No Result
View All Result
SUBMIT YOUR ARTICLES
  • Login
Wednesday, September 24, 2025
TheAdviserMagazine.com
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
No Result
View All Result
TheAdviserMagazine.com
No Result
View All Result
Home Financial Planning

New AI entrants challenge advisors’ old CRM systems

by TheAdviserMagazine
11 months ago
in Financial Planning
Reading Time: 3 mins read
A A
New AI entrants challenge advisors’ old CRM systems
Share on FacebookShare on TwitterShare on LInkedIn



Dozens of new tech providers have entered the wealth management space in the past few years largely thanks to rapid developments in artificial intelligence that promise advisors greater workflow efficiencies and new client growth. 

Just look at the clear, yet increasingly cluttered landscape in Michael Kitces’ fintech map which has grown by hundreds of tech firms in roughly six years. With so many different providers in the financial planning marketplace, advisors are beginning to question: Is it time to rethink their traditional customer relationship management (CRM) systems? 

“CRM has been around since the ’70s, [and] to a lot of advisors, it has come to stand for ‘client record maintenance,’ not customer relationship management,” said Adrian Johnstone, CEO of Chicago-based Practifi, a CRM technology platform for advisory firms. “As a result, they don’t see it as something that unlocks value in the relationship.”

A recent survey of 66 RIAs, broker-dealers and wealth management firms conducted by F2 Strategy found that 43% said they were frustrated by the effectiveness of their CRM, largely due to issues with integrations and workflow. Separately, a new study by Financial Planning of 270 professionals in wealth management found that 40% said “modernizing our tech stack” was the No. 1 reason for their firm adopting new AI-based tools. 

READ MORE: AI for wealth client growth? Slowly but surely

“It’s a really interesting inflection point as we look at the generational change and the expectations that come with that, both from an investor standpoint but also an advisor standpoint,” Johnstone said. “We have a new generation of both clients and advisors coming into the frame, and that’s a great moment to reconsider the value proposition of each part of the technology stack.”

READ MORE: For some advisory firms, it’s time for a tech-stack diet, consultants say

But changing a CRM system is far more difficult than simply removing a smaller tech piece from the tech stack because it’s often deeply integrated into a firm’s operations. Advisors also acknowledge the interface of their CRM systems is not always user friendly. 

“A lot of data lives in there, and it’s a lot of time to learn a CRM because sometimes they’re not as aesthetically pleasing,” said Jordan Hutchison, vice president of technology and operations at RFG Advisory. “We use Salesforce, and we’re always trying to tweak things to make it easier to maneuver and find your way around. But it’s a very big piece of technology and it’s a hard piece to learn. And then, if you’ve changed CRMs … you are putting a shock into their [the advisors’] day because they’re using it every day.” 

READ MORE: AI tools more popular behind the scenes, Schwab survey shows

That’s also why widely known CRM system and wealthtech provider Orion Advisor Solutions has been trying to keep up with evolving advisor demands by launching AI-backed features, offering á la carte tech services and working toward a more open architecture structure so other providers can integrate with its CRM platform. 

“We still play a consultative role because we still integrate with so many other vendors out there,” said Adam Palmer, vice president of strategic product development at Orion.  

READ MORE: All-in-one tech trend changing how financial advisors do business

Palmer argued that it does not have to be an all-or-nothing decision for advisory firms when it comes to their CRM systems. 

“More times than not, there is a pricing package that will serve you best that would also integrate with some one-off technology that you have hitched your wagon to,” he said. “You can use both practices or both strategies … but still find elegant ways to integrate your solutions with either strategic choice.”

Johnstone advises firms to first take a step back and evaluate “the center of the platform” and whether simply upgrading the system, or adding more tech to the stack, will get the best value from it.

“I think of it in car terms: You’ve got people who are sitting there with a 1970s rust bucket and they’re wondering whether they should buy new wheels for it. That’s not going to make it a better car,” he said. With adding more tech to the old CRM, “now they have to continue to spend millions of dollars to keep maintaining that, to keep evolving, to keep pace with what it is that they were trying to achieve in the first place.”



Source link

Tags: advisorschallengeCRMentrantssystems
ShareTweetShare
Previous Post

Thomas Gale Moore RIP – Econlib

Next Post

Industrial Logistics Properties Trust Announces Third Quarter 2024 Results By Investing.com

Related Posts

edit post
Merrill, JPMorgan make new bids for wealthy clients

Merrill, JPMorgan make new bids for wealthy clients

by TheAdviserMagazine
September 23, 2025
0

Maybe you're a JPMorgan advisor with a wealthy client who needs to charter a private jet. Or maybe you're at...

edit post
What’s the Best Way to Recover From a Scam?

