new client relationship management system, ClientVision. If you want to learn more about it, you can get all the information at: http://www.adviceamerica.com/ClientVision. The most important aspect of ClientVision is that it is completely integrated within the Outlook framework, where a majority of financial advisors are already managing their client's contact information, as well as archiving emails, and managing task and meeting reminders. ClientVision brings a wealth of financial-specific data management, and advisor-specific tasks to Outlook, making it an ideal platform to build an efficient practice around.

It's not my intention to go into a great deal of product details here, but to point out that to get the maximum benefit from a CRM system, it's just as much about business process improvement and improving the efficiency of your practice as about the underlying technology and what applications it ties together and leverages. Spenser Segal has a number of very insightful blog posts on exactly this topic over at Andrew Gluck's Advisor Products, Inc. blog forum. This is my favorite where Spenser talks about the importance of identifying your practice's recurring processes, defining them, and thinking about how to leverage the client platform to make the process more efficient. At the end of the day, it's all about efficiency, doing more with less time, and delivering better client service.

As advisors, we tend to do everything we need to do, even if we have to pull a few late nights each week to stay on top of things. More efficient processes can also give you a more manageable practice, and allow you to spend more time with family, or more time prospecting to grow the business. If you manage a small staff, the overhead of keeping them all coordinated is probably overlooked. Well defined processes implemented in a financial-specific CRM can help you get the most out of your team and people resources saving money there as well.

Practice management and efficiency are becoming hotter topics these days and more consultants are springing up to advise and coach advisors on this aspect of their business. We hope to contribute more suggestions and insights on this from our perspective now that we have developed the in-house CRM expertise of our own.

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