This summer, Schwab Advisor Services polled 1,608
independent advisers about their use of CRM technology. When asked to grade
their firm’s use of CRM, 72% of respondents gave theirs either a B or
C. While 84% of advisers agreed that the right technology was in place to make effective
use of their CRM, only 6% said they believed they were using their firm’s CRM
data to its fullest potential.
The most-used function of CRM is the storage of client
contact information (98%); followed by preparing/sending client communication
(61%) and assigning tasks to others in the firm/tracking completion (58%). So if
advisers have the CRM technology, what keeps them from using it?
According to 43% of survey respondents, the top barrier to
effective CRM use is employee behavior. Sixteen percent think that
employees do not see the value of CRM systems, while 33% think there are
higher priorities for time and money than effectively using CRM.
About 25% of advisers think more education and training
would help them make better use of their CRM, and 28% think deepening their
understanding of the technology’s capabilities would help them use it more fully.
Schwab Intelligent Technologies
recently rolled out Salentica Advisor Desk with Schwab OpenView Gateway, which allows independent investment advisers to view real-time
information on their clients’ financial holdings within their CRM. Schwab is in a pilot program with five Microsoft workflows for the
Schwab OpenView Workflow Library, which will be broadly available by the end of the year. Schwab currently has 28 workflows available to advisers who custody
assets with Schwab Advisor Services.