Client Relationship Management (CRM) Systems features

at Financial Technnology Year

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Specialized CRM platforms designed for wealth managers to track client interactions, manage relationships, document client goals, and track progress against financial plans. These systems often include compliance features and integration with portfolio management tools.

We ask vendors to mark their product against our feature list. It is not available for all products and in some cases we have derived data from publicly available sources. The list of features follows. Vendors can add a further 10 key features of their own.

Client Data Management

Features that enable efficient and secure management of detailed client profiles, including contact information, account details, and documentation.

Bulk Data Import/Export: Import/export client data in bulk with standardized formats (e.g., CSV).
Client Segmentation: Tag and segment clients based on demographic, behavioral, or portfolio criteria.
Contact Information Storage: Store and manage comprehensive client contact details including address, phone number, and email.
Custom Data Fields: Add and configure custom fields for unique client data relevant to advisory practices.
Data Backup Frequency: How often client data is backed up.
Data Encryption: Secure encryption of client data both at rest and in transit.
Data Retention Policies: Customizable rules for data retention and deletion based on regulations.
Data Validation: Automated checks to ensure accuracy and completeness of client data.
Document Management: Ability to upload, categorize, and retrieve client-related documents (KYC, agreements, etc.).
Duplicate Detection: Automatic identification and handling of duplicate client records.
Record Capacity: The maximum number of client records the CRM can manage efficiently.
Timestamped Records: Automatic recording of when client data is added or modified.

Communication & Engagement

Capabilities for managing all client-related communications across channels and driving proactive engagement.

Call Logging: Record call notes and attach to client records.
Communication Archiving: Retention and searchability of all historical communications.
Communication Templates: Pre-defined and customizable templates for rapid communication.
Document E-signature: Facilitate secure electronic document signing within the platform.
Email Integration: Send and receive client emails from within the CRM.
Engagement Analytics: Track and report on all client interactions to analyze engagement.
Marketing Automation: Create and automate personalized email and marketing campaigns.
Mass Communication Capacity: Maximum number of contacts reachable in a single mass communication (e.g., newsletter).
Meeting Scheduling: Integrated tools to schedule meetings and send calendar invites.
Multi-Channel Support: Support for omnichannel communications (email, phone, chat, etc.).
SMS Messaging: Ability to send SMS notifications and messages to clients.

Compliance & Security

Features focused on adhering to financial industry regulations and ensuring privacy, auditability, and cybersecurity.

Access Log Retention: Length of time access logs are stored.
Audit Trail: Maintain a timestamped log of system and user actions for all client records.
Automated Regulatory Reports: Automated generation of regulatory compliance reports.
Data Masking: Sensitive information is masked from non-authorized users.
Encryption Standards: Implementation of industry-standard encryption (e.g., AES-256).
GDPR/CCPA Compliance: Features to support compliance with global data privacy regulations.
IP Whitelisting: Restrict platform access to specified IP addresses.
KYC/AML Integration: Built-in or integrated tools for Know Your Customer (KYC) and Anti-Money Laundering (AML).
Role-based Access Control: Granular user permissions based on staff roles to restrict sensitive information access.
Two-Factor Authentication: System supports 2FA for user login to enhance security.
User Session Timeout: Automatic logout after a period of inactivity.

Integration & API

Features related to integration with other platforms such as portfolio management, email, calendar, and third-party solutions.

APIs for Customization: Robust APIs for custom integrations with internal or third-party tools.
Data Import/Export APIs: APIs for bulk data migration in/out of the CRM.
Email/Calendar Integration: Synchronize with major email and calendar providers.
Integration Capacity: Number of simultaneous third-party integrations supported.
Integration Setup Time: Average setup time for connecting a new integration.
Open Banking Integration: Support for connecting transaction data via Open Banking APIs.
Portfolio Management System Integration: Direct integration with third-party portfolio management tools.
Webhooks Support: Support for webhooks to react to real-time data and events.
Zapier/IFTTT Integration: Integration with automation services like Zapier or IFTTT.
e-Signature Integration: Pre-built integrations with digital signature platforms.

Mobile & Accessibility

Capabilities related to mobile access, accessibility compliance, and cross-device compatibility.

Accessibility Compliance Level: Degree of adherence to accessibility standards (e.g., WCAG 2.1 level).
Device Support: Number of device operating systems/browsers supported.
Gesture Support: Supports touch, swipe, and gesture-based controls on mobile.
Mobile App Availability: Dedicated mobile apps for iOS and Android devices.
Mobile App Store Ratings: Average user rating on major app stores.
Mobile Feature Parity: Extent to which mobile features match desktop features.
Offline Access: Some CRM functions are available without an internet connection.
Push Notifications: Send real-time push notifications to mobile devices.
Responsive Web Design: Access CRM via mobile browsers with adaptive layouts.
Screen Reader Compatibility: Platform supports screen readers and accessibility tools.

Onboarding & Client Portal

Digital onboarding features for new clients and secure self-service portals for information access.

