Choosing the Best CRM Software for Financial Advisors

Quick Tips / April 5, 2023 / Thanny Schmitz

Interested in taking your financial services business to the next level with a modern customer relationship management (CRM) solution? If so, your first instinct may be to open up your favorite search engine and punch in something like “financial services CRM systems” or “CRM for the financial services industry.” You’ll undoubtedly be flooded with dozens of results and ads in seconds.

While it’s great to have options, nearly every listing will tout itself as the “best CRM for financial advisors.” These lofty claims can make it difficult to find a CRM for financial services that actually aligns with your company’s needs.

To help you cut through the noise, we have outlined key factors you need to focus on when choosing a customer relationship management platform for your business.

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By the time we’re done, you’ll have the tools and resources you need to make an informed decision. We’ll even share a few success stories that may inspire you to take the leap and embrace CRM for financial advisors.

What is CRM in Financial Services?

A CRM for financial advisors functions much like a customer relationship management solution for other businesses. It provides your team with tools that streamline the client experience, capture a history of all employee email interactions, and help them close more deals.

An effective CRM system for financial advisors simplifies the recording and tracking of all staff-customer interactions in one centralized location, providing a seamless experience for both employees and clients. The system links all customer interactions together, making it easy to save an audit trail that can be accessed quickly in case of official inquiries or client complaints. By segmenting customers based on their funds invested or net worth, the system assists companies in providing tailored services to each customer. Additionally, the platform stores detailed personal profiles of clients, including occupation, salary, property values, hobbies & interests, family details, pets’ names, children’s names, and other vital information, allowing companies to better understand and serve their clients. With all this information in one place, clients can be served more efficiently, and companies can gain a competitive advantage in their respective industries.

What to Consider When Choosing a CRM?

When searching for a CRM for financial advisors, consider factors such as:


As you’ll quickly realize once you start your search, the cost of a CRM for financial services professionals can vary greatly.

Some of the most basic options may be as cheap as $20 per user per month or less. At the other end of the spectrum are platforms that run $100 or more per user per month.

In the middle of these two extremes are well-priced CRM platforms that offer the ideal combination of features and value for your business. If you want to get a strong return on investment, we recommend exploring solutions within the $30–$60 range. 

Deployment and Implementation 

Chances are that your business doesn’t have limitless IT resources or a huge team of information technology professionals at its disposal. In light of this fact, it’s important to select a solution that’s easy to implement, deploy, and maintain. 

The best CRM software for financial advisors should be implemented quickly so you can minimize your time to value. When investigating this angle, make it a point to find out whether the provider offers implementation support. If not, they may not be the best fit for your company.

Ease of Use

Your financial advisors have enough on their plate. The last thing you want to do is task them with learning how to use an overly complex CRM.

We suggest scheduling a demo or free trial when gauging a platform’s ease of use. What better way to determine whether a platform is right for your team than to take it for a test run?


A high-quality CRM system should keep track of all the different interactions between team members and a client. This includes emails, phone calls, meetings, and any other communication or touchpoints with the client. By having a complete overview of all interactions, the CRM system can provide valuable insights into the client’s behavior, preferences, and needs, allowing the company to personalize their services and offer tailored solutions. This level of detail can help build stronger relationships with clients, increase customer satisfaction, and ultimately lead to higher retention rates and increased revenue. Therefore, a robust CRM system that includes team member interactions with clients is crucial for financial advisors looking to provide exceptional customer service and stand out in a competitive industry.


Two-factor authentication is particularly crucial for financial advisors because they deal with sensitive financial and personal information of their clients. This includes bank account numbers, investment portfolios, social security numbers, and other confidential data that could potentially be used for fraudulent activities. Therefore, it is paramount that financial advisors take all necessary measures to secure their CRM systems and protect their clients’ data from unauthorized access.

In addition, the financial services industry is heavily regulated, and financial advisors must comply with strict security and data protection regulations. Implementing two-factor authentication in their CRM systems can help financial advisors meet these compliance requirements and demonstrate their commitment to maintaining a secure and trustworthy platform for their clients.

Support Availability

Even the most reliable CRMs will occasionally experience downtime or other performance issues. However, the top solutions are backed by world-class support teams that are always available when you need them most.

Before committing to a solution, find out how the company delivers support when they’re available, and what their average resolution times are like. If the answers to these important questions don’t inspire confidence, continue your search until you find a provider that offers the support you need.

Why Do Financial Advisors Need CRM?

Implementing a powerful CRM for financial advisors like Daylite will help you:

Promote Business Scalability

Over the years, numerous small business owners have used Daylite as the catalyst to scale their companies and reach more customers. Provincial Development Group is a prime example of a client that achieved its potential with Daylite.

Before deploying Daylite, Provincial struggled to maintain data transparency as it expanded its client pool. After implementing our solution, they not only achieved exceptional information transparency but also gained the capacity to take on even more clients.  

Improve Productivity

Life and Legacy Advisory Group has been a Daylite partner since day one. Founder Al McDonald knew he needed a versatile, easy-to-use CRM when preparing to launch the company. His search led him to Daylite CRM and our.

McDonald and his team rely on our platform to keep their company compliant without sacrificing agility. Nearly two decades after adopting Daylite, Life and Legacy Advisory Group continues to thrive. They leverage our solutions to serve clients, promote data transparency, and maintain optimal productivity day in and day out. 

Build Better Relationships with Customers

Want to build better relationships with your clients and foster loyalty toward your company? If so, you need a user-friendly CRM that streamlines communication and facilitates deal management efficiency.

With a solution like Daylite, important client data will always be within reach. You can look up call notes, set reminders, schedule follow-ups, and perform numerous other helpful functions.

What Does a CRM for Financial Advisors Cost?

Some CRMs have complex pricing models, hidden fees, and high per-user rates. Fortunately, the best CRM solutions for financial advisors offer transparent pricing and simple payment models so you know exactly what you’re paying for.

Daylite is a prime example. Our platform is cost-effective and competitive and matches the value that it brings to business owners.You can work offline, collaborate on projects, stay on top of communication with clients, track deals with custom pipelines, and much more!

How Can Daylite Help?

Daylite truly has everything you need in a CRM for financial advisors. Our solution is:

  • Affordable
  • Backed by a great support team
  • Easy to use and implement
  • Mac-based

If your business runs on Mac devices and you’re looking for an all-in-one CRM at an exceptional price point, Daylite is the answer. Try Daylite free for 14 days. After you try it, we guarantee you’ll never want to do another deal without it.

About the author: Thanny Schmitz is a seasoned copywriter and content strategist passionate about technology and entrepreneurship. With over a decade of experience, Thanny has been behind insightful articles and blogs that inform and spark meaningful conversations within the ever-evolving spheres of tech and small business success.

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