What financial planning software
do you use?
practitioners, and hence cannot take
full advantage of many CRM features
(workflow, analytics, etc.) that can be
so valuable to firms of a larger size.
Moreover, our CPA respondents
have not made really good CRM decisions. For instance, 43% of CPAs told
us that they use Outlook as their CRM,
versus 35% for the advisor population
as a whole — and of course, Outlook is
not CRM software.
Incredibly, another 39% of CPAs
told us that they don’t use any CRM
software at all. These smaller CPA advi-
sors would almost certainly benefit
from a relatively inexpensive, easy-to-
use cloud based CRM solution — yet
only 3% use Redtail, and 3% of them
large organizations that can leverage
its power and sophistication, and cus-
tomize it to their needs.
The number of advisors with Windows tablets
could increase significantly next year.
What rebalancing soft ware do you use?
ASI (through TD
Total Rebalance Expert 2%
use Wealth Advisor CRM. It is interesting to note that Wealth Advisor CRM
only has a 1% total market share overall, but a 3% share among CPAs. Is it
possible that the developers of Wealth
Advisor CRM know what CPA advisors
are looking for? Is the low price a factor among cost-conscious CPAs? Or are
there other dynamics at work here?
Speaking of CRM software, no single
provider of CRM soft ware appears to do
well across all business lines. Redtail,
with a 14% overall share, does well
with dually registered advisors (15%),
affiliated independents (22%) and
independent RIAs (15%) — but it lags
with insurance reps. Salesforce also
does well across all groups, although
it did substantially better with bank-
affiliated advisors and employees of
B-Ds than its overall 8% share would
suggest. This intuitively makes sense,
because Salesforce is best suited to
Although its overall share is 6%, it is
tied with Redtail at 15% for the lead
among true CRM applications for
independent RIAs (although 27% of
independents say they use Outlook).
Insurance agents exhibit the highest
Outlook usage of any group, which
means they are probably leaving a lot
of productivity on the table.
We found some other surprising
results for ROI questions. When we