Client Portal Access: Secure online portal for clients to access portfolios, documents, and communication.
Client Self-Service Features: Clients can update contact info, upload documents, and schedule meetings via portal.
Digital Onboarding Workflow: Step-by-step guided onboarding process for new clients.
E-signature Within Portal: Clients can sign and submit required forms digitally through the portal.
Multilingual Support: Portal available in multiple languages.
Online Form Support: Create, share, and process digital forms for profile completion and KYC.
Portal Customization: Ability to brand and customize the client portal experience.
Portal Login Methods: Supports multi-factor and/or social login to the portal.
Portal User Capacity: Maximum number of concurrent client portal users.
Real-Time Application Status Tracking: Clients can view onboarding progress and outstanding items.

Performance & Scalability

System responsiveness, stability under load, and ability to scale as advisory firms grow.

Average Response Time: Typical time for system to respond to user actions.
Concurrent User Support: Number of users who can simultaneously interact with the system without performance loss.
Data Throughput: Amount of data processed per second.
Database Scaling: Support for scaling databases vertically or horizontally.
Geo-Distributed Hosting: Option for geographically distributed server infrastructure.
Latency under Load: System latency when processing maximum intended workload.
Load Balancer Support: Built-in load balancer or compatibility with external solutions.
Maximum Scalability Limit: Estimated maximum users and records supported without significant redesign.
Performance Monitoring Tools: Tools to monitor, alert, and diagnose performance issues.
Uptime Guarantee: Percentage of annual uptime guaranteed by SLA.

Reporting & Analytics

Tools to analyze client behavior, performance metrics, advisor productivity, and compliance with visualizations and export options.

Automated Report Scheduling: Automatic generation and delivery of reports at set intervals.
Custom Metric Tracking: Track and analyze key metrics unique to the advisory firm.
Customizable Dashboard: Configurable dashboards that display key data and KPIs.
Drill-down Analysis: Ability to drill down from summary to detailed views in reports.
Export Reports: Export report data to PDF, Excel, CSV, etc.
Pre-built Report Library: Access to a repository of standard financial/advisory reports.
Real-Time Data Updates: Reports are refreshed with live data.
Report Builder: Interactive tools to design, customize, and generate reports.
Report Retention Period: How long generated reports are stored and accessible.
Visual Analytics: Charts, graphs, and data visualization tools for insights.

Support & Vendor Reliability

Vendor support structure, service level agreements, and product roadmap transparency.

24/7 Technical Support: Access to technical support at all times.
Average Support Response Time: Typical time to first response from support.
Community Forum: Peer-to-peer user community for advice and best practices.
Dedicated Account Manager: Assignment of a specific support contact for each customer.
Knowledge Base Access: Comprehensive, searchable documentation and FAQs.
Multi-language Support Center: Support assistance is available in different languages.
Onboarding Assistance: Hands-on help during implementation and data migration.
Product Roadmap Visibility: Customers can view future product development plans.
Service Level Agreement (SLA): Guaranteed response and resolution times as per SLA.
System Status Dashboard: Real-time system health and incident reporting.

User Experience & Customization

Ease of use, interface design, user training, and customization to meet firm-specific needs.

Accessibility Settings: Adjustable settings for color contrast, text size, and other accessibility needs.
Custom Dashboard Widgets: Users can create and configure their dashboard widgets.
Drag-and-Drop Interface: User interface supports intuitive drag-and-drop for organizing information.
Favorites & Shortcuts: Users can create their own navigation shortcuts and favorite features.
Multiple Language Support: User interface is available in several languages.
Theme Customization: Choose or define custom color schemes and layouts.
Training & Onboarding Resources: Availability of guides, tutorials, and training sessions for users.
User Feedback Mechanism: Built-in channels for users to provide feedback or request improvements.
User Training Time: Average time required to train new users to proficiency.
White Labeling: Custom branding for both internal and client-facing modules.

Workflow Automation & Task Management

Features that streamline daily operations via task automation, reminders, and collaboration tools.

Approval Workflows: Built-in workflows for approval processes (e.g., compliance checks).
Automated Task Assignment: Automatically assign tasks to appropriate team members based on workflow rules.
Calendar Integration: Synch tasks and appointments with calendars (e.g., Outlook, Google).
Concurrent Task Capacity: Maximum number of simultaneous tasks the system can manage efficiently.
Delegation Capabilities: Ability to delegate tasks to other users, with notification and tracking.
Recurring Tasks: Support for scheduling automatic recurring tasks.
Reminders and Alerts: Set and automate reminders/alerts for meetings, tasks, renewals, and deadlines.
Task Notification Methods: Multiple notification channels supported (email, SMS, in-app).
Task Templates: Predefined templates for common processes (onboarding, reviews, etc.).
Task Tracking: Track task progress, completion, and assignment status in real-time.
Workflow Customization: Users can define custom workflows suitable for specific advisory business processes.

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Financial Technology Year

Features in Client Relationship Management (CRM) Systems

for Wealth Management