What’s the Best Way to Recover From a Scam?

by TheAdviserMagazine
September 23, 2025
0

On Reddit, a user recently asked for help recovering from a credit card scam. The poster was more concerned with...

edit post
Steal My Work-From-Home Toolkit (That Helped Me Build a 7-Figure Business)

Steal My Work-From-Home Toolkit (That Helped Me Build a 7-Figure Business)

by TheAdviserMagazine
September 23, 2025
0

When people ask how I run a seven-figure business from home while still raising a family and managing everyday life,...

edit post
How younger financial advisors address inexperience

How younger financial advisors address inexperience

by TheAdviserMagazine
September 23, 2025
0

This is the 19th installment in a Financial Planning series by Chief Correspondent Tobias Salinger on how to build a...

edit post
Phil Sieg retiring as head of J.P. Morgan Advisors

Phil Sieg retiring as head of J.P. Morgan Advisors

by TheAdviserMagazine
September 23, 2025
0

Phil Sieg, the head of JPMorgan's brokerage division, has announced his plans to retire next month. Managing Director Mollie Colavita...

edit post
Episode 227. “We bought our dream house. Now we’re drowning”

Episode 227. “We bought our dream house. Now we’re drowning”

by TheAdviserMagazine
September 23, 2025
0

 Jason (38) and Katie (36) thought buying their dream home in Minnesota would be the start of a new...

Next Post
edit post
Industrial Logistics Properties Trust Announces Third Quarter 2024 Results By Investing.com

Industrial Logistics Properties Trust Announces Third Quarter 2024 Results By Investing.com

edit post
OpenAI is creating its own in-house chip with Broadcom and TSMC as processing demands skyrocket

OpenAI is creating its own in-house chip with Broadcom and TSMC as processing demands skyrocket

  • Trending
  • Comments
  • Latest
edit post
What Happens If a Spouse Dies Without a Will in North Carolina?

What Happens If a Spouse Dies Without a Will in North Carolina?

September 14, 2025
edit post
California May Reimplement Mask Mandates

California May Reimplement Mask Mandates

September 5, 2025
edit post
Who Needs a Trust Instead of a Will in North Carolina?

Who Needs a Trust Instead of a Will in North Carolina?

September 1, 2025
edit post
Does a Will Need to Be Notarized in North Carolina?

Does a Will Need to Be Notarized in North Carolina?

September 8, 2025
edit post
DACA recipients no longer eligible for Marketplace health insurance and subsidies

DACA recipients no longer eligible for Marketplace health insurance and subsidies

September 11, 2025
edit post
Big Dave’s Cheesesteaks CEO grew up in ‘survival mode’ selling newspapers and bean pies—now his chain sells a  cheesesteak every 58 seconds

Big Dave’s Cheesesteaks CEO grew up in ‘survival mode’ selling newspapers and bean pies—now his chain sells a $12 cheesesteak every 58 seconds

August 30, 2025
edit post
China to stop claiming special WTO benefits that rankled U.S.

China to stop claiming special WTO benefits that rankled U.S.

0
edit post
Briefpoint Launches Autodoc: AI Tool Automates Responses to Document Requests in Discovery (Plus A Video Demo, Plus Priority Access)

Briefpoint Launches Autodoc: AI Tool Automates Responses to Document Requests in Discovery (Plus A Video Demo, Plus Priority Access)

0
edit post
Grading for Growth: Reconsidering Points, Purpose, and Proficiency – Faculty Focus

Grading for Growth: Reconsidering Points, Purpose, and Proficiency – Faculty Focus

0
edit post
Explainer-H-1B visa – what is it and who are its beneficiaries?

Explainer-H-1B visa – what is it and who are its beneficiaries?

0
edit post
Morgan Stanley plans to offer crypto trading through E-Trade next year

Morgan Stanley plans to offer crypto trading through E-Trade next year

0
edit post
OECD lifts U.S., global growth forecasts as economies surprise to the upside

OECD lifts U.S., global growth forecasts as economies surprise to the upside

0
edit post
China to stop claiming special WTO benefits that rankled U.S.

China to stop claiming special WTO benefits that rankled U.S.

September 24, 2025
edit post
Trump says Gaza talks ‘very successful with big players’ despite disagreement over Palestine state recognition

Trump says Gaza talks ‘very successful with big players’ despite disagreement over Palestine state recognition

September 24, 2025
edit post
Grading for Growth: Reconsidering Points, Purpose, and Proficiency – Faculty Focus

Grading for Growth: Reconsidering Points, Purpose, and Proficiency – Faculty Focus

September 24, 2025
edit post
Asian stocks: Asian stocks edge lower after mixed Fed signals

Asian stocks: Asian stocks edge lower after mixed Fed signals

September 23, 2025
edit post
Kimmel’s return to ABC will be dark on dozens of stations, with ‘tension’ on display

Kimmel’s return to ABC will be dark on dozens of stations, with ‘tension’ on display

September 23, 2025
edit post
Claudia Cardinale, legend of Italian cinema, dies at 87

Claudia Cardinale, legend of Italian cinema, dies at 87

September 23, 2025
The Adviser Magazine

The first and only national digital and print magazine that connects individuals, families, and businesses to Fee-Only financial advisers, accountants, attorneys and college guidance counselors.

CATEGORIES

  • 401k Plans
  • Business
  • College
  • Cryptocurrency
  • Economy
  • Estate Plans
  • Financial Planning
  • Investing
  • IRS & Taxes
  • Legal
  • Market Analysis
  • Markets
  • Medicare
  • Money
  • Personal Finance
  • Social Security
  • Startups
  • Stock Market
  • Trading

LATEST UPDATES

  • China to stop claiming special WTO benefits that rankled U.S.
  • Trump says Gaza talks ‘very successful with big players’ despite disagreement over Palestine state recognition
  • Grading for Growth: Reconsidering Points, Purpose, and Proficiency – Faculty Focus
  • Our Great Privacy Policy
  • Terms of Use, Legal Notices & Disclosures
  • Contact us
  • About Us

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.