My upcoming report, CRM: Capturing the Hearts and Wallets of the RIA Market: Using CRM to Differentiate the Client Experience, addresses the fast-growing RIA market and the opportunity that exists for CRM providers to capture this segment of the wealth management industry. CRM platforms, which have evolved as a result of modern technologies facilitating data-driven workflows and the execution of client-centric strategies, are vying for RIA market share.

• The RIA market is growing fast
  • Advisors continue to leave large wirehouses and broker-dealers in favor of the hybrid or independent channel
  • The market is fragmented, with varying technology needs
• Much of today’s CRM technology is clunky, expensive, and designed for larger wealth management firms although there are a few popular solutions within the breakaway RIA market for price conscious and resource-constrained firms
  • CRM solutions are highly concentrated among a few vendors
  • The CRM landscape is crowded but market share is shifting
• RIAs can improve their client-advisor experience by implementing a CRM that offers streamlined and easily customizable workflows which will grow with the advisor and their business over time
  • RIAs need a CRM platform that offers a turnkey experience that supports scalable businesses and hybrid WM services
  • Tighter integrations with existing tech stacks and point solutions, especially portfolio management, risk analysis, and financial planning capabilities are a key point of differentiation
  • Data management and orchestration across the ecosystem can provide a personalized and holistic client view