Wealth Management’s Satisfaction with CRMs in Apparent Free Fall


Wealth Management Firms’ Satisfaction with CRMs Drops 20 Points Since 2020

Insights and Actionable Intel

  • Wealth management firms collectively express deep dissatisfaction with their CRMs
  • In 2020, F2 Strategy’s research showed a CRM Net Promoter Score (NPS) at a painfully low -26; in 2022 the NPS has dropped to an abysmal -46
  • There are now more detractors than neutrals and promoters combined
  • Firms cite various possible causes of their dissatisfaction: the CRM was overhyped at the time of sale and has yet to deliver on expectations; advisors all want to use it differently; CRMs don’t age well as firms grow and change; and firms underinvest in the CRM which leads to a disappointing performance versus its potential
  • Take Action: Firms can use best practices to raise their CRM satisfaction: clearly define your CRM goals; avoid “shiny object syndrome” (don’t just buy the household name CRM without research); actively engage—CRMs are too often bought and put on the shelf; and fully buy into the idea of the CRM as the central hub at all levels of the organization


Firms Capture Prospect Data in CRM, but Lack Analytics That Speed Growth

Insights and Actionable Intel

  • While most firms, 86%, capture new business opportunities and prospect data in their CRM, a majority, 69%, say they do not have the analytics and reporting that helps advisors benchmark new business development against specific actions and behaviors
  • Many firms decided to prioritize their CRMs as operational tools over sales tools, in some cases unintentionally, because it’s generally easier to institutionalize processes around client onboarding and client care than around sales and business development
  • Take Action: To maximize your CRM as an operational and sales tool, apply equally enhancements associated with back office functions and enhancements associated with front office functions in order to achieve a balanced system


Immature Processes Biggest Indicator of Dissatisfaction

Insights and Actionable Intel

  • Firms with immature processes and workflows in their CRMs were more likely to be detractors
  • Deploying or changing your CRM without process maturity will likely waste money
  • Take Action: Need to think of CRM as a living, breathing entity requiring continuous innovation and investment to truly provide value
Survey Information: The data in this report is pulled from a survey conducted by F2 Strategy in February 2022. The survey includes responses from 36 leading RIA, Wealth Management and Asset Management firms representing $4 trillion in assets.

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