By: Francois du Toit, CFP® PROpulsion

Choosing the right Customer Relationship Management (CRM) system for your financial advice business can feel overwhelming. With so many options available, it’s easy to feel lost in the jargon and features. However, finding the right fit isn’t about chasing the fanciest tool on the market. It’s about understanding your business and choosing a CRM that helps you achieve your goals.
Recently, I had a conversation with a financial adviser who had spent considerable time reflecting on their business and technology needs. This clarity allowed them to select tools that worked for their team and supported their vision. Inspired by this discussion, I’ve put together a guide to help you think through the important questions.
Start with your business needs
Before diving into the world of CRMs, it’s essential to understand your business. Think about:
What do I need the CRM to do? List your non-negotiables such as client management, data tracking, or seamless communication.
What’s my work style? Do you need a system that accommodates remote work, integrates with existing tools, or provides a collaborative platform?
What’s critical for my success? Pinpoint the features that will genuinely make a difference versus those that are nice to have.
Clarity about your business will help you evaluate CRMs based on what truly matters.
Focus on collaboration
For many businesses, collaboration has changed significantly in recent years. Teams often work remotely or in hybrid setups, making it critical to consider how you and your team will work together. Think about:
Document sharing: Do you need real-time collaboration on documents? Some CRMs allow multiple users to edit and view documents simultaneously.
Communication: Does the CRM offer tools for easy team communication? Features like in-platform messaging or task assignments can be valuable.
Integration: Will the CRM work seamlessly with tools like email or file-sharing platforms? Having everything in one place can simplify workflows.
By having a clear picture of your ideal way of working, you can choose a system that supports effective teamwork.
Consider record-keeping
A CRM’s ability to handle records is crucial. But it’s not just about storing information; it’s about maintaining and using it effectively. Think about:
What do I need to record? Consider the types of client information you handle, such as contact details, meeting notes, or financial goals.
How will I use this information? Will it feed into reports, client communications, or compliance checks?
Is it easy to update? Ensure the system allows for quick and straightforward updates, so your data stays current and accurate.
A well-organised CRM can become the backbone of your client interactions.
Simplify communication management
One common frustration among advisers is juggling emails and client communications across multiple platforms. A good CRM can help consolidate and organise this. Think about:
Email integration: Does the CRM integrate with your email system, whether it’s Outlook, Gmail, or another platform?
Tracking conversations: Can you easily log and retrieve past communications with clients?
Notifications: Will the CRM remind you of follow-ups or upcoming tasks?
Streamlined communication management can save you time and ensure a professional experience for your clients.
Ensure secure access to information
Client data is sensitive, and keeping it secure should be a top priority. When assessing CRMs, consider:
Access control: Can you limit access to specific information based on roles within your team?
Data security: Does the CRM provide encryption or other measures to protect client data?
Compliance: Is the system compliant with South African data protection laws?
These features are particularly important if your team works remotely or if multiple users need access to the CRM.
Understand industry-specific needs
Not all CRMs are built with financial advisers in mind. If you rely on platforms like Astute, you’ll need a CRM that integrates with it. This might rule out popular systems like HubSpot or Zoho. By understanding your requirements (non-negotiables), you can focus on options that genuinely meet your needs.
Remember, the goal isn’t to find the flashiest CRM but one that aligns with your business and supports your growth. There’s no single ‘best’ CRM – only the best one for your business.
Stay curious!
Francois du Toit started PROpulsion, a community for financial planners and advisers to help them grow and succeed. He hosts the weekly PROpulsion LIVE show on YouTube, with over 280 episodes. With 25 years of experience, he invites local and international guests to educate and inform. Committed to using new technology, he aims to make a big impact. For more details, visit www.propulsion.co.za.