7 Things to Consider When Implementing an Asset Management CRM

4  min read

44% of users surveyed by With Intelligence are unhappy with their current CRM*. Most of their dissatisfaction is caused by inadequate data integration, a lack of customizability, and difficulty of use.

This is an alarming number, but much of the frustration stems from set up and can be avoided by bearing in mind a few rules. But it can also present a clear opportunity for improvement.

Imagine the potential when you find the right CRM solution for your asset management needs. A well-chosen CRM can boost productivity by 34%. It can help automate daily tasks, streamline communication, and even manage complex asset portfolios.

So, when selecting and implementing a CRM, what must you keep in mind?

1. Know When to Implement a CRM & Choose Wisely

Poor-performing CRMs are more likely due to their suitability for asset management rather than outright "bad" software, with many firms attempting to adapt traditional CRM systems to meet their specific needs.

The pressure of making the right choice may make it tempting to delay implementation. However, implementing a CRM from the outset offers immediate and significant advantages. It enhances daily business operations, helps fulfil compliance regulations, and ensures valuable information is stored, preventing critical data loss if key staff members leave.

You may want to consider choosing a CRM designed for asset management. Industry-specific CRMs, built by subject matter experts, are designed to cater to specific needs, such as integration with common fund administrators or automating feeds of client holdings and transactions.

2. Troubleshoot Early & Set Long-Term Goals

Before choosing a CRM, take the opportunity to identify the challenges you want to overcome and set clear, long-term goals for your firm. Are you looking to better service your investors? Would you like to save time with automated reports? Perhaps you want to enhance your pipeline management.

Along with understanding your goals, ensure you can measure success. For example, if you want to improve the speed at which investors move through the pipeline, make sure you are calculating the average time an investor takes to move from one stage to the next.

3. Don't Overcomplicate It

However, keep forward planning and problem-solving simple enough for your CRM solution. 71% of people surveyed said ease of use is the most important CRM feature. So, attempting to incorporate every possible feature and functionality from the outset can lead to an overwhelming and difficult-to-use system.

Begin with a smaller, manageable system that will allow your firm to become comfortable with the CRM. As your firm grows, the CRM can be scaled up with it, and additional features can be implemented, providing better support for long-term success.

4. Prepare For Regular Check-ups

A common misconception about CRMs is that they can be set up once and used indefinitely without further attention. In reality, CRMs require regular maintenance and periodic reassessment.

When evaluating your CRM, the key is to assess whether it effectively addresses the problems you identified pre-implementation and if it is steering you towards your long-term goals. Alongside your firm's targets, you should also make time to assess data quality, consider adding new features or tech, and address user feedback.

Consider choosing a CRM recognized for its exceptional customer service and internal expertise, who will support you through set-up, onboarding and beyond.

5. Make Your CRM Proactive

A CRM is not just data storage software, and many firms are guilty of not using it to its full potential. Or, at the very least, they have yet to be made aware of their CRM's full potential.

A proactive CRM that understands your business needs and generates automated reports can be a game-changer. Make your CRM work for you by ensuring it provides real-time insights and notifications, freeing your team's time to focus on strategic decision-making.

6. Consider All Data Sources

Your CRM is only as good as the data entered. And there is valuable data everywhere if you know where to look. Besides manual input and inbound leads, where else could you source data? And once you have found it, how will you integrate it into your CRM?

Understanding where to source data for your CRM before selecting one will ensure that your chosen CRM can effectively integrate with a variety of data sources, reducing the risk of data silos.

Moreover, by knowing the data sources in advance, you can assess the CRM's data handling capabilities and establish structures and procedures to ensure proper data hygiene.

7. Prepare Your Team in Advance for CRM Adoption

To ensure a seamless transition, preparing your company for the early adoption of the new CRM is crucial. Start by clearly communicating the new system's advantages and how it will seamlessly integrate into daily operations to enhance efficiency and productivity. Develop an inclusive training plan, offering hands-on sessions, comprehensive documentation, and continuous support. Embrace feedback and be ready to address any concerns. By fostering a positive attitude towards change and providing the necessary resources, you can empower your team to fully embrace the new CRM and unlock its full potential.

Investing in the right CRM for asset management is more than just a tech upgrade. Be mindful to choose a CRM that aligns with your specific requirements, offers scalability, and provides proactive features such as automated reporting and alerts. If you make a thoughtful and informed choice, you will provide your firm with one of the most powerful business tools.

FolioMetrics has over 50 years of experience developing and implementing CRM software for investment managers if you would like to learn more about CRM features and implementation. Schedule a demo today to revolutionize your investor relationships and get support throughout the fundraising lifecycle.

*458 respondents were surveyed on the With Intelligence platform.