5 questions Financial Advisers & Practice Principals ask about a Financial Planning CRM


Are you on the hunt for a new CRM for your Financial Planning practice? Most Advisers know what they want – a complete system that will take the pain out of client services, compliance, and simply make operating a Financial Planning practice much easier, efficient and profitable. We thought it was best to give you an insight into the top 5 questions we get asked by Financial Advisers & Practice Principals who are looking to migrate to a new CRM.

1. What is the difference between a Financial Planning CRM and a generic CRM?


With so many CRM options on the market, sometimes it can be difficult to understand what all providers are offering, and which CRM will be the best fit for your practice. When asking what the difference between a Financial Planning CRM and a generic CRM is, you’re not comparing apples to apples. Here are a few things a good Financial Planning CRM should provide…

Financial Services fields

First and foremost, a good financial planning CRM should capture all data that is required to be stored against a client’s profile. Anyone in the Financial Services industry will know there is a large variety of fields that need to be populated with information such as a client’s primary adviser, Estate planning details, risk profile, SOA dates, FDS & Opt-in dates and many more. If you are looking at a CRM that is not tailored to Financial Advisers you should ensure you have the ability to create custom fields that will hold this information – although consider the amount of time it will take someone from your team to update an entire CRM, Perhaps it’s best to go with a provider that has all this built and are ready to go.

Workflow solution

Any good CRM system should have an end to end Workflow solution (and no, you shouldn’t need to pay for the extra functionality).

Having a workflow solution attached to your CRM will allow you to attach jobs against specific clients that are stored within your CRM. The workflows and jobs should be completely customisable and allow you to create jobs for client reviews, FDS jobs etc.

The benefit of a CRM/workflow solution really comes in handy when you have your workflow tasks related to your client service packages – this results in client FDS and service audit tools automatically updating when workflow items are marked as complete resulting in less manual handling and accurate disclosure of services delivered to clients.


2. How much does a CRM cost?


A question we get asked all the time is how much does a CRM costs. By quickly browsing the internet you will find a range of prices listed for different solutions in the market.

The free solution

“FREE CRM” – sounds too good to be true right? Well, it is! See it’s free to create an account with many CRM providers, however, the moment you need access to useful functionality you will soon learn the solution is not free and you will need to pay for each module of function you require – this then skyrockets your free solution to a very expensive CRM.

Pay per login

Another common pricing method is paying a fee for each login you require. If you only have one or two advisers that need access to your CRM this might be a suitable choice for you. However, if you plan on growing your practice and potentially increasing your staff, you should consider whether you are okay with your software costs continually increasing as your practice grows. Some practices on a pay per login basis see their software costs increase above $100,000 per year – Crazy.

1 license | Unlimited staff access

The last solution is a single license fee that provides unlimited staff access. This is a great option for smaller firms that intend on growing their practice along with larger practices that require logins for many staff. The single license fee structure provides confidence that you will not be penalised with increased software costs as you grow your practice – this is the pricing structure used for Worksorted.


3. What should I consider when choosing a new CRM?


Ensuring your CRM will be a good fit is an important decision. The CRM you choose will be the central operational hub of your practice for years to come. Some important considerations to make prior to going ahead with a provider include…

Support & Training

If you need some assistance when learning to navigate your new CRM where will you go? Will you need to speak to someone offshore? Will you need to lodge a support ticket and wait 3-5 days to hear back from someone? Does the provider even offer human to human training?

At Worksorted, we believe everyone learns differently. Not only do we offer human to human initial & ongoing training, there are also a range of self-help tools which will teach you step by step exactly where you need to click to perform certain actions. A live help tool is also available which will allow you to connect with one of our team based in Australia for help at that very moment.

 Financial Services experience

Does the CRM provider have proven experience in the Financial Services industry? If the provider is within its first year of operating, we would recommend taking caution – consider this provider will have access to not only your practice information but also your entire client base of information. Its important they have secure servers, preferably onshore, with backups taking place every 1-2 hours. As you are probably aware, compliance obligations are constantly changing in the Financial Services industry, the provider you choose will need to be responsive to making any changes required to the software to ensure advice practices can confidently and effortlessly meet its compliance.


A good CRM system will be extremely intuitive, load times should be fast and the word ‘clunky’ shouldn’t even cross your mind. New features and updates should be instantly accessible with no need to download or install new updates. Nowadays, your CRM should be cloud-based and instantly accessible anytime, anywhere on any device.

Data migration

When moving to a new CRM its likely you will have years of historic client and revenue data that needs to be moved to your new system. This migration process is vital to the success of your new system and needs to be completed accurately and efficiently. If data is pushed through to the wrong places your situation could go from okay to poor very quickly.

Ask your potential provider how long they have been migrating data from one system to the other and specifically if they have handled data from the provider you are migrating from. If the potential provider has not handled data from your current provider, you will need to ask yourself if you are okay being the test bunny.


4. Should I use one piece of software to handle everything in my practice? Or should I take the ‘tech stack’ approach?


The term ‘tech stack’ has been a buzz word in the Financial Services industry of late and refers to the strategy of utilising multiple pieces of software in a practice as opposed to utilising one provider to handle everything you require.

If you would prefer to utilise a system that offers advice tools, calculators, revenue management, workflow and CRM the question shouldn’t be ‘can this software do everything’, the question is ‘can this software do everything, and can it do everything well’. If you do find a solution that provides everything you need and does it all to a high standard, fantastic! If not, perhaps you should consider a ‘tech stack’.

If you ask us, the ‘tech stack’ is the way to go. By using a ‘tech stack’, you can use the best of breed software providers to do what they do best. Most good CRM providers will offer a range of integrations and connections which will make utilising a ‘tech stack’ much more efficient and simpler.


5. How do I know which CRM is right for my practice?


The time required when changing CRM can be avoided by choosing a provider that is scalable and always enhancing their system with new features, innovative technology and updates as compliance regulations change.

Migrating to a new CRM is an opportunity to take your practice to a whole new level. The CRM you choose should increase practice efficiency in every aspect. When taking part in a demo or sales meeting with a provider, ensure you have the right people in the room who can make educated and experienced decisions.


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