Enhancing portfolio management with integrated CRM solutions

Enhancing portfolio management with integrated CRM solutions

Over the past few years, WealthArc, which helps automate workflows for wealth managers,  has spoken to many prospects about Portfolio Management Systems (PMS). Far too many have responded with interest in PMS, but stated they don’t need a solution for client relationship management. 

WealthArc has offered some advice for the firms that believe they do not need a CRM extension for their PMS.

The importance of integrating CRM with PMS cannot be overstated. CRM offers a unique vantage point, enabling a more nuanced understanding of client data that may not be readily apparent from a portfolio-only perspective. This dual viewpoint facilitates a more comprehensive approach to portfolio management, enhancing both strategic decision-making and client service.

Moreover, compliance – a critical aspect of portfolio management – benefits greatly from the integration of CRM. The intertwined nature of client and portfolio data means that effective compliance measures are virtually impossible to implement without a holistic view of both elements. CRM systems play a pivotal role in bridging this gap, ensuring that compliance is both thorough and effective.

The advantages of incorporating CRM into a PMS are multifaceted. Firstly, it centralizes client information, creating a single source of truth for contact details, preferences, and historical interactions. This centralization is crucial for understanding and anticipating client needs. Enhanced client servicing is another significant benefit, as CRM functionalities enable tailored investment strategies that align closely with individual client profiles. Additionally, the integration simplifies client onboarding and KYC processes, making compliance more streamlined and efficient.

Interaction and task management is another area where CRM integration shines. By recording interactions and tasks within the context of the client, asset managers can strengthen client relationships through improved communication and service delivery. Furthermore, the interoperability provided by CRM systems allows for seamless context shifting between client and portfolio data, enhancing both compliance and audit processes.

When examining specific functionalities of PMS with built-in CRM, several key features stand out. These include a comprehensive client list, a centralized client dashboard, detailed client notes, and an extensive record of client and mandate relations. Risk profiling, document management, compliance tracking, and audit report functionalities further illustrate the breadth of advantages offered by CRM integration.

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