Which CRM is Right for You? Envestnet|Tamarac’s Advisor CRM

Some of the most popular posts on this blog come from two series of articles: Which Portfolio Rebalancing Software is Right for You? and Which Financial Planning Software is Right For You?

Adding to this trend, I’m launching a new series called, Which CRM Software is Right for You?  In it, I will be reviewing Customer Relationship Management applications designed for financial advisors, including both stand alone packages and those that are integrated with a wealth management platform.

Since I was at the Envestnet 2014 Advisor Summit last week, I thought it would be appropriate to start this series off with a review of their aptly-named Advisor CRM® 2014 application, which is offered as part of the Tamarac Advisor Xi platform.  This new version is targeted at RIA’s and was recently released as a completely redesigned web-based application.

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Why Demographic Differences Define How Advisors Should Talk to Clients

“If I had dropped out of college when I was a freshman, I would be a billionaire now. But my mother forced me to finish my education, so now I’m only a millionaire.” — Andrew Mason, Founder and former CEO of GroupOn

This quote was provided by Marilyn Moats Kennedy, CEO of Moats Kennedy Inc., who is a career consultant based in Chicago. She used this quote as an example of how the Millennial generation has a radically different mindset from others. Dropping out of college to pursue your dream is seen as a failure by Baby Boomers, but as a valid option by Millenials and one that could even be the catalyst to make you rich.

Financial advisors must craft their messages differently, depending on the target demographic that they would like to reach, Moats Kennedy explained. Through the use of extensive surveys, she has found that each age group not only views the world through different paradigms, but have different fears, different life goals and different ways they prefer to communicate.

This article is a summary of a session from the Money Management Institute’s 2014 Annual Convention, which was held in New York City.

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8 Great Distribution Lessons for Asset Managers


The top tier asset management firms have demonstrated success in their efforts at sales and product distribution.  They also oversee a loyal advisor base and have solid partnerships with key accounts.  Understanding their best practices and incorporating them into your firm can help you on the road to emulating their success

This article is a summary of a panel session from the Money Management Institute’s 2014 Annual Convention.  The topics that were covered included common traits of top distribution teams, benefits of different distribution models, training and certification recommendations and how to maintain profit margins in an environment with rising distribution costs.